Mortgage valuation £0

mininoel

NameUnavailable said:

mininoel said:

Thanks, I think the £0 valuation has scared them but also the report has put things like a 3 for the roof as ‘the roof is tiled and tiles may slip and this may cause injury to a person or damage to the property’ so does that mean all tiled roofs need immediate attention as a tile may slip at any stage, there is no mention of tiles having slipped, in fact there is a comment to say they couldn’t see the roof. 

Oh yes, deathly tiles! What else, windows are made of glass and if that breaks it cause injury and death? Gas pipes are present and gas can cause deathly explosions? The house is built on the ground and if you dig a hole and jump in and cover yourself in earth you may die!!!!

You joke but the report also included if the heating and ventilation are not managed sufficiently by the occupant this house could have condensation particularly if windows are never opened, and condensation can lead to mould and damp and this can lead to ill health and black marks on the walls.

mininoel

I couldn’t find this thread when I was trying to post an update but thankfully someone pasted a link for me. This is from the report...

The external walls are of timber frame construction. The main roof is covered with slates. Internally, the floors are mainly of timber with some solid concrete construction. The property is of non-traditional construction, known as single skin timber frame, without an external masonry leaf. This type of construction is unacceptable to many mortgage lenders.

The walls are of timber framed construction which consists of a factory made structural timber inner leaf which is then clad with a separate outer skin of tiles. We cannot confirm whether a damp-proof course is present because of the high ground levels obscuring the construction. Further investigation is required.

The external walls are approximately 200mm thick, due to being thinner than traditional cavity wall structures, the property will suffer from poor thermal efficiency and will be prone to penetrating damp and condensation. The lack of a masonry external leaf will also increase the risk of dampness. Several lenders do not consider this type of construction a suitable security. Several wall tiles are damaged, are broken and are slipping. The patio on the front of the property is assumed to be bridging the damp course.

This issue has not been raised when I purchased about 10 years ago or when the other maisonette was resold in around 2017 and various houses on our road (terrace) have recently sold with mortgages. My estate agent thinks that the report is inaccurate but what are my chances of selling to anyone who needs a mortgage??? This surveyor valued it at £0 due to construction but just 2 months ago it was valued by a different surveyor for a different purchaser who then changed their mind at asking price and no issue was raised with construction it was given a rating of 2 by them. I’ve had no damp issues and my EPC just done was a B so I’m not sure that fits with this assessment. There are also no slipping tiles as stated. My estate agent believes that the building regulations were such when my property was built that it wouldn’t be single skinned but I am clueless s it has never come up before. Any advice

princeofpounds

OK - by the way, if you lose a thread again, you can 'view profile' then 'view replies' to see your most recent posts. The extra detail is useful, but I don't think much changes from my last post.

The EPC is irrelevant to this issue. Yes, it's contradictory to statements made in the survey report but it's of no practical significance.

FaceHead

So one surveyors report came back allright-ish. The next one said the house was of non-standard construction. What are the chances the next buyer will receive an allright-ish report? As a casual observer I'd have to say 50:50 based on the track record, which isn't bad odds. 

Your buyer pulled out, and the EA, believing it to be double brick and the next surveyor will realise that, has put it back on the market? 

Let's just wait and see what the next buyer and their surveyor do. 

mininoel

Ok so I’ve been told that the ground floor is not timber frame and is brick and not single skin, the first and second floor are timber frame with internal leaf and the external leaf is the hanging tiles. In 2008 the property was converted into two flats and has a buildings regulations certificate so I’ve been told it would have been adapted to have thermal efficiency etc as this would have been a legal requirement. So now my question is...does it sound like this is a property That can get a mortgage or am I never going to sell it? It was originally built 1970/71

NameUnavailable

See what happens with the next buyer (if the previous mortgage co were happy then it sounds like you just need another one like that). Alternatively, if it is still an issue, then you can sell at auction to a cash buyer who will be buying to let.

mininoel

If I have to go to auction does that mean I will get less for my property and also are there lots of fees associated that I would have to pay? My estate agent is hopeful with the right broker and the right surveyor all will be fine but I’m very anxious

NameUnavailable

mininoel said:

If I have to go to auction does that mean I will get less for my property and also are there lots of fees associated that I would have to pay? My estate agent is hopeful with the right broker and the right surveyor all will be fine but I’m very anxious

You won't get less as such you'll get what someone is willing to pay, which is the 'true' value.

You can at least set the reserve price and you could also add a clause to the special conditions that the buyer has to pay X towards the fees.

mininoel

I don’t understand why one surveyor didn’t raise any concerns and agreed the valuation and then the next had a nil value. What are other people’s thought and advice on how to proceed, my estate agent has mentioned modern day auction or careful handling of the next mortgage application from a skilled broker...any ideas welcome on what to do now.

anselld

mininoel said:

I don’t understand why one surveyor didn’t raise any concerns and agreed the valuation and then the next had a nil value. What are other people’s thought and advice on how to proceed, my estate agent has mentioned modern day auction or careful handling of the next mortgage application from a skilled broker...any ideas welcome on what to do now.

Different mortgage companies have different lending criteria.  Nil valuation does not literally mean that the property has nil value, it just means that the form of construction is not something that particular lender will consider lending on.   Another lender may be fine with it.

Don't even think about modern auction, it is a con.  Just get it relisted, or if you are in a hurry traditional auction as suggested above.