£0 Valuation Pending Surveys

ftb042019

Hi Everyone,

Newbie here so please go easy!

I was wondering if anyone has ever had a mortgage company refuse to put a monetary value on the property they are buying without surveys taking place?

I'm in the process of buying a 1930's semi, and Atom bank have refused to put a value on the property without a structural survey, a damp and timber report, an electrical survey and some specialist advice from an arboriculturist. The property hasn't been decorated in about 80 years, so is very dated with lots of cracked plaster (but we knew there was improvements to be made when we put our offer in)

Our arboriculturist has come back practically laughing at the 'tree that could be causing subsidence" and has told us that there's practically 0 chance of it impeding the property.

Has anyone else been in this situation? We think the valuer may have been really cautious and the tree consultant is proving that point.

Thanks!

walwyn1978

Valuers are supposed to be cautious to avoid the bank over extending credit.

Try another lender, they may not be as fussy.

AdrianC

ftb042019 wrote: »

I was wondering if anyone has ever had a mortgage company refuse to put a monetary value on the property they are buying without surveys taking place?

Lots of people will have.

It's simply how the lender says "We don't like this place, and won't lend against it unless you can convince us it is good security"

I'm in the process of buying a 1930's semi, and Atom bank have refused to put a value on the property without a structural survey, a damp and timber report, an electrical survey and some specialist advice from an arboriculturist.

OK...

Our arboriculturist has come back practically laughing at the 'tree that could be causing subsidence" and has told us that there's practically 0 chance of it impeding the property.

So he needs to put that in writing for the lender.

Then get a structural engineer, and a damp/timber company to do the same. Job jobbed. Or find a less conservative lender, if you can.

Remember, the lender haven't actually seen the property in the flesh. All they've seen is the valuation survey report - and I bet that was full of backside-covering.