Survey and now damp and timber report...

adonis10

So, survey done and they gave the bank the same valuation as the purchase price. However, said that a further inspection of damp and timber is required. Apparently direct valuations will be in touch to advise and the bank can't give an idea of cost. Anyone else had this? Seems to me to be a cosy little club where banks have recommended surveyors who report a little thing which requires another inspection and more fees for all involved.

Thoughts?

DRP

Presumably you don't have to use who they say?

i.e. don't use a Damp & Timber treatment company ('free') - get an independent (£)

adonis10

DRP wrote: »

Presumably you don't have to use who they say?

i.e. don't use a Damp & Timber treatment company ('free') - get an independent (£)

I'd like to think not, but not confident. All a cosy little club, I imagine.

Have asked the bank guy and awaiting a reply.

chris_m

adonis10 wrote: »

All a cosy little club, I imagine.

Maybe, maybe not.
Do bear in mind that it's the security on a large sum of money that they are considering lending you, they won't do that unless they are confident that it's not going to fall down or rot away before they've got their money back.

adonis10

chris_m wrote: »

Maybe, maybe not.
Do bear in mind that it's the security on a large sum of money that they are considering lending you, they won't do that unless they are confident that it's not going to fall down or rot away before they've got their money back.

Yeah, I appreciate that. On the other hand, I don't trust banks. No idea why.

adonis10

One thing I have thought is that the bank have only been provided with the "valuation report" and not the full building survey, which is due in a couple of days. Surely the full survey will investigate such items and may well be enough to satisfy the bank? For example, if we had simply paid for the valuation alone I assume that the bank would have received exactly what they have already and then would require a further check. The fact that we went two levels above the bank survey suggests that it has been looked at.

joeistheone

adonis10 wrote: »

One thing I have thought is that the bank have only been provided with the "valuation report" and not the full building survey, which is due in a couple of days. Surely the full survey will investigate such items and may well be enough to satisfy the bank? For example, if we had simply paid for the valuation alone I assume that the bank would have received exactly what they have already and then would require a further check. The fact that we went two levels above the bank survey suggests that it has been looked at.

No, they will still require the timber and damp report in spite of the fact you've done a building survey.

You definitely don't have to use whoever Direct Valuations recommend i.e. you can source your own independent surveyor.

I had to do this with HSBC four years ago. I just got someone to do the report and sent it to the mortgage valuer/surveyor who was satisfied and contacted HSBC directly to say he was happy with the results. In my case, a retention was originally recommended which was lifted once the report was done.

camptownraces

If you ARE getting a full structural survey, there should be a lot more information in that, when you get the report. The surveyor will tell you why he thinks there might be timber and damp issues.

[Or is it a Homebuyer's Report? not nearly so much information in that]

There might be an indication of potential problems if you knew when the property was built. Do you know that?

adonis10

camptownraces wrote: »

If you ARE getting a full structural survey, there should be a lot more information in that, when you get the report. The surveyor will tell you why he thinks there might be timber and damp issues.

[Or is it a Homebuyer's Report? not nearly so much information in that]

There might be an indication of potential problems if you knew when the property was built. Do you know that?

We've had a full building survey, not a structural survey or a HB report. Or are the terms interchangeable? We should have the report by Tuesday.

Property was built circa 1930.

What next? A bloody "air survey"? Pay someone £400 to check that the air surrounding the house is ok.

adonis10

joeistheone wrote: »

No, they will still require the timber and damp report in spite of the fact you've done a building survey.

You definitely don't have to use whoever Direct Valuations recommend i.e. you can source your own independent surveyor.

I had to do this with HSBC four years ago. I just got someone to do the report and sent it to the mortgage valuer/surveyor who was satisfied and contacted HSBC directly to say he was happy with the results. In my case, a retention was originally recommended which was lifted once the report was done.

Fair enough. Is this just Hsbc who are pretty picky about it, or general?

On the valuation report, there was no retention. There was a "Y" next to "is this suitable security for the mortgage?" and was valued at the price we are paying. These three factors make me suspicious about needing a further check. However, they have us over a barrel; want the house? Pay for whatever checks we require otherwise no mortgage.

adonis10

I would have thought that if a further inspection was required there would be a retainer on the mortgage, or is that something else entirely?