Issues with valuer?

Unicorn_cottage

Hi there
Has anyone ever challenged a valuation which declared a property "mainly unsuitable security" due to structural issues? The property is an old house, 1880's, which was only mortgaged less than 3 years ago and the Homebuyers report (given to us by the Vendor) did not mention anything about structural issues. When the valuer turned up apparently she said "I don't usually do old buildings" or something to that effect. When we viewed the house we saw nothing of concern (we have experience of old houses) and were perplexed when the valuation came through.
Thanks

Thrugelmir

Is this the valuation performed for the lender? Or one you've had undertaken yourselves. 

Unicorn_cottage

@Thrugelmir - performed by the lender

Thrugelmir

Then the lender is the client.  What issues were identified? 

Unicorn_cottage

Heave, damp, water supply

Unicorn_cottage

Surely you can challenge a valuers findings?

davidmcn

Unicorn_cottage said:

Surely you can challenge a valuers findings?

Why? It's not your valuer. If a lender doesn't want to give you a mortgage (whether because of their valuer's opinion or other reasons), that's up to them. You can go find another lender (though with the advice of a broker in case it's someone who uses the same valuers...).

Unicorn_cottage

Has anyone got any helpful advice?

eddddy

Unicorn_cottage said:

Has anyone got any helpful advice?

So you're the buyer, I guess.

So is the valuation a straightforward rejection? Or does it say further specialist surveys are required?

If it's a straightforward rejection, in theory, you can challenge valuations, but in practise, that very rarely really succeeds. The valuer will fight you very hard all the way.  (The valuer's firm will have been hired by the bank to do valuations. They will never want to admit to the bank that they get valuations wrong.)

Even if the valuer hasn't said so, I guess you can ask the mortgage lender if they would reconsider, if you get specialist surveys - but you still have the issue of the valuer's professional pride.

As above, another possibility is to apply to a different mortgage lender who uses a different valuation firm - and see if you get a different result. (But bear in mind that lots of banks use the same valuation firms.)

lincroft1710

If a property you are thinking of buying has heave, then that is a good reason to start looking elsewhere.

Thrugelmir

Unicorn_cottage said:

Surely you can challenge a valuers findings?

Surveyor is reporting to the lender on the basis of the property providing adequate security for the mortgage advance. That's their remit. You are not the surveyors client. You are just paying the lenders costs.