Help, house unmortgageable

davidmcn

Jumblebumble wrote: »

I was under the impression that the survey was likely to state in its terms and conditions that it was not to be copied and/or shared.
If this is the case than the buyer is quite correct in their actions

If the lender has provided a copy of their valuation to the borrower, I doubt the borrower is bound by any arrangements between the lender and the lenders' surveyors.

In any event, the surveyor would only care to the extent that any third party tried to rely on the survey - it's irrelevant for a transaction which isn't proceeding.

BooJewels

The house I'm in right now was in a similar position - the seller lost several buyers who had had mortgages turned down and had no idea why, so they commissioned their own structural survey and made it available to us when we wanted to buy and we got a mortgage with no issue at the time and went from offer to completion in about 4 weeks.

So maybe it would be worth the investment to you to find out and it might help potential buyers, as our seller did.

eddddy

Elsadog wrote: »

We put our house on the market and accepted an offer, the buyer had a mortgage survey by Countrywide and they received a message from the lender saying the property is unmortgageable and pulled out .

The lender must have told that buyer why they wouldn't lend on your property.

Surely your EA asked the buyer what the reasons were? (Or are you using an EA that's paid in advance, who might not really care?)

Similarly, the second buyer must have been given reasons by the mortgage lender why the property is unmortgageable. Why didn't the EA ask the second buyer as well?



(TBH, if the valuer was concerned about the cracking, I'd expect them to say a structural survey was needed - rather than a straight decline. I'd suspect it's something else.)

Retired_Mortgage_Adviser

Oh yes, the EA! Completely forgot about them.

Unless you are using Purplebricks, Yopa, etc, the EA must have tried to dig out the reason for the purchase falling through as it directly affects their commission. Anything from them at all?

eddddy wrote: »

The lender must have told that buyer why they wouldn't lend on your property.

Surely your EA asked the buyer what the reasons were? (Or are you using an EA that's paid in advance, who might not really care?)

Similarly, the second buyer must have been given reasons by the mortgage lender why the property is unmortgageable. Why didn't the EA ask the second buyer as well?

Elsadog

Thank you everyone for your reply’s. We have decided to have our own structural survey.

eddddy

Elsadog wrote: »

Thank you everyone for your reply’s. We have decided to have our own structural survey.

So you're sure it's a structural problem that's making the house unmortgageable?


Edit to add...

Examples of other things that could make your house unmortgageable:

• Non-standard construction
• Japanese Knotweed
• Two kitchens
• Commercial property nearby

verybigchris

Are you in an area that's considered a flood risk? That can put some lenders off, and you can check it in seconds for free here before you shell out for a full structural survey.

BooJewels

Elsadog wrote: »

Thank you everyone for your reply’s. We have decided to have our own structural survey.

I know that I suggested it, as it worked for us here, but please try and ascertain from the EA what the actual reason was first - it could be a multitude of things.

haras_nosirrah

Another buyer having another lender and a different surveyor may have a different result

By going back to the same lender as declined the house first time it was never going to yield a different result

Nationwide don't like the house - doesn't mean a different lender will have the same issue

diggingdude

eddddy wrote: »

The lender must have told that buyer why they wouldn't lend on your property.

Surely your EA asked the buyer what the reasons were? (Or are you using an EA that's paid in advance, who might not really care?)

Similarly, the second buyer must have been given reasons by the mortgage lender why the property is unmortgageable. Why didn't the EA ask the second buyer as well?



(TBH, if the valuer was concerned about the cracking, I'd expect them to say a structural survey was needed - rather than a straight decline. I'd suspect it's something else.)

Buyer is under no obligation to pass on info. However as I have no interest in now buying that house i would gladly sell it for £20 if it was me