Buy a house with structural movement - what do I need to consider

Moneysaving222

Hi,

Couple of question. My mortgage advisor told me the vendor would have to get work done before I can buy the house. The house has structural movement. Is this true or false? It’s just my mortgage company have just asked for a report, not for work to be carried out - but I guess they would ask for that after the report.

Who can do the structural report - do they have to be a chartered structural engineer or just a structural engineer? Mortgage company say “structural engineer or chartered building surveyor”. I know that I can prob see the answer in black and white but no harm in asking.

Doozergirl

It's normal that a mortgage company will ask for the report to establish what is wrong (if anything).

If there is, it's also common for them to decide that the house doesn't provide adequate security for lending until fixed. The only way they can guarantee the fix is to have it signed off before you purchase. They cannot guarantee that you will fix it after purchase, so the risk is that it gets worse, ruining the asset.

I can't answer your question about who does the report. It's kind of clear, in my view, as you've quoted what they expect.

Moneysaving222

Hi doozergirl. Will I be able to get insurance?

Tom99

Once you know whats wrong you will have a better chance of establishing the insurance position.
Are you hoping the vendor will repair at their expense before you exchange contracts?

Moneysaving222

@Tom I was told they would most likely have to by the mortgage advisor