Valuation survey - structural report required

simon_or

I've learnt this the hard way. Everything valuation related goes back to the valuer (third party unrelated to the bank). Then the valuer's reply sits in the bank's queue, the underwriter picks it up and then responds to you or your broker. With all these links in the chain, 6 days seems about right.

 🤞 you get a positive answer. 

gionnetto

squarehead94 said:

Email today from nationwide via broker which states full property structural survey required. I've contacted nationwide and asked why is this required and not just a survey done for the highlighted issue, the chimney stack.

I'll try to be brief and explain it in simple terms.

Removing a chimney breast changes the way the load is distributed in a structure, not just in the chimney stack.

Because of that, even if it was removed properly, the changed stress forces might have had an impact on the rest of the structure.

Therefore, the rest of the structure needs to be assessed to establish how the loads and stresses have changed and if, where, and how, they have damaged or otherwise impacted the structure. If that is the case, according to the mutated loads and stresses, some work may be required on the structure to reinforce it.

This is something a lender needs to be aware of.

JPwonderer

squarehead94 said:

So an update, I raised the query as to why a complete structural survey is required and whether a targeted structural report would suffice, they advise me they have put this query to the valuer and will respond within 6 working days. Does this sound normal? Surely it's a decision for the underwriter to make? Just seems like I'm being passed from pillar to post and slowing this whole process down as much as possible. Been over a month now since offer accepted and valuation was done about 2 weeks ago.

How did you get on? I’m currently going through the exact same problem. 

Chimney Stack removed at least 20 years ago, mortgage provider has said can’t go any further until we get a structural engineer report, vendor has no documentation and was never asked about it when they purchased the property 5 years ago. It’s looking like we’re going to have to pay for the engineer to take a look at it and pray it’s all ok. 

squarehead94

JPwonderer said:

squarehead94 said:

So an update, I raised the query as to why a complete structural survey is required and whether a targeted structural report would suffice, they advise me they have put this query to the valuer and will respond within 6 working days. Does this sound normal? Surely it's a decision for the underwriter to make? Just seems like I'm being passed from pillar to post and slowing this whole process down as much as possible. Been over a month now since offer accepted and valuation was done about 2 weeks ago.

How did you get on? I’m currently going through the exact same problem. 

Chimney Stack removed at least 20 years ago, mortgage provider has said can’t go any further until we get a structural engineer report, vendor has no documentation and was never asked about it when they purchased the property 5 years ago. It’s looking like we’re going to have to pay for the engineer to take a look at it and pray it’s all ok. 

Hi,
Nationwide confirmed they just needed a specific report on the affected area. Got the report done, sent to them and they provided that back to the valuer who then provided a valuation with and without the works done. 

Currently awaiting underwriters decision now.

simon_or

That's a good result OP and I hope the bank issues the mortgage offer now. Seems like it should be a formality if the valuer has now issued a fresh valuation and the numbers still add up.

squarehead94

simon_or said:

That's a good result OP and I hope the bank issues the mortgage offer now. Seems like it should be a formality if the valuer has now issued a fresh valuation and the numbers still add up.

Just an update to say they have issued me with an offer for the full price, it was well above what they stated was the minimum value to lend for the asking amount. Happy days! 5 year fix @ 4.79%. was a bit gutted I hadn't fixed a couple of weeks earlier at around 4.3-4.4%, however it seems to be a much better rate than currently available!