valuation officer has reported that he does not reccomend a structual engineer- zero valuation

sevi1990

Hi,
we are FTB and have had a offer accepted on a house last week. The valuation officer has come out and set the valuation to zero due to strucual issues and has recommended that a structural engineer does NOT come and visit the propertry. Does a valuation officer have any grounds to even suggest this? The house from my view is habitalable. There is a few cracks in the walls and a few ceilings need attention as the artex is knackered, but it has seriously been neglected over recent times and no work looks to have been doen in the house from the 70s (decor). When we 1st enquired about the property the estate agent mentioned that a structural engineer was directed from another EA when the property was intially valued had deemed the property structurally safe.  Also a dip in the floor was expected with a property as old as this one we viewed. We received this news regarding the mortgage valuation officer today and approached the EA for a copy of the report. He has now seemed to back track and suggest he was only told off the Vendor that another EA instructed a strucual engineer to view the property but there is no report. Would any structural engineer appointed by a EA visit a property and not give a report? Also what are my options next? Ask the vendor to pay for his own structural report or we back out? If the vendor does provide a structural report and the property is deemed safe go back the Mortgage lender? Also how can a estate agent market a property off hear say that a structural engineer has been and said its fine with out a report? Do we just walk away? If any one could offer any advise that would be great.

Wkmg

Why do you want to buy a house that a professional valuer has said is worthless? I’d seriously back out unless you just want the land. Do you have a right move link?

sevi1990

Sorry it wont let me post a link i am too new to the forum

sevi1990

property-for-sale/property-77811352.html

greatcrested

It is most unlikely that your mortgage lender will reconsider their offer to you. They have arranged and received a Valuation, which was zero. So they will not lend.

Whether you and/or the seller arrange further Valuations and/or structuralengineer's reports is unlikely to make a difference.

anselld

Looking at the windows, the external walls look rather thin.  Perhaps it is some form of non-standard / single-skin construction.   This could make it structurally sound (for what it is) but incompatible with the lenders criteria.

Thrugelmir

What mortgage product are you applying for? How much money do you have put aside to spend on the property? 

bris

Why on earth wouldn't you just run a mile from this? Cracks all over the place and dips in the floor are normal. No they're not. they are the signs of a badly failing house and the valuer agrees.

But hey the estate agent says it fine, they wouldn't lie to you, would they?

sevi1990

anselld said:

Looking at the windows, the external walls look rather thin.  Perhaps it is some form of non-standard / single-skin construction.   This could make it structurally sound (for what it is) but incompatible with the lenders criteria.

Our Mortgage broker has said the report will suggest the property has severe structural movement. 

sevi1990

Thrugelmir said:

What mortgage product are you applying for? How much money do you have put aside to spend on the property? 

10% and around 30k set aside

Thrugelmir

sevi1990 said:

Thrugelmir said:

What mortgage product are you applying for? How much money do you have put aside to spend on the property? 

10% and around 30k set aside

Property may well not meet the lenders criteria.