Need Advice on Mortgage Valuation Report

helplease_2

I am FTB & in process of buying a semi- detached house (built in 1935)
I applied for Mortgage with HSBC & have recently received mortgage valuation report. The valuation was done by countrywide.

Although my mortgage have been approved(90% LTV) but I am concerned about a point in valuation report:
"Is there any evidence of structural movement, landslip or heave in the property or in the immediate vicinity"? Yes
"If Yes, does it appear to be longstanding and unlikely to be progressive?" Yes

I spoke to mortgage consultant, he told me it's such reports are common for old properties & no further specialist report(Structural) is required for lending purpose.

I would like to check from experienced people here:
- Are such valuation report common for old properties?
- Does current report have any impact on future sale? i.e. attract less buyer even though lender is willing to lend 90%.

davidmcn

helplease wrote: »

- Are such valuation report common for old properties?

Yes

- Does current report have any impact on future sale?

No, not at all.

G_M

Many old houses have moved a bit a some point.

The problem arises if the movement is recent and/or ongoing. The second question makes clear it is not.

No worry.

helplease_2

Thanks G_M, Davidmcn!

Do I need to disclose this information to building insurance company?

G_M

Ah! Now that's always a more tricky question!

It depends on the precise wording of the question they ask you when you apply. Most online applications will ask about movement, but the wording varies.....

And you may find some online insurers don't always differentiate between historic and current movement.

dc197

Shop around insurers, avoiding the comparison websites, to find one which couches the question in a way that suits your situation.
Midas, available through Ends Leigh brokers, will insure on standard terms if the issue is over 15 years old. You may need to get some paperwork from the vendors to help date it.