Nationwide Valuation - What does this mean?

kinger101

Sheep wrote: »

You cannot have liked the house that much if you do not feel it is worth paying a few hundred pound to fimd out if there actually anything wromg with the property before making a decision.

I had a client 2 months ago and the mortgsge valuation came back the same. They paid around £240 for a structural engineers report. They took a picture of every crack in the house and measured it before referring to stamdard guidelines aroumd the length of the crack and that it means.

To cut to the chase there wasnt a thing wrong with the property and the retention wss removed 2 days later.

The mortgage valuer is covering his behind!

But if the retention is removed, it looks like the valuation is going to be around £190K. Why throw good money after bad.

hoiyeeanita

Sheep wrote: »

You cannot have liked the house that much if you do not feel it is worth paying a few hundred pound to fimd out if there actually anything wromg with the property before making a decision.

I had a client 2 months ago and the mortgsge valuation came back the same. They paid around £240 for a structural engineers report. They took a picture of every crack in the house and measured it before referring to stamdard guidelines aroumd the length of the crack and that it means.

To cut to the chase there wasnt a thing wrong with the property and the retention wss removed 2 days later.

The mortgage valuer is covering his behind!

On a scale of 1-10, we liked it around 8.5/10 when we made the offer, despite being a tad rushed by various factors. Admittedly, it's around 2 months since the offer has been accepted and the vendor is keen for a quick sale, but with complications during the process I'm liking it less and less?
I guess I was trying very hard to not get attached and this survey is the cherry on top to make us seriously reconsider.
My partner is clinging on badly, however. We anticipate to be in this property for less than 10 years and want it to be relatively hassle-free when we come to selling it :think:

mrCBH

Late reply, but we've just found ourselves in a similar situation. Surveyor noticed something he wasn't happy with so valued property at £0 until we had a structural engineer's report. We paid for the report which came back saying that there are a few cracks, but nothing of a structural nature. Surveyor still won't budge, we can can't even him to value the property with a retention amount until the work has been carried out. This has frustrated the whole process and in my opinion is completely unnecessary considering the findings of the structural report. We have had no choice but to abandon our mortgage application and go with a different lender in the hope the surveyor has more sense.