Mortgage valuation £0

mininoel

It is relisted I am just not sure about how it will pan out and my estate agent is saying about it needing to be carefully manage mortgage application...so that made me think it is unlikely to sell. I’m sorry for all the questions I am just anxious 

teachfast

Was this pointed out to you by your solicitor when you bought the place? If not you may have some redress there. Ignore the solicitors on here who jump in and say otherwise - it's worth exploring as an option. 

mininoel

teachfast said:

Was this pointed out to you by your solicitor when you bought the place? If not you may have some redress there. Ignore the solicitors on here who jump in and say otherwise - it's worth exploring as an option. 

In fairness I bought it 12 years ago when rules were probably different so no need to tell me. It’s also made it to point of exchange with a solicitor and lender who had no problems in agreeing to offer a mortgage on it in last 6months with an agreed valuation and this not even raised as a slight issue, as my agent and people on here have said different lenders have different criteria and surveyors respond to that...I always thought a survey wasn’t quite like this but seems it is...well as far as the valuation goes anyway. Maybe I’m over thinking it all and I just have to wait and see. Thank you everyone for the ideas though.

GDB2222

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

If a property can only be sold to cash buyers, it will definitely sell at auction for much less than if it is mortgageable. The non standard construction seems to be a bit of a problem, but hopefully your next buyer will be successful with their mortgage.  

It is not your solicitor's job to examine the construction of the building. That was your surveyor's job. 

The issue about the patio bridging the damp proof course is a minor job to rectify - you need a gulley dug between the patio and the house. 

mininoel

The issue about the patio bridging the damp proof course is a minor job to rectify - you need a gulley dug between the patio and the house. 

There is a gulley between the patio and the property (it does have like a metal drainage strip along it so maybe you mean something different?)

 I think I will just wait and see what the next surveyor says and make decisions from there, after all it passed happily in November and I haven’t done anything to it in between.

GDB2222

mininoel said:

The issue about the patio bridging the damp proof course is a minor job to rectify - you need a gulley dug between the patio and the house. 

There is a gulley between the patio and the property (it does have like a metal drainage strip along it so maybe you mean something different?)

 I think I will just wait and see what the next surveyor says and make decisions from there, after all it passed happily in November and I haven’t done anything to it in between.

"There is a gulley between the patio and the property (it does have like a metal drainage strip along it so maybe you mean something different?)" -- I'm not sure what's there, then, and what problem the surveyor thinks he found. It shouldn't be a big problem, really, but it might be worth posting a photo.

Hope it goes well with a new buyer.

mininoel

Ok so update on a new survey which I am just looking for clarification as it seems really odd but at the same time makes sense, banks criteria is ‘not lend on 100% timber frame ie if ground works don’t have block/brick/masonry construction.’ Surveyor has confirmed ground floor is masonry block construction but as my property in technically the second and third floor it is 100% timber frame as I’m not the owner of the ground floor which has the block work. But it is share of the free hold and I have a private external door to my property and a stairwell on the ground floor. Surely they don’t assume it’s 100% timber frame and my property is floating in thin air, it must have ground works, and therefore thieve should be taken into consideration when describing the construction type? Surely property construction type on a valuation survey should be based on the whole property as without ground works my 100%timber section couldn’t exist. I understand I’m on second and third floor for the majority of my property but honestly can’t see how they don’t consider what the ground works are, especially as criteria actually states the ie given above. I’m so confused...

princeofpounds

Yes, they should consider the whole building construction, not just your flat.

But there are no guarantees. The lenders can make any decision they like.

mininoel

I understand the lender decides but if the surveyors report says 100% timber then surely that is all the information the lender has to decide and they won’t know the ground level work is brick? 

mininoel

Ok so surveyor has said my property is unlendable against so I am looking to see what options buyers might have. My estate agent has again suggested modern day auction but I want to look at lenders who lend on timber frame, but when I look some ask exactly what the name of the construction type is, and I don’t know so how can I tell them as everyone I talk to tells me something different