Nationwide Mortgage Retention

ryanc_2

Hi, I've had a look on the boards and read a few posts covering roughly the situation I'm in. Hoping for any advice anyone can provide.

I've had an offer accepted on a house - proceeded through Nationwide's mortgage application process. They have carried out their valuation survey and made an offer matching the offer I've made but subject to a 2K retention.

The valuer has commented that a report is required from qualified structural engineer/chartered building surveyor advising on the structural stability of the property as a whole. Any recommendations must be carried out under professional supervision.

I know that most have these kinds of surveys carried out regardless of being asked. But also that structural issues don't normally crop up with this kind of initial survey.
- would that indicate there is some kind of major issue that I've missed when viewing?
- or an over cautious valuation?

I have passed this information back to the EA and vendor and waiting for their reply. Before agreeing to have the survey carried out. Am I better gaining agreement with EA/vendor what should happen when survey comes back? If it's subject to following any recommendations being carried out - I've no idea what those potential costs are.

Am I better requesting the retention is reflected in the offer price - or would the bank maintain a retention even if reduced?

But I would assume this would be an issue for anyone buying the house so it would be prudent to get any potential repairs done. They already had a sale fall through but the EA told me it was due to "financial difficulties" with the previous buyer

Sorry for the millions questions. First post here so may haven't followed board rules.

Thanks in advance to anyone who has read this far!

jayII

Is the house of unusual construction?

If it's made of concrete for example, it may be prone to particular and serious structural problems. Mortgage companies often require full structural surveys on such houses.

I once owned a concrete house, it was a great house to live in but not the easiest to sell, when we moved.

Cakeguts

Financial difficulties could be caused by a retention and or having to pay for a structural survey.

ryanc_2

It's a red brick semi. Didn't seem to have any significant changes carried out to it compared to anything else in the street.

Which is what made it Seem that the valuer had noticed something.

ryanc_2

Yeah I'm now thinking that may have been the case. Ill put that to EA when they respond. Thanks!

G_M

Surveyors/Valuers do not recommend Structural Eneginner reports unless there is something that leads them to believe there may be a problem.

It is not the same as when they recommend an electrical or gas report.

firebird082

Nationwide did this to us a couple of years ago - structural engineer's report didn't show anything serious, and 2 years on still no issues. 1940's built council house terrace, so no idea why they were jittery about it!

G_M

firebird082 wrote: »

Nationwide did this to us a couple of years ago - structural engineer's report didn't show anything serious, and 2 years on still no issues. 1940's built council house terrace, so no idea why they were jittery about it!

Just checking.

Sometimes a GP refers a patient to an oncologist, who does a scan or biopsy, and tells the patient there's nothing to worry about.

ryanc_2

Arranged a survey of the property as advised by all above.

EA agreed and said they had no issue with that and would arrange access to property.

Although I just happened to check property over the weekend. And the EA/Vendor have changed from sale agreed/re-listed the property for sale.

I can appreciate seller wants a quick sale, but this definitely wouldnt be normal without at least letting me know right? Obviously I don't want to be paying £500 for a survey whilst they try to get higher offers from other buyers.

Jon_B_2

Well presumably any other buyer with a mortgage will have the same issues, so a rather hasty decision by the vendor.

Thrugelmir

ryanc wrote: »

Although I just happened to check property over the weekend. And the EA/Vendor have changed from sale agreed/re-listed the property for sale.

Is the vendor aware of something one wonders?