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FTB! 100% mortgage retention !??! Help PLEASE
Molly2019
Posts: 3 Newbie
Hi guys,
Really hoping you guys can help me out on this...
Sorry it's long!!
Soooo FTB here...after searching for what seemed like forever found a house! Offered asking price - buyers accepted but refused to take off market (offered additional £2k for this privilege!)
Circs...family are dealing with sale as owner passed away during refurbishment of property (2 bedrooms untouched). (Property is mortgaged from Jan 2016 although looks like he owned it outright in 2005/think was parents).
DIP accepted...valuation booked so far so good...waiting...waiting...waiting....no news...
I called them after a week (informed 3 working day turnaround) & was advised following:
High retention (100%)
Structural report required
Roof report
Electrical report
Damp & Timber
Following were noted by valuer (free valuation provided by lender)
Hi, the property is affected by considerable movement, particularly to the front elevation, possibly due to a combination of inadequate restraint and cavity wall tie failure, together with internal cracking. There is also evidence of distortion to floors which may be attributable to sulphate attack which is common in the locality.
The cracking is more evident in the bedroom which has not been refurbished and it is not possible within the limitations and parameters of the mortgage valuation report to confirm whether the movement is continuing.
The property could be reconsidered if a structural report is produced from an appropriately qualified engineer on behalf of the purchaser. On receipt of this report, I will be happy to advise further.
Obtain structural report from appropriately qualified engineer on behalf of the purchaser. PCA damp proofing/timber
infestation contractor to examine walls, floors and structural timbers carrying out works under long term insurance backed
guarantees. Roofing contractor to overhaul roof coverings and chimney stacks ensuring wind and weather tight. Repair rainwater fittings. Authorised person to inspect the electrical installation and carry out recommended works. Repair leaning
boundary fences.
The structural report is to be based on a detailed investigation of the structure which confirms stability or recommends
remedial work acceptable to the Society. In the latter case, the applicant must confirm recommendations will be carried out
in full and that the work will be professionally supervised.
EA & myself were obviously aware of cracking but he put that down to house in middle of refurb & then left empty/no heating/adequate ventilation etc.
I've had a RICS structural surveyor in for an initial inspection to see if even worth going for full survey. He didn't seem to bothered by issues advised stated - cracks were due to shrinkage & other issues typical of property style/age etc.
Stated roof was in expected condition but estimated costs for repoint/chimney stacks etc or full re-roof.
Stated no evidence of infestation & first floor level. Sloping to ground floor (dip) in main living room only (stated he thought this due to being largest area & foundation it was built on ash? Sort of crowned slightly in centre (sorry can't remember exactly what he said but again did not seem concerned)
EA called & advised vendor as obviously my offer was based on it actually being given! I wanted confirmation that should I proceed to have all surveys carried out we could renegotiate based on outcome. I also asked if they would be happy to speak to us directly...saving passing messages through EA.
EA advised vendor 'did not seem interested' even when informed valuation was currently £0!!! Said he would think about it & maybe 'I'll just give it back to bank'.
I just don't understand how a mortgage/equity was given in 2016 if valuation stands at £0??!! Would they even of inspected property as surely would have been in worse condition given work was only recently carried out.
Confused !!!129335;!!!8205;!!!9792;!!!65039;
Any advice much appreciated!!!!!
Thank you
Really hoping you guys can help me out on this...
Sorry it's long!!
Soooo FTB here...after searching for what seemed like forever found a house! Offered asking price - buyers accepted but refused to take off market (offered additional £2k for this privilege!)
Circs...family are dealing with sale as owner passed away during refurbishment of property (2 bedrooms untouched). (Property is mortgaged from Jan 2016 although looks like he owned it outright in 2005/think was parents).
DIP accepted...valuation booked so far so good...waiting...waiting...waiting....no news...
I called them after a week (informed 3 working day turnaround) & was advised following:
High retention (100%)
Structural report required
Roof report
Electrical report
Damp & Timber
Following were noted by valuer (free valuation provided by lender)
Hi, the property is affected by considerable movement, particularly to the front elevation, possibly due to a combination of inadequate restraint and cavity wall tie failure, together with internal cracking. There is also evidence of distortion to floors which may be attributable to sulphate attack which is common in the locality.
The cracking is more evident in the bedroom which has not been refurbished and it is not possible within the limitations and parameters of the mortgage valuation report to confirm whether the movement is continuing.
The property could be reconsidered if a structural report is produced from an appropriately qualified engineer on behalf of the purchaser. On receipt of this report, I will be happy to advise further.
Obtain structural report from appropriately qualified engineer on behalf of the purchaser. PCA damp proofing/timber
infestation contractor to examine walls, floors and structural timbers carrying out works under long term insurance backed
guarantees. Roofing contractor to overhaul roof coverings and chimney stacks ensuring wind and weather tight. Repair rainwater fittings. Authorised person to inspect the electrical installation and carry out recommended works. Repair leaning
boundary fences.
The structural report is to be based on a detailed investigation of the structure which confirms stability or recommends
remedial work acceptable to the Society. In the latter case, the applicant must confirm recommendations will be carried out
in full and that the work will be professionally supervised.
EA & myself were obviously aware of cracking but he put that down to house in middle of refurb & then left empty/no heating/adequate ventilation etc.
I've had a RICS structural surveyor in for an initial inspection to see if even worth going for full survey. He didn't seem to bothered by issues advised stated - cracks were due to shrinkage & other issues typical of property style/age etc.
Stated roof was in expected condition but estimated costs for repoint/chimney stacks etc or full re-roof.
Stated no evidence of infestation & first floor level. Sloping to ground floor (dip) in main living room only (stated he thought this due to being largest area & foundation it was built on ash? Sort of crowned slightly in centre (sorry can't remember exactly what he said but again did not seem concerned)
EA called & advised vendor as obviously my offer was based on it actually being given! I wanted confirmation that should I proceed to have all surveys carried out we could renegotiate based on outcome. I also asked if they would be happy to speak to us directly...saving passing messages through EA.
EA advised vendor 'did not seem interested' even when informed valuation was currently £0!!! Said he would think about it & maybe 'I'll just give it back to bank'.
I just don't understand how a mortgage/equity was given in 2016 if valuation stands at £0??!! Would they even of inspected property as surely would have been in worse condition given work was only recently carried out.
Confused !!!129335;!!!8205;!!!9792;!!!65039;
Any advice much appreciated!!!!!
Thank you
0
Comments
-
Uninterested vendor and a house with lots of problems
Run away and find another house unless you have got a lot of money to put this one right.
Vendor sounds as though they aren't going to be much help either. I think if you proceed this is going to be very stressful for youI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Looks like there's nothing for you to do here other than walk away.0
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