Mortgage surveyor can’t/won’t value property

buttonmoon · 20 April 2019 at 9:15PM

We are trying to get a mortgage on a ‘do-er upper’. Most of the work is cosmetic - think of decor from the 70’s. The mortgage valuation took place on Monday. The lender came back on Wednesday say the surveyor wouldn’t/couldn't value the property until we had done an damp and timber report and asbestos report and a roof report.

We had already had a specialist damp and timber report done as the is a damp problem and this will cost about 5k to fix. We have also had a Homebuyer report done (different surveyor) so send of the fervent parts of that. The surveyor thought there was a couple of slipped tiles on the roof and emotionless that textured ceilings may contain low levels of asbestos but the ceilings were in satisfactory condition but we should seek specialist advice if we ever wanted to remove it.

Lender came back again and wouldn’t accept the HBR and wanted a specialist asbestos report and a specialist roof report. I was going to pay for a roof report anyway as I would get the roof repaired as soon as I moved in.

Is this the mortgage lender trying to tell me to !!!!!! off? I’m concerned I could end up forming out for all these specialist reports only to find out they won’t lend or value to property at what we have offered

glosoli · 21 April 2019 at 1:48AM

They are not trying to tell you to **** off or anything of the sort.

If most of the work is cosmetic, why is there a damp problem which will cost around 5k to fix?

You are basically asking them to secure their money against a property which obviously has issues. Either come forth with the reports, go to another lender, or buy the property outright.

ACG · 21 April 2019 at 9:01AM

buttonmoon wrote: »

I’m concerned I could end up forming out for all these specialist reports only to find out they won’t lend or value to property at what we have offered

They could.

That is part and parcel of buying a doer upper using a normal mortgage. I did the exact same thing 6 years ago, but mine went through no problems.

Depending on what those reports say, you may find they will not lend or they hold a retention. But without the reports they definitely will not lend.

amnblog · 21 April 2019 at 11:18AM

Are you suggesting you are prepared to take the risk on the property having an asbestos issue?

Mortgage surveyor can’t/won’t value property

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