HSBC Mortgage - Valuation Survey Wrong

suffolkboy_

Hello.

I had an offer accepted on a property 4 weeks ago (first time buyer) My lender (HSBC) carried out a valuation survey 2 weeks ago. I've just had a call from the bank to tell me they can't lend as the property is built more than 50% of concrete. I know that this is incorrect. It was built in 1710 and is timber frame with plaster. Historic England description says:

"House. Early C18. Timber framed and plastered, the plaster lined in imitation of ashlar; pantiled roof. 2 storeys. Symmetrical facade: 3 window range, 2-light and 3-light mullion and transom casements; 6-panel raised and fielded door, the upper 2 panels glazed, shouldered architrave, frieze and triangular pediment; external stacks to each gable end."

Where do I go from here? How do I prove that the survey was incorrect? The bank just mentioned to me on the phone that timber frame is frowned upon, however the valuation survey didn't pick up that it was timber framed. I work in construction (as a Quantity Surveyor), my father has worked in construction for over 40 years. We know the survey is definitely wrong!

Thanks

AdrianC

An 18th century listed building needs a specialist surveyor. I'm sure you can find one who's on HSBC's panel. Sounds like the "imitation ashlar" is fooling this generalist.

Although it does sound as if you may be looking for another lender, if HSBC won't like the timber frame, either.

[Deleted User]

Are you using a broker? I would just submit this up the line as an appeal and get a response form the valuer. We have contacts in place for this type of thing. No idea if you are doing it direct.

davidmcn

I would certainly query it, but it may well be that they don't like the method of construction, they just ticked the wrong box for exactly what the reason was.

suffolkboy_

Deleted_User wrote: »

Are you using a broker? I would just submit this up the line as an appeal and get a response form the valuer. We have contacts in place for this type of thing. No idea if you are doing it direct.

No I have gone direct. I have banked with HSBC as an advance customer and initial discussions with brokers hadn't been able to match the interest rates being offered. The valuation survey was also at no cost to me and was selected by HSBC.

AdrianC

suffolkboy_ wrote: »

The valuation survey was also at no cost to me and was selected by HSBC.

Sometimes, gift horses do benefit from dental check-ups.

kingstreet

davidmcn wrote: »

I would certainly query it, but it may well be that they don't like the method of construction, they just ticked the wrong box for exactly what the reason was.

That's what I would have said.

Ticked the wrong rejection paragraph dropdown.

OP did you establish with HSBC the actual construction method was acceptable before you applied? I would have done in these circumstances.

suffolkboy_

kingstreet wrote: »

That's what I would have said.

Ticked the wrong rejection paragraph dropdown.

OP did you establish with HSBC the actual construction method was acceptable before you applied? I would have done in these circumstances.

Yes, I went in branch for a AIP and the construction method was discussed and it went through fine.

Strangely, HSBC approved a mortgage for me a few months ago on a timber frame/clay lump property (I pulled out of the sale following my own survey). I've been told since that this is on their blacklist of construction methods and shouldn't be lent on. Odd.

laptop80

Won't lend on a house that's been stood over 300 years because they've blacklisted the construction method... I wonder how many new builds they are lending on today will be standing in 300 years?

Sachs

Sounds like an error, have you pointed it out to HSBC?

HSBC has the best rates because they are the most risk averse. Its likely that NatWest or HBOS will be fine with it of HSBC genuinely do have a problem.

AdrianC

laptop80 wrote: »

Won't lend on a house that's been stood over 300 years because they've blacklisted the construction method...

Hardly unreasonable. Specialist stuff requires specialist understanding. They aren't that bothered about losing that small section of the market, in return for lower operating costs leading to lower prices and/or more profitable business.

I wonder how many new builds they are lending on today will be standing in 300 years?

Why would they care...?