Valuer put full mortgage on retention

snagglepuss16

Hi. Can anyone advise.
My husband and I found a house we love.
However it was under offer. The sale fell through and we stepped in.
We asked the vendors why the sale had fell through and they said the trustees didn't want to go ahead as there was evidence of Japanese knotweed beyond the property boundary.
It has been cutback and and treated. And is not listed as a risk in the home report.
Today I called our lender to see what was happening
The girl on the phone said the home report is satisfactory but a retention of 85k has been put on ( that's the full amount we were wanting to borrow) she said someone will be in touch-my advisor is on holiday. Please say she has made some sort of mistake I can't understand why home report would be satisfactory. Surely if we need full 85k mortgage would be refused?
Any advice would be great. We are first time buyers so a bit confused by whole process.
There is no retention marked on home report

stator

It does seem odd if there are no issues listed on the valuation/home buyer's report!
I don't understand why she couldn't tell you what the problem was.
Phone them back and try again

davidmcn

If the Japanese knotweed is the problem, maybe they need a specialist survey/treatment before going ahead?

Have your lenders had their own surveyor out to the property, or are they using the Home Report?

Freeraine

The Japanese Knotwood has been cut back and treated, so presumably the surveyor missed it and omitted the risk from their report. You only found out about it by ansking the vendor directly.

So how did the lender discover the facts? Or is the lender retaining 85K for some other reason?

DandelionPatrol

Freeraine wrote: »

The Japanese Knotwood has been cut back and treated, so presumably the surveyor missed it and omitted the risk from their report. You only found out about it by ansking the vendor directly.

So how did the lender discover the facts? Or is the lender retaining 85K for some other reason?

QED

• Buyer asks vendors via solicitors
• Buyer's solicitor is retained by lender and therefore obliged to report to lender

snagglepuss16

Sorry I may not have been clear.
The home report has been completed twice.
Twice it has noted the existence and whereabouts. And the fact that it has been treated.
However it is not listed as needed any attention if that makes sense.
However the vendors were there when we went to the viewing and I asked if the knew why previous sale had fell through.
Also a house next door and one a few doors up have sold within last 6 months! And they face same boundary.
Anyway thanks for everyones help. My husband rung up as he was fuming and the first advisor said it was refused, something to do with buy to let-it is most Def not! So he asked to talk to someone else and she assured him.everything is fine and progressing to offer. and to ring again in a couple of days to make sure! I'm 5 and half months pregnant, could do without the added stress, I await their next customer satisfaction survey!
Until it's in black and white in front of me however I won't believe it!
Another thing. Will the offer get sent direct to my solicitor?
Thanks again for all ur advice

SmlSave

Japanese knotweed is currently a big scare factor for lenders. Is there a certificate and guarantee for the work treating it? If there is then your lender will hopefully accept it.

Your solicitor will get a copy of your mortgage offer to read through and check.

SmlSave

Oh, if there is a retention in the mortgage offer it should state why. It does slow down the whole process though as everything then has to go through the lenders legal team for approval too.

snagglepuss16

I'm hoping it's just been some simple error and everything goes fine! Fingers crossed

askandyeshallreceive

Did you make any progress snagglepuss16?