Mortgage Provider says property is not fit for lending

MickeyDoodles

Hi all,

I'm a first time buyer and very stressed at the moment. After a few property's fell through I have finally got an offer accepted. A week later the survey has been completed and my mortgage broker rang today to confirm the mortgage provider has noted the property is not fit for lending and has requested a structural survey. This is based on the surveyors comments. Frustratingly, I've not yet received the homebuyers report but I believe it to be subsidence related due to a stair like crack above one of the door frames - no other cracks present.

Not sure what to do. Should I fork out for a building/structural survey with the risk that the mortgage provider could still say no or just walk away? The main thing here is that the property is obviously not worth what it's being sold at so even after the structural survey and mortgage provider's decision the seller could still turn around and not accept a lower offer.

Is it reasonable that I ask the seller to pay for the structural survey as obviously this will impact any buyer of the property not just myself?

I'm going around in circles of what to do. I would hate to just walk away as the house and location are perfect.

Has anyone been in this situation or can anyone offer advice?

Thank you!

da_rule

You can ask the seller to pay or reduce the price, they don't have to agree. Although, they may know that it's a problem already.

Essentially, it boils down to how much you want the house and whether you can afford to cover the cost of the survey with the risk of not having the house at the end.

Bossypants

I had that happen with my first house. I opted to get the structural engineer in, whose report confirmed that the movement was historic, meaning the lender was willing to lend. It turned out to be a great house and I really enjoyed living there.