Mortgage Offer received but valuation report missed out ground rent

bluexdd

After a very long and painful process of mortgage application, we finally received our offer last Thursday. Just yesterday we were told by our solicitor that the valuation report did not include ground rent - so she has informed the lender who in turns has refer back to the Valuer. 

Does anyone know what is going to happen in this situation? We are first time buyer and bought a new build flat off-plan last year so contract all exchanged and completion noticed has been served - due to complete on the 9th. 

Very anxious now that we may not be able to complete on time (or if at all)!

any advice/thoughts?

Thanks in advance!

davidmcn

Unless the ground rent is a significant amount, it will take however long it takes for the valuer to look at it, shrug, and confirm the valuation isn't affected..

bluexdd

davidmcn said:

Unless the ground rent is a significant amount, it will take however long it takes for the valuer to look at it, shrug, and confirm the valuation isn't affected..

Thanks for commenting! The ground rent is only a few hundreds a year...so hopefully it would not affect the valuation. The thing is we have provided all ground rent/service charge info to our broker, who now said that there were no place to put these info on application form and the Valuer was supposed to pick it up... 🤷‍♀️🤷‍♀️🤷‍♀️

Carl2510

Don’t you mean service charge? Not ground rent as I’m guessing your buying freehold?

bluexdd

Carl2510 said:

Don’t you mean service charge? Not ground rent as I’m guessing your buying freehold?

 We are buying leasehold as it’s a flat, but yes service charge and ground rent both apply. Our solicitor only mentioned about the ground rent though.