Valuer Issue

Dragoneye5

Hi,

I'm in the process of purchasing my first property, but have come across something unusual. The mortgage provider had sent a valuer out to the property to confirm its suitability to be mortgaged. (they used countrywide) the valuer noted a problem with rising damp (by the use of a damp meter, bear in mind this is a purely low level mortgage valuation nothing more) as a result of this they deemed it unfit for a mortgage until this was remediated, and put a retention on the full mortgage amount. 

The sellers of the property have very kindly had the work done following a damp report and paid for this, so i am able to purchase the property. I have sent the relevant information to them to prove the work has been carried out. They are now asking for the guarantee to be transferred into my name prior to the sale of the property - the damp proof company wont do this (as I'm not the owner, which i fully appreciate) but i cant have the retention removed to purchase the property to put the guarantee in my name until the guarantee is in my name, which the company wont do! This is a strangely vicious cycle. I had asked them if i get an indemnity will that be sufficient. I am currently waiting to hear back from them but i am concerned as they seem to be digging their heels in a bit so not convinced this would be enough for them. What can i do, short of getting a new mortgage application?

Thanks.

ACG

Will the company confirm the name can be changed over and will do it once you have exchanged contracts maybe? 
Your lender could then put a condition on the mortgage offer? 

Or you could try a different lender. 

Dragoneye5

That's essentially what I'm doing by asking them to accept an indemnity.

BarelySentientAI

Dragoneye5 said:

That's essentially what I'm doing by asking them to accept an indemnity.

Not really.

There's a difference between an indemnity and getting a condition put on the offer.

Dragoneye5

The lender have said it's the valuer who has the discretion with regards to the retention though, and if the valuer won't recommend the removal of the retention then the mortgage can't got to offer even with that condition?

ACG

Dragoneye5 said:

That's essentially what I'm doing by asking them to accept an indemnity.

Its not. An indemnity policy is to cover you not having the policy transferred. 

What I am suggesting is a way to work through a catch 22. Insurance company wont transfer it as your not the owner, but once you have exchanged you are legally bound to complete and so have an interest in the property. And the lender can issue you an offer with a condition attached which allows your conveyancer to exchange contracts.