Cryptic broker message re: damp/timber report

DottieDam

After two weeks waiting for the home report to be transcribed, we pestered broker to contact TSB yesterday it got expedited and dealt with today. The lender have now come back asking for a timber and damp report.

The message that came via the broker said, 'the report is needed for the higher amount' and that it should be done by a specialist and any works done to a guaranteed standard. Nothing else.

We have no idea what they mean by higher amount and the way it reads sounds like get a report, get the work done, then we will talk. Which is of course ridiculous because why would we pay for work without a guaranteed mortgage in place?

Had our weekly correspondence with broker so of course can't get them on phone or to answer email. So left to decipher their message.

Bit miffed as original home report done in May 2017 reported no damp. Property been vacant since then and refreshed home report done in November 2018 reports damp in 1800's building (I mean, no big surprise there!). What is super annoying is the surveyor reported damp in an outside basement area that has no door! Well of course it's damp, this is Glasgow and it has no door!

The home report says the value is £105k but would be £110k when damp treated. We are looking to lend £80k. If that matters.

Anyway, this is week seven since application to TSB went in via broker and I just can't take any more cryptic nonsense messages from broker and the waiting without any updates.

The reference to a higher amount suggests to me that they have offered to lend us less? But the broker hasn't passed that onto us or my OH thinks there is confusion and they think we are asking for £110 but they will only lend us £105 (I'd like the think the underwriter isn't confused but ...).

We don't really know what to do, I really want to call TSB and ask for clarity but think cutting out broker is a no-no.

I'm also tempted to withdraw application, find a local broker who knows what a home report is, and submit to another lender. It's not the damp and timber report, don't mind paying for that but the concern on how long we have to wait for that to be dealt with by TSB and the lack of clarity from broker.

I realise I've lost patience so my reasonableness might have gone out the window but this recent message has really pushed me over the edge!

Thoughts please?

ACG

Chances are it means there is a retention in place and the lender will want a report confirming what work needs to be carried out with a costing in order to proceed.

Depending on the outcome of that report, work may need to be carried out - paid for by you or the vendor (down to negotiation) prior to proceeding.

But you really need to speak to the broker or lender really.

DottieDam

ACG wrote: »

But you really need to speak to the broker or lender really.

Thanks for your response, do you think it's acceptable to call the lender direct if I continue to get no response from broker?

ACG

Advice is to always go via a broker if you have one but if they are not picking up the phone/email it leaves you with little choice I suppose.

DottieDam

As can't delete threads (or I don't know how to) I might as well update....

Turns out my OH was correct they were confused on valuation versus offer value. Found a decent person at brokers to spend long time on phone to TSB and damp/timber report no longer needed (as our offer is much below valuation).

Just have to wait another week for underwriter to review valuation now (SERIOUSLY!)

I'm having a large stiff drink tonight. I do wonder if we hadn't picked up on the discrepancy if anyone else would have!