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varying valuations - confused
lewishardwick
Posts: 679 Forumite
Long story short.
Submitted offer on a property for £258k. Mortgage lender attended, actually entered and inspected (!) the property and all came back OK, no issues of any kind. Mortgage offer received.
Arranged own Homebuyers survey. Highlighted the usual for a 1950's age house (no electirc/gas certs, garden a mess, walls may not be square all back covering blurb). However they issues a category three warning for defective wall ties and poor pointing.
I've taken a look and there is some light wall deformation, but not much. Pointing could do with a tidyup. Hardly surprising given it's age.
Their valuation was £230k!
So, I'm probably going to arrange for an independent inspection of the wall ties, along with my solicitor confirming with official confirmation how structural repairs are handled (i.e. who pays etc).
However, if the survey comes back with a more relaxed view with a view to it being done in the near future, but I still negotiate a lower offer, do I have to disclose the 'defect' to my lender? Surely they'll ask why the lower price?
I know the valuation is not very detailed, however I would expect them to have picked up any structural issues that would had an adverse effect on the property price.
The usual response is ditch and find another, but there's nothing I've seen that's actually worthwhile. Like most FTBs, the thought of having cash to change a bathroom or kitchen once moved in is a pipe dream!
Any level headed answers greatly received!
Submitted offer on a property for £258k. Mortgage lender attended, actually entered and inspected (!) the property and all came back OK, no issues of any kind. Mortgage offer received.
Arranged own Homebuyers survey. Highlighted the usual for a 1950's age house (no electirc/gas certs, garden a mess, walls may not be square all back covering blurb). However they issues a category three warning for defective wall ties and poor pointing.
I've taken a look and there is some light wall deformation, but not much. Pointing could do with a tidyup. Hardly surprising given it's age.
Their valuation was £230k!
So, I'm probably going to arrange for an independent inspection of the wall ties, along with my solicitor confirming with official confirmation how structural repairs are handled (i.e. who pays etc).
However, if the survey comes back with a more relaxed view with a view to it being done in the near future, but I still negotiate a lower offer, do I have to disclose the 'defect' to my lender? Surely they'll ask why the lower price?
I know the valuation is not very detailed, however I would expect them to have picked up any structural issues that would had an adverse effect on the property price.
The usual response is ditch and find another, but there's nothing I've seen that's actually worthwhile. Like most FTBs, the thought of having cash to change a bathroom or kitchen once moved in is a pipe dream!
Any level headed answers greatly received!
0
Comments
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You can negotiate a lower offer and just tell the lender you've done that so they can reissue their offer accordingly.
You don't need to disclose anything as they've done their own due diligence and wall ties are hardly the end of the world.
Most people seem to advise ditching properties as they don't understand them. No house is perfect.Everything that is supposed to be in heaven is already here on earth.
0 -
I've bitten the bullet and comissioned a secod survey to assess the state of the wall ties.
April 6th. a slow two weeks this will be!0 -
Well, the upstairs property has some work done and found the wall bulge. They found no ties on the higher part of the gable end. So this has now been rectified.
And the existing ties appear in good condition.
Hopefully my survey tomorrow will corroborate this and all will be happy again!0
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