Confusion around valuation

KillTheKeyboard

I've had the valuation back on a property, a mid terrace built in the 1930's, and have been told I need to arrange a damp and timber survey. However, the valuation was very vague as to whether damp was actually found or suspected, in fact it didn't declare that any had been found at all.

It states that the lender will rescind £2000 of the offer currently, subject I assume to the outcome of the survey.

Is this just standard practice for builds this old? Is it a precaution rather than an indication of damp? As I say the valuation made no indication that anything had actually been found.

bertiewhite

I recently had a retention of £10K put on a late 1800's property that clearly had signs of damp so I pulled out of that.

I then looked at an Edwardian property which has had a favourable survey carried out and the lender is happy to lend the full amount on it so I'd say, no it isn't standard practice dependant on age.

AFAIA, a mortgage company is under no obligation to share the findings of a valuation survey with you (it's for their benefit, not yours) although mine did.