Valuer refusing to value house

Frustrated_First_Timer

Hi all

My wife and I are in the process of trying to buy our first house. We have found a place we really like, somewhere we can afford, and one that we won't need to move from for ages.

The previous owner has passed on, and the house is in serious need of a refurb, which we are happy to take on. All seemed to be going well, until we got the mortgage valuation done. The valuer is refusing to give a value due on the property due to "damp problems"

The EA instructed a (free) damp and timber survey to be done, and the surveyor came back with a very non specific report, but with the following points:

• Due to it having been unoccupied for so long,it was likely to read worse
• Gutters needed cleaning
• A recommendation to install an extractor fan in the bathroom
• Some damp proof work of approx £1800 ex VAT (though not stated where it was needed in the report)

This has now gone back to to the valuer, who has read the report, and is now refusing to value the property until the works are completed "because of the issues raised in the report" . Considering that the damp and timber surveyor was likely trying to push for business, and its a 1900 house, I don't put much store in his recommendations.

Currently, we haven't even had a decision back from the bank, as they will only give us a decision once the valuation is completed, and while we don't want a very quick sale due to an existing tenancy agreement, it would be nice to at least know if we have been approved for the mortgage!

Is there any way of contesting the valuation (bank instructed valuer), or asking for a second opinion? From reading other peoples experiences, it seems very strange that the surveyor won't even issue a valuation . Speaking to our MA, they have said that it may be worth looking at alternative lenders, but I am worried that doing that may affect credit scores and possibly cost even more...


Any help or advice would be greatly appreciated!

RedFraggle

I wouldn't rely on a survey by anybody instructed by the EA. The EA is there to sell the house.

G_M

RedFraggle wrote: »

I wouldn't rely on a free survey by anybody working as a salesman for a damp proofing company. The salesman is there to sell damp proofing.

so that's two reasons not to trust......!

G_M

Frustrated_First_Timer wrote: »

..............The valuer is refusing to give a value due on the property due to "damp problems"

.....................
........ the valuer, who has read the report, and is now refusing to value the property until the works are completed "because of the issues raised in the report" .

................

Currently, we haven't even had a decision back from the bank, as they will only give us a decision once the valuation is completed, ..........

Is there any way of contesting the valuation (bank instructed valuer), or asking for a second opinion?

Almost impossible. The bank relies on their independant, professional, valuer.

Try another lender?

Who is selling? The Executors of the Estate? Might be worth asking if they'd be prepared to do the recommended work in order to get their sale to go through? You could offer to increase your offer by the amount of the works if they do.

They might consider this if they think any other future buyer wil have the same problem.

Thrugelmir

Frustrated_First_Timer wrote: »

the house is in serious need of a refurb

• Due to it having been unoccupied for so long,it was likely to read worse
• Gutters needed cleaning
• A recommendation to install an extractor fan in the bathroom
• Some damp proof work of approx £1800 ex VAT (though not stated where it was needed in the report)

Doesn't sound that serious. Unless there's other factors to be considered. What else did the bank valuer comment upon.

Frustrated_First_Timer

Thanks for the help so far.

I am aware that the survey from the damp contractor was going to find some work, as he was going on for free. It’s frustrating, as having done some research, “diagnosing” damp using a damp meter is a very unreleiable method, so having our house purchase held up by the use of a knowingly flawed test method is very frustrating. It also seems that valuer isn’t even prepared to put a retention on the works just to progress things.

The EA is going back to the vendor (the executor) to see if they will do the work, as mentioned, it’s likely that others may have the same issue. Ideally we don’t want to look at other lenders, as we’re worried that applying with another lender may affect our current AiP, not to mention possibly having to pay another valuation fee.

saajan_12

Possible actions:
1. Get another (paid) damp surveyor to give another opinion on the lack of damp issues.
2. Tell the lender that the valuer is refusing to value and ask them to instruct the valuer to decide the value in the current condition. They MAY oblige though expect the value to include significant costs of damp remediation
3. Get another lender.

Doozergirl

I don’t see that you have any other choice than a new lender or a new house.

The existing surveyor is unlikely to be swayed although the problems don’t sound bad to me. Given that free damp surveys like to sell stuff, there’s probably barely an issue at all.

Another surveyor from another lender may take an entirey different view to this one. This one does sound a bit extreme.

AdrianC

Frustrated_First_Timer wrote: »

All seemed to be going well, until we got the mortgage valuation done. The valuer is refusing to give a value due on the property due to "damp problems"

He's not refusing to give a value.

He's saying that, in his opinion as an agent of the lenders, the house is not suitable security for any amount of lending.