£0 Valuation

waitforwaves

Hi, we've received terrible news today that our mortgage aplication has been declined because the valuers have confirmed that the property has suffered structural movement and a structural engineers report is required.

Apparently the valuation is £0 because they can't fully asses the property without the structural report. They have commented that 'movement to the boundary walls, nearby trees might be causing movement / damage to the property.'

Is this fairly common? We're unsure on how to procced. I think we should get a full structural survey and see what it says, but my OH thinks we should walk away now. Any advise would be much appreciated! Thanks

amnblog

No it is not common.

Your vendor should pay for the engineers report. Why should you? It's their problem, not yours.

If your OH is not comfortable you should probably walk away now.

Bonfire_Bride

Will the mortgage company look to approve mortgage if the structural report comes back okay? How old is the property?

Do you have the money to fix any structural issues?

A lot of factors come into play here...

Edited to add...I would probably walk away.

Thrugelmir

Have you relayed this news to the vendors via the EA?

waitforwaves

Bonfire_Bride wrote: »

Will the mortgage company look to approve mortgage if the structural report comes back okay? How old is the property?

Do you have the money to fix any structural issues?

A lot of factors come into play here...

Thank you. They will look to approve if the structural report comes back OK. We have a bit of money to play with but not huge amounts.

It's a 1930s house next to a wood and a few of the trees are next to a stone wall which borders the property. I'm not sure how in-depth the mortgage valuations are? There are no obvious signs of movement (no cracks, chimneys straight, no cracked flags etc) but I'm no expert!!

waitforwaves

Thrugelmir wrote: »

Have you relayed this news to the vendors via the EA?

We have, but no response as of yet.

Bonfire_Bride

If your heart is set on the property then definitely have a chat with the EA and see how the vendors feel about paying for this survey.

The mortgage company may want a say on who conducts the survey.

waitforwaves

Bonfire_Bride wrote: »

If your heart is set on the property then definitely have a chat with the EA and see how the vendors feel about paying for this survey.

The mortgage company may want a say on who conducts the survey.

Thank you. We'll see what they say. It's a great house.

Thrugelmir

waitforwaves wrote: »

We have, but no response as of yet.

The vendors may well already be aware of the issue.

waitforwaves

Thrugelmir wrote: »

The vendors may well already be aware of the issue.

Possibly. They only bought it five years ago and it has been rented out ever since. We did ask them about the woods etc and they weren't aware of any issues, but then again you never know. It will be interesting to see if they're willing to pay for the structural survey.

Bonfire_Bride

If I were the vendor, I certainly would if it could potentially lead to a sale.

Good Luck and let us know.