Surveyor Declined due to Banks Lending Criteria...

amnblog

old_hat wrote: »

Feel your pain but from a sellers point of view.

Bank gave us a mortgage on a flat above a commercial property a few years ago. No problem. We recently re-mortgaged. No problem, and surveyors have valued the property - at least 3 different surveyors

We have tried to sell the property and had at least 25 different offers. The flat is desirable, marketable and will easily sell in terms of attracting buyers. People want it as it is a great property larger than other flats and in the best area of town.

Sadly, whenever a buyer has been found banks have declined to lend on the property. Even when a bank has agreed that they could lend on it the surveyors have valued it at £0.

When we questioned one surveyor he said it was due to the bank's criteria; when we asked the bank they said it was due to the surveyor!

We now have to take cash offers which diminishes our potential deposit for the next. So, banks will lend to us on the property but no one else!!

If we knew what we know now we would have bought a boring box style flat in a boring building, probably had only a couple of offers - but at the right price!

Your story demonstrates why Lenders are cautious.


Why would the Lender want to tie up their £1 in your property when they can invest it in one down the road that all Lenders will consider.


Buyers are naturally focused on where they want to live with the funds that they have and that makes unusual properties attractive. We always caution however them to think about potential issues on exit.


That's the harsh reality.

old_hat

amnblog wrote: »

Your story demonstrates why Lenders are cautious.


Why would the Lender want to tie up their £1 in your property when they can invest it in one down the road that all Lenders will consider.


Buyers are naturally focused on where they want to live with the funds that they have and that makes unusual properties attractive. We always caution however them to think about potential issues on exit.


That's the harsh reality.

The harsh reality is lending in 2016 to one couple and valueing it at a price and lending for one couple with competitive rates but refusing for giving it 0 for another couple -

Arrrrrr!!!

JimmyTheWig

amnblog wrote: »

You will find the written criteria to be of little value in this case.

Santander will base their decision on what the valuer is telling them. If they go against that position they have no-one to sue when it all goes wrong later.

By checking the written criteria, the OP can establish whether the valuer was right - and so there is no point in proceeding with another valuation - of it the valuer made a mistake and is worth arguing.

JPB123

JimmyTheWig wrote: »

By checking the written criteria, the OP can establish whether the valuer was right - and so there is no point in proceeding with another valuation - of it the valuer made a mistake and is worth arguing.

There is an old joke. What's the difference between God and a Doctor?

God doesn't think he's a Doctor

And Doctor's are positively modest, shy and retiring compared to surveyors.

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