Can someone help with Valuation Report

doelani

Current mortgage is £39k we are looking to increase to £80k ( addition funding to finish IVA early ). Just recieved Valuation report and wondered if anyonecould help as because of holidays cannot got hold of mortgage broker.

House has been valued at £170k we want to borrow £80k so LTV should be fine.

Matters effecting valuarion.........
The property is in acceptable condition for lending purposes, Valuation reflects the fact that there is wear and tear to some items and that maintainance or upgrading si required ( house is 110 years old and although we have been here 8 years still need some places replastered etc )

Defective rendering needs repaired or replaced ( told valuer this is job we hope to do in future )

Urgent repair is required to.................
evidence of dampness and timbers in conact may be defective. You should instruct a damp proof and timeber treatment conmtractor to investigate and carry out necessary work. ( this is in daughters bedroom)

Matter for conveyancer

check right of way access, check leashold documents etc all normal and same as last time.

we have a dorma window that has been here since we moved in , probably about 20 years as far as I know, survey has asked " checks should be made to confirm all necessary permissions and consents were obtained" this was not mentioned in last survey for last mortgage.

Conveyancer should make sure there are adaquate guarantees for damp treatment ( have them , most of house done 8 years ago and kitchen done 3 weeks ago )


so ...no retention mentioned and nothing to say " this work must be carried out as condition of mortgage." We had this last time along with retention until the work was done.


Does this look ok ? As we are looking to borrow less than 50% and the wording " this property is in acceptable condition for lending purposes" and even though says we need to get damp fixed in daughters room do you think this will stop the mortgage as allt he company were waiting on was the valuation report?

any thoughts would be appreciated.

Dan_Collins_2

Will depend on lender and if they are wanting business. In theory this should not be an issue but you never know!

The key is this line.............. The property is in acceptable condition for lending purposes......... The valuation report is making the lender take note ont he property condition. I would not worry but just check with your broker on Tuesday. Lenders are also closed till then so nothing will happen in between!

doelani

thanks for reply

I am hoping it will not be a problem. House is not falling down it is one piece of wall 6ft by 2ft that needed sorted. If they had seen house 8 years ago when we bought it they would know what problems really wear, we had a retention on mortgage until dampproofing, new kitchen , new central heating was done house was a wreck. We have also fitted new bathroom and new windows and doors but old houses just seem to be one thing after another.

Can I ask you one thing Dan do you know if Valuation will be sent to broker or jsut direct to lender? I can always fax copy to broker myself just was not sure if this is the normal thing or not or will he hear nothing now until a mortgage is offered or not?