Mortgage with subsidence in garden?

mazworld15

Would appreciate any comments on mortgage providers that would consider this? DN was buying a house PP 95k, valuation shows subsidence in the garden (the garden slopes down at the back and has been built up and decked) valuer saying 8k to fix so DN offered 87k thinking can fix it after he buys it. Mortgage provider has rescinded the mortgage offer, estate agent has listed the property again as cash offers only saying unmortgageable. Understand it's the lenders security, resale problems etc but would appreciate any advice? tia

canaldumidi

Either look for another property, apply to another lender, or pay cash.

Surprised the lender won't lend eg by holding a retainer.

You say they 'rescinded the mortgage offer' - had you actually received a mortgage offer?

mazworld15

canaldumidi said:

Either look for another property, apply to another lender, or pay cash.

Surprised the lender won't lend eg by holding a retainer.

You say they 'rescinded the mortgage offer' - had you actually received a mortgage offer?

Thanks, yeah sorry he hadn't received the official offer it was the broker attached to the estate agents who said it was going through, I would have thought the retainer would be a goer as well, think the estate agent going straight for cash only is not doing the seller any favours either.

mazworld15

Also wondering if the estate agents only work with Third Party Introducers if that's even still a thing?

FreeBear

mazworld15 said: valuation shows subsidence in the garden (the garden slopes down at the back and has been built up and decked)

Subsidence or land slip ?

If the land is slipping, I would be very concerned and would run for the hills. It is a complex problem that is not easily solved.

Localised subsidence would suggest possible mining activity - Again, complex & difficult to resolve.