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Advice on Purchase and Survey
fdama
Posts: 32 Forumite
I am purchasing a 1890’s Victorian 2 bed terrace and I am at the survey stage now and needed some advice on how to proceed.
I initially made a mortgage application with Natwest which was declined in the later stages of the application due to issues on my credit report. They carried out a valuation of the property and did not list any issues, but down valued the house from £115,000 to £107,000. I renegotiated this down to £109,000 with the vendor. I then applied with a specialist lender called Secure Trust Bank and I am at the stage now where they are happy with my profile and are ready to do the survey. I requested a Homebuyer’s survey as I had not requested one through NatWest.
The problem is that there is damp on the chimney breast area of the dining room. It is a small area and not very noticeable to the eye, but you can feel the damp when touched. There is no mould and and there isn’t a damp smell in the room. Natwest’s surveyor did not notice this as this was not mentioned on their valuation report. I assume that as this was a valuation, it was a quick 5 minute walk around the property.
The vendor has understandably put the property back on the market as she has become impatient with the time the whole process is taking (My offer was accepted in mid October ’18 and Natwest declined end of November and new application submitted with Secure Trust Bank beginning December). She is now reassured that progress is being made with the imminent survey booking by the lender. As mentioned, I have asked for a Homebuyers survey to be done at the same time.
My dilemma is that the lender will have access to the Homebuyers report, which will certainly note the damp issue and may impose retainers and request further specialist surveys and may cause the whole purchase to fail. If I independently instruct a homebuyer’s survey, I am concerned about the booking time for these surveys which could take weeks in a purchase which is already very delayed. I still have time to amend the survey If I wished.
What would you advise in this situation?
I initially made a mortgage application with Natwest which was declined in the later stages of the application due to issues on my credit report. They carried out a valuation of the property and did not list any issues, but down valued the house from £115,000 to £107,000. I renegotiated this down to £109,000 with the vendor. I then applied with a specialist lender called Secure Trust Bank and I am at the stage now where they are happy with my profile and are ready to do the survey. I requested a Homebuyer’s survey as I had not requested one through NatWest.
The problem is that there is damp on the chimney breast area of the dining room. It is a small area and not very noticeable to the eye, but you can feel the damp when touched. There is no mould and and there isn’t a damp smell in the room. Natwest’s surveyor did not notice this as this was not mentioned on their valuation report. I assume that as this was a valuation, it was a quick 5 minute walk around the property.
The vendor has understandably put the property back on the market as she has become impatient with the time the whole process is taking (My offer was accepted in mid October ’18 and Natwest declined end of November and new application submitted with Secure Trust Bank beginning December). She is now reassured that progress is being made with the imminent survey booking by the lender. As mentioned, I have asked for a Homebuyers survey to be done at the same time.
My dilemma is that the lender will have access to the Homebuyers report, which will certainly note the damp issue and may impose retainers and request further specialist surveys and may cause the whole purchase to fail. If I independently instruct a homebuyer’s survey, I am concerned about the booking time for these surveys which could take weeks in a purchase which is already very delayed. I still have time to amend the survey If I wished.
What would you advise in this situation?
0
Comments
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Did you spot the damp then? Are you sure it was damp and not just moisture? Could she have been drying clothes near it? Did you ask her about it?2024 wins: *must start comping again!*0
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