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Buyer's Mortgage Not Approved Due to Structural Survey Concerns
john453
Posts: 1 Newbie
Hi,
I'm really hoping for some advice regarding the sale of my house. I have a great buyer lined up but after weeks of work their mortgage lender has refused to issue them a mortgage. There were concerns that the house is suffering from progressive settlement. I agreed to pay for a full structural survey which was received about a week or so ago. Following a review of the survey by the lender they have declined the mortgage.
I am really surprised at this decision. While surveyors sometimes operate in the grey i.e. they won't commit conclusively either way, the findings do not indicate progressive settlement. Some localised cracking requires repair but no underpinning is recommended. I appreciate it is hard to comprehensively answer without viewing the whole report but conclusions such as "where settlement is active, windows and doors often start to jam, which we did not note at this property' and 'the cracks in the kitchen and bathroom are narrow, appearing to be historic and non-progressive' do not point to progressive settlement.
I am now starting to doubt the mortgage lender as I don't feel the findings in this report should have resulted in this decision. But I am no expert when it comes to structural surveys and a novice when it comes to buying and selling properties!
The buyer has now requested their mortgage broker to look for other mortgage lenders.
If anyone has experienced something similar or has any advice it would be greatly appreciated.
Many thanks.
I'm really hoping for some advice regarding the sale of my house. I have a great buyer lined up but after weeks of work their mortgage lender has refused to issue them a mortgage. There were concerns that the house is suffering from progressive settlement. I agreed to pay for a full structural survey which was received about a week or so ago. Following a review of the survey by the lender they have declined the mortgage.
I am really surprised at this decision. While surveyors sometimes operate in the grey i.e. they won't commit conclusively either way, the findings do not indicate progressive settlement. Some localised cracking requires repair but no underpinning is recommended. I appreciate it is hard to comprehensively answer without viewing the whole report but conclusions such as "where settlement is active, windows and doors often start to jam, which we did not note at this property' and 'the cracks in the kitchen and bathroom are narrow, appearing to be historic and non-progressive' do not point to progressive settlement.
I am now starting to doubt the mortgage lender as I don't feel the findings in this report should have resulted in this decision. But I am no expert when it comes to structural surveys and a novice when it comes to buying and selling properties!
The buyer has now requested their mortgage broker to look for other mortgage lenders.
If anyone has experienced something similar or has any advice it would be greatly appreciated.
Many thanks.
0
Comments
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Your buyer is on your side, which is nice.
Let them find another mortgage lender. Otherwise you're looking for another buyer. It's as simple as that, unfortunately.Everything that is supposed to be in heaven is already here on earth.
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