Full RICS building survey not enough for lender

andyprice_

Hi all

We are first time buyers looking to buy a house (estimated to have been built in the 70s).

We have applied for a mortgage through Nationwide, who after their survey have declined the property citing ground movement as the cause. But would be willing to consider it again if a report was done by a qualified person proving otherwise.

Prior to this, we have had a full RICS building survey done which stated the garage had some subsidence due to the footings not being deep enough. However the main house had tests done and showed no sign of movement and the surveyor expected no movement to begin unless there was a change to the land use.

We were under the impression that getting a level 3 RICS building survey was the top level available, but the bank have said it must have been carried out by an MRICS of FRICS qualified surveyor. Ours was done by a surveyor with the AssocRICS qualification so does not meet the standard.

Has anyone come across his before, obviously we are reluctant to pay for another survey when the result should be the same or similar.

Any advice would be really appreciated. Thanks!

SameOldRoundabout

I don’t have experience of your particular issue, but I have recently come up against nationwide on a paperwork issue. They refused to acknowledge the end date on an official HMRC letter, told us to provide more proof, which we did in 2 forms. After all that they came back and said only a new HMRC letter would do.

They don’t appear to listen to any sort of reason. If they’ve asked for it they are unlikely to budge without it. Hugely frustrating but in your shoes I’d be finding the correctly qualified surveyor if I really wanted the house.

AdrianC

andyprice_ wrote: »

obviously we are reluctant to pay for another survey when the result should be the same or similar.

No, it won't be.

A survey - even a full building survey - is a generalist look at the property as a whole.
The survey may recommend further specialist investigation of particular areas - and, in this case, the lender is insisting on it.

What you'd be getting is just that - a very detailed look at the areas of concern, and nothing else.

Retired_Mortgage_Adviser

If you have a broker, he/she should get on the phone with the BDM and informally find out what they need exactly and if it is indeed possible to change their minds.

Sometimes these things are a dead end or impossible to satisfy, but the lender will never put it down in so many words. You can spend more money on a specialist survey and NW could turn around and say that they can't accept it because it isn't worded conclusively enough.

In the above case the only option is to look for another suitable lender.

letitbe90

There are levels to everything, eg in Financial services you can be a Diploma qualified advisor, but you can also take it further by becoming chartered or a fellow. I guess they weren't happy that it was carried out by someone at associate status rather than chartered/fellow.

Just find an MRICS/FRICS surveyor to do the same survey and it'll be fine.

kingstreet

A structural engineer's report might have been better value.

Sachs

You should speak to the surveyor firm that did the report. I would not be happy with it being only an Associate member. That's a guy 1 year out of university level of experience. Was this made clear to you?

[Deleted User]

Nationwide's survey was probably done by someone with a similar level of qualifications (or even higher) than the person doing your Buildings Survey. At the moment it is a case of he said/she said and 2 people with differing opinions.

You need someone of a higher qualification level to comment and settle it. Thats why they insist on a certain level of surveyor giving their opinion