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    • drewbydoo
    • By drewbydoo 12th Jan 18, 7:33 PM
    • 15Posts
    • 10Thanks
    Bad survey report and what happens next
    • #1
    • 12th Jan 18, 7:33 PM
    Bad survey report and what happens next 12th Jan 18 at 7:33 PM
    Hi Everyone.

    My fianc! and I are first time buyers and we recently found our dream house and had an offer accepted on it.

    Our mortgage application was in process and was awaiting an offer pending the valuation survey, which happened today.

    The survey (we went for the more detailed one, not the basic one) came back looking pretty bad, the surveyor basically said he didn't recommend we went for the house, and didn't even put a value estimate on the report (although did say in an email how much he thought it should be worth considering the repairs needed).

    So obviously now there's a few things going on, firstly, we might not now be offered the mortgage in which case, my question is; if we aren't, how does that affect us and our credit files? The lender has already checked our files and so I'd hope that there's now no reason to check again and damage our scores?

    If they DO still offer us a mortgage based on the survey, we can of course try and negotiate with the seller or back out, in which case my question would be is it realistic to expect the offer to be dropped to cover the entire cost of repair in it's entirety?

    Annoyingly, the house looked lovely inside and out to us, so I'm wondering exactly how much of the repair work is essential and immediate and how much is stuff that can be done over a certain time scale... I have a couple of contacts going over the report to give an idea how much we'll be looking at etc.

    Just kinda feel like we're still in limbo! Thanks in advance for your replies!
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    • drewbydoo
    • By drewbydoo 22nd Jan 18, 12:35 PM
    • 15 Posts
    • 10 Thanks
    Quick update! We had a builder, a roofer, and a couple of electricians come to the property and give us quotes - no where near as bad as the survey was making out! So looks like this house is still a goer - yay! Just waiting to here back from the original lender now to see if they'll accept a new valuation minus the extension (the reason the surveyor wouldn't value it in the first place) and if not, we'll be changing lender.
    • deannatrois
    • By deannatrois 22nd Jan 18, 4:55 PM
    • 5,411 Posts
    • 7,584 Thanks
    G_M, hate to tell you this but you have been doing it wrong all these years if any bang flashes or pops are involved. Or watching some action movies and thinking they were something else.
    • drewbydoo
    • By drewbydoo 11th Feb 18, 2:02 PM
    • 15 Posts
    • 10 Thanks

    We've had our mortgage offer - woohoo! This is the house
    • societys child
    • By societys child 11th Feb 18, 7:23 PM
    • 5,219 Posts
    • 5,771 Thanks
    societys child
    Was it the same lender?

    Roll your sleeves up, your gonna be busy, enjoy yourselves good luck.

    • Finchy2018
    • By Finchy2018 11th Feb 18, 8:14 PM
    • 23 Posts
    • 21 Thanks
    Did you get a building survey? We never put a property value on those as a standard which might be why it was missing.
    • drewbydoo
    • By drewbydoo 12th Feb 18, 6:22 PM
    • 15 Posts
    • 10 Thanks
    @societys child yep same lender in the end. It got revalued by the same guy, minus the extension at 235k, sellers wouldn't accept less than 250k (although we suspect the EA had a lot to do with that!) so we took the 235 from NatWest and have put the rest of the money in ourselves. By the time we get in there, we'll have saved just enough to get the rewiring and roof done, which were the 2 biggest issues.

    Everybody we had come and look at the place and give quotes said it was a bargain, and reckoned adding value to it would be easy. So excited!
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