Mortgage requiring structural survey... should we pull out?

glass_halffull01

Full details of our mortgage approval came back today. Before we can proceed with it we need a structural survey carrying out. 

The quote from the report reads "evidence of movement was noted in the form of cracked driveway, cracking to the rear wall masonry and leaning boundary wall. This appears significant and progressive. Obtain a report from a qualified structural engineer on the stability of the house".

We have also since discovered that a culvert runs under the house too. 

We loved the house but we are unsure of our next move. We have been informed that a structural report will cost £1,000+ is this true for our requirements? Should we even bother with the report and just pull out? We are first time buyers so completely clueless on this situation. 

SallyDucati

It sounds like a structural survey is needed for your own peace of mind anyway (if you still want the house), if the first survey showed up what you mentioned.  The mortgage company won't lend on this house without one, so your decision whether to stump up the £1,000 or pull out.

Alter_ego

Pull out!!

verytired11

Can you get a surveyor to go round to the property for an informal visual inspection to give you an opinion?  It wouldn't cost much and could inform your decision whether to get the full structural survey done.  

glass_halffull01

We really can't decide whether to pay the £1,000 or not. It seems like the 1k is just the start. But then again we would prefer the peace of mind that we did everything we could. However if the situation really does sound dire we will just pull out!

K_S

@glass_halffull01 This is anecdotal but from my experience of clients in similar situations who have gone on to carry out a structural survey as per lender's instructions, 8 times out of 10 the purchase falls through at a later point in time. Sometimes lenders will keep asking for more and more, other times the vendor is unwilling to discount the price to a sufficient degree.

In any case, before you pay for a structural survey, do make sure that the engineer/firm that you are instructing meets the lender's qualification requirements. That's a common oversight which ends up causing issues down the line.

macman

If you still want this house, then the survey is a requirement. End of story. And of course, if the survey find expensive defects, then at that point you go back and renegotiate the price. It would be a very unusual structural survey that didn't find work costing at least £1,000 to remedy.

lookstraightahead

When we bought our house recently, the vendors had a structural engineers report done in advance, so that when the surveyor said "wobbly wall" there was a proper engineers report to clarify that actually the wall had been sorted and there wasn't a problem.

danielsheard

If you love this house, get a report done. From personal experience (first time buyers, had to get a structural report done also) we got a report done for £510 and they were happy the movement was from initial placement and the building was structurally sound. We've had quotes from £400 - £1200 based in Yorkshire.