Mortgage valuation "there is structural movement in the form of cracking to masonry", what next?

okhajut

I am buying a house which needs some rework like new carpet and paint, changing window seals e.t.c. But is ok overall. Recently valuation was done which says:

VALUATION & MARKET COMMENT
"There is structural movement in the form of cracking to
masonry. You now need to get a structural engineer or
chartered building surveyor to make a detailed investigation
providing you with a full report identifying the cause, together
with the costs of the work necessary to ensure future stability.
I cannot give a valuation until I have seen the report.
Properties of this type and age in this neighbourhood are
valued between £170000 and £185000.
Future saleability may be affected because of adverse
locational factors: adjacent non- residential uses and a busy
road."

MATTERS AFFECTING VALUE
"Obtain a full timber and dampness specialist report from a
PCA registered contractor
In addition to items of routine maintenance and repair, some
urgent repairs are required."

I spoke with the valuation company. They said that as the property stands "it is worth nothing to the bank" and confirmed that there is an actual problem which will need further investigation and to be fixed. I am just a first time buyer so all this is new for me.

I sent this report to the estate agent, he just came back and said "There is nothing to unusual in this report. You just need to get the advanced survey done."

I am confused what to do next? Hasn't the valuation confirmed that this house does have a structural problem which means that I should not buy this house and let the seller get the survey done and repairs implemented.

What should I do?

FreeBear

okhajut wrote: »

Obtain a full timber and dampness specialist report from a PCA registered contractor

Do NOT use a PCA registered contractor ro do a survey/report - He will be motivated to sell you any number of "treatments". Some will involve highly toxic chemicals (if he says "treat timbers"). Others are of questionable value and could even cause further damage to an old building - Injected DPC and "waterproof" plaster (or tanking) are pointless and damaging.

Find yourself an independent surveyor that specialises in older properties and is not tied to a contractor who then "fixes" these problems.

As for the structural survey, follow his advice - Minor cracking along mortar joints need not be anything major to worry about. Cracks that go through bricks or solid stone lintels indicate more serious issues.

okhajut

Doesn't the valuation mean that there are some real serious structural issues with this house which will need to be fixed and can cost 10,000£s? Or is that what they are identifiying, could be structural problem but is not 100% certain?



I don't even know what PCA registered is, what if I don't go with that, I will be violating instructions from the mortgage lender right?

davidmcn

okhajut wrote: »

Doesn't the valuation mean that there are some real serious structural issues with this house which will need to be fixed and can cost 10,000£s? Or is that what they are identifiying, could be structural problem but is not 100% certain?

The latter. The surveyor is qualified enough to spot something which looks like it could be a problem (and has only had a quick look, as this appears to be a bank valuation report rather than a "proper" survey), but you need a structural engineer to confirm whether it's really of concern and what (if anything) needs done.

eddddy

okhajut wrote: »

Doesn't the valuation mean that there are some real serious structural issues with this house which will need to be fixed and can cost 10,000£s? Or is that what they are identifiying, could be structural problem but is not 100% certain?

In theory, it could be either of the above.

But it sounds like the valuer answered your question when you phoned:

okhajut wrote: »

I spoke with the valuation company. They said that as the property stands "it is worth nothing to the bank" and confirmed that there is an actual problem which will need further investigation and to be fixed.

Structural cracking isn't usually something that will be a quick or easy fix.

okhajut

Is damp and timber specialist 1 person or seperate people, one for damp and one for timber?