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Advice: Mortgage valuation unsuitable for lending due to asbestos
mazziee
Posts: 9 Forumite
Hi all
After some advice (and to ascertain whether I might be being overly suspicious...on to that shortly!)
Have had an offer accepted on a house, potential to add value by converting garage / workshop space. Mortgage valuation has come back as unsuitable for lending as the valuer believes there is asbestos present, advises to instruct a specialist to check property. This has been communicated back to vendor via EA and the request was for a R&D asbestos survey (due to us obvs wanting to conduct renovations).
A couple of things we have found out since the offer was made / accepted which are making me suspicious:
Vendor is apparently a builder (so why hasn't the 'potential' they are marketing the property with been done by them already??)
Valuation report and request for asbestos survey went to vendor yesterday, who said they 'would get some quotes' - I find out today via EA that they've already got someone in today to do a survey and expect results next week. No confirmation on the type of survey requested /done. Am concerned that he's just got a builder type mate to 'help' - pretty sure that'd be highly irregular where asbestos is concerend, but you never know!
Am I being overly suspicious? Any suggestions on next steps - could we potentially get an independent R&D survey done ourselves? Any help would be appreciated!
After some advice (and to ascertain whether I might be being overly suspicious...on to that shortly!)
Have had an offer accepted on a house, potential to add value by converting garage / workshop space. Mortgage valuation has come back as unsuitable for lending as the valuer believes there is asbestos present, advises to instruct a specialist to check property. This has been communicated back to vendor via EA and the request was for a R&D asbestos survey (due to us obvs wanting to conduct renovations).
A couple of things we have found out since the offer was made / accepted which are making me suspicious:
Vendor is apparently a builder (so why hasn't the 'potential' they are marketing the property with been done by them already??)
Valuation report and request for asbestos survey went to vendor yesterday, who said they 'would get some quotes' - I find out today via EA that they've already got someone in today to do a survey and expect results next week. No confirmation on the type of survey requested /done. Am concerned that he's just got a builder type mate to 'help' - pretty sure that'd be highly irregular where asbestos is concerend, but you never know!
Am I being overly suspicious? Any suggestions on next steps - could we potentially get an independent R&D survey done ourselves? Any help would be appreciated!
0
Comments
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Where's the (suspected) asbestos?0
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Really helpfully, the valuation report didn't give any specifics!0
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I think I'd find somewhere else to buy.No reliance should be placed on the above! Absolutely none, do you hear?0
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If the vendor is getting a survey done, I would wait and see what your mortgage lender says about that survey.
Why pay for your own, if the mortgage lender accepts the vendor's survey?
Are you personally bothered about the asbestos? Or is it just that you need this mortgage?Selling off the UK's gold reserves at USD 276 per ounce was a really good idea, which I will not citicise in any way.0 -
Well, that sounds useless. I've often seen warnings about suspected asbestos in artex etc but never had a property declared unmortgageable pending further investigation. Were you planning to get your own (normal) surveyor in anyway?Really helpfully, the valuation report didn't give any specifics!0 -
We are bothered by possible asbestos because the only reason we are buying is for the potential to convert currently unused space. If that’s full of asbestos and is going to cost a fortune to remove, then it doesn’t make sense to buy.
Asbestos is only nothing to worry about if you don’t intend to disturb it, we however will be renovating/refurbishing areas that are possibly impacted.0 -
Have you tried asking the surveyor who did the survey for your mortgage lender more details?
I mean speaking to the surveyor direct, not messing about going through the lender?Selling off the UK's gold reserves at USD 276 per ounce was a really good idea, which I will not citicise in any way.0 -
We were planning a full survey, so my surveyor has kindly offered to contact them and see if he can get more info.0
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