Help - NatWest zero valuation until £1500 worth of works done.. best routes forward?

stek2008

Hi everyone,

Any advice would be appreciated here.

We have been in the process of applying for a mortgage, via L&C, through NatWest.
We appear to have passed all their financial checks but the valuation came back and triggered them to ask us to organise a specialist damp and timber survey.

We did this - it recommended a damp proof course, a couple of air bricks replacing and generally standard stuff for an early 1900s house. 
This report went to NatWest who sent it back to L&G (who did their valuation) but NatWest is saying they can't put a valuation n the house until these works are done...

The works come to less than £1500 according to an independent estimate arranged by the specialist timber surveyor. 

L&C are saying our two options are:

* Ask the vendor to get the work done - with no guarantee NatWest will lend even when they do;

* L&C seek out another lender who might use a different surveyor but this may take another 30 days from DIP to Offer...

In truth I've lost all faith in L&C - our advisor has been ghosting us, ignoring emails and calls and even her colleagues in the office didn't have her new extension number until today. She's also known about this issue since Friday and hasn't had the decency to call until 30 mins ago. 
I'm very tempted to go to another broker - but is that silly at this stage?

Really appreciate any advice...

Steve

chanz4

stek2008 said:

Hi everyone,

Any advice would be appreciated here.

We have been in the process of applying for a mortgage, via L&C, through NatWest.
We appear to have passed all their financial checks but the valuation came back and triggered them to ask us to organise a specialist damp and timber survey.

We did this - it recommended a damp proof course, a couple of air bricks replacing and generally standard stuff for an early 1900s house. 
This report went to NatWest who sent it back to L&G (who did their valuation) but NatWest is saying they can't put a valuation n the house until these works are done...

The works come to less than £1500 according to an independent estimate arranged by the specialist timber surveyor. 

L&C are saying our two options are:

* Ask the vendor to get the work done - with no guarantee NatWest will lend even when they do;

* L&C seek out another lender who might use a different surveyor but this may take another 30 days from DIP to Offer...

In truth I've lost all faith in L&C - our advisor has been ghosting us, ignoring emails and calls and even her colleagues in the office didn't have her new extension number until today. She's also known about this issue since Friday and hasn't had the decency to call until 30 mins ago. 
I'm very tempted to go to another broker - but is that silly at this stage?

Really appreciate any advice...

Steve

stek2008 said:

Hi everyone,

Any advice would be appreciated here.

We have been in the process of applying for a mortgage, via L&C, through NatWest.
We appear to have passed all their financial checks but the valuation came back and triggered them to ask us to organise a specialist damp and timber survey.

We did this - it recommended a damp proof course, a couple of air bricks replacing and generally standard stuff for an early 1900s house. 
This report went to NatWest who sent it back to L&G (who did their valuation) but NatWest is saying they can't put a valuation n the house until these works are done...

The works come to less than £1500 according to an independent estimate arranged by the specialist timber surveyor. 

L&C are saying our two options are:

* Ask the vendor to get the work done - with no guarantee NatWest will lend even when they do;

* L&C seek out another lender who might use a different surveyor but this may take another 30 days from DIP to Offer...

In truth I've lost all faith in L&C - our advisor has been ghosting us, ignoring emails and calls and even her colleagues in the office didn't have her new extension number until today. She's also known about this issue since Friday and hasn't had the decency to call until 30 mins ago. 
I'm very tempted to go to another broker - but is that silly at this stage?

Really appreciate any advice...

Steve

think the site recomends them as they get a big commision

SaverRate

I would use another broker to be honest. If the case is straight forward then L&C are fine. If you want a more personal service or are a bit more of a complicated case I definitely wouldn’t recommend them!

dunstonh

L&C are saying our two options are:
* Ask the vendor to get the work done - with no guarantee NatWest will lend even when they do;

* L&C seek out another lender who might use a different surveyor but this may take another 30 days from DIP to Offer...

I disagree with that opinion.

For a start, in our area (may not be the same for you), L&G do most of the valuations for all lenders.  So, changing lender wouldn't change the L&G report.   A lender may take a different view but it is unlikely if the valuer puts a retention on it.

The normal outcome in these circumstances is that you get the vendor to pay for it and get photographic evidence and a copy of the invoice stating the works carried out.   If the vendor doesn't want to play ball then you pull out.  (you can offer to pay towards it but then you risk the work being done, you paying for it and the sale not proceeding - although your solicitor could do the bill as part of the sale/purchase money).

tacpot12

I would also insist that the vendor to involve you in selecting the contractor(s) that are engage to do the remediation work. There is a risk that they choose the cheapest they can find and that the work is not done properly. 

stek2008

SaverRate said:

I would use another broker to be honest. If the case is straight forward then L&C are fine. If you want a more personal service or are a bit more of a complicated case I definitely wouldn’t recommend them!

Good advice thank you - we've done just that and have a DIP and full application in with Santander. The new broker took the time to understand the situation and actually got a cheaper rate in the process - he checked that Santander used a different company to organise surveys although did warn that the actual surveyor on the day could end up being the same firm (as LGSS outsource apparently). 

A different valuation surveyor is already booked to attend and value tomorrow. So keeping fingers crossed. 

stek2008

The normal outcome in these circumstances is that you get the vendor to pay for it and get photographic evidence and a copy of the invoice stating the works carried out.   If the vendor doesn't want to play ball then you pull out.  (you can offer to pay towards it but then you risk the work being done, you paying for it and the sale not proceeding - although your solicitor could do the bill as part of the sale/purchase money).

It seems to be a little tricky as the seller in this case is the executor of an estate (the previous owner died) so it sounds like they have a pretty limited mandate. We are looking into it though.