Issues with mortgage valuation

nkontoudios

Hi everyone,
So we just had a mortgage valuation completed for a property we are looking to buy. We got this message from the bank:
The surveyor has confirmed a structural report is required and has provided the following details: ‘Building surveyor to complete an assessment of the chimneys and provide costs of any remedial works.’
We already asked for a full buildings report anyways as the property was built in the 1930s. Does the above mean that the surveyor found a serious problem with the chimneys? I am really worried about this, as they valued the property as zero for now until they get quotes for the repairs. I can’t believe a simple chimney repair would have such an impact so it must be a big issue. Am I right to worry?

Thank you.

cattie

To me it means that the guy who did the valuation 'survey' knows that you've requested a buildings survey & suggesting that the chimney be looked at as part of that survey.  It's common for a surveyor doing a full report to give what in their opinion, any remedial works are likely to cost.

I wouldn't worry about it being a major issue, I think more that the lender wants to be sure the chimney isn't in danger of causing damage during high winds or a storm.