Conditions on mortgage offer

sam2015_2

Received the mortgage offer with following special condition on it.
The repairs on the valuation report must be carried out immediate after release of funds. We reserve the right to re-inspect the property.

Just being curious, do lenders request re-inspection after the sale? I never heard of such condition or the lender re-inspect/re value.

MortgageMamma

Yes, sometimes they do. Especially if they ask for it immediately following completion. If they weren't overly concerned thy would say within six months, a year of completion etc. What repairs need doing?

sam2015_2

Thanks for your reply.

It is the damp. The exact words are "It would be prudent to instruct a PCA specialist to inspect the property prior to purchase."

OnTheRun

sam2015 wrote: »

Received the mortgage offer with following special condition on it.
The repairs on the valuation report must be carried out immediate after release of funds. We reserve the right to re-inspect the property.

Just being curious, do lenders request re-inspection after the sale? I never heard of such condition or the lender re-inspect/re value.

sam2015 wrote: »

Thanks for your reply.

It is the damp. The exact words are "It would be prudent to instruct a PCA specialist to inspect the property prior to purchase."

They won't reinspect on that basis. (It only says they reserve the right to anyway)
That type of clause is actually quite typical in many mortgage offers ... and unless it is something major like a new roof is required, then they rarely reinspect (or even bother you).

There is no instruction to repair anything, only an instruction (if you can even call it that) to get a professional to inspect the issue. And it says "prior to purchase", so it will be too late once the funds are released.

MortgageMamma

Agree with above, however its best to get it looked at, its a big commitment buying a property and I've seen nasty cases of damp

GolfFoxtrot

MortgageMamma wrote: »

Agree with above, however its best to get it looked at, its a big commitment buying a property and I've seen nasty cases of damp

But it can be something easy to fix, true rising damp is very rare. More likely to be

• ground level raised too high thus bridging DPC
• debris in the wall cavity allowing water to travel through
• lifestyle related - drying clothes indoors, cooking etc
• broken guttering causing water to run down the outside walls
• broken / cracked render on the property
• cold spots on the walls causing condensation which people mistake for damp

We had most of these issues in the property we purchased 2 years ago. By repairing guttering and removing the patio (laid on top of a previous patio), cleaning out the cavity walls we are now free of damp with no damp course required.

amnblog

If you are considering not attending to the damp immediately, think again.