Jump to content
House Price Crash Forum

Mortgage Valuation = 'full Retention'

Recommended Posts

Have had an offer accepted on a three bed end of terrace house. However, the mortgage valuer has said no money should be lent on the property until a full structural survey is carried out. (I am told this is quite rare!) Had a homebuyers report done also and they both agree there is some evidence that subsidence may be or may have occurred. I understand there is a chance the lender will not be lending any money on the property in which case I will not be buying.

Even it is fixable I would have the problem of having to sell it with that 'history' thus reducing it's value. The property has some significant advantages over others in the same area. I know the vendor is keen to move due to personal circumstances (bro and sis living with hubby). The agent has told me "obviously there will be a negotiation on price". I told the vendor I was not willing to continue with the deal unless they paid for the full structural which they agreed to do and am currently awaiting the result.

So, if the survey is not totally damning, what should my next move be? Steer well clear? Or, put in a significantly reduced offer?

Link to post
Share on other sites

The survey will be totally damning, even if the house is fine. That's in the nature of a survey!

Since you clearly like the house, I'd say build your bottom line on where the professionals put their own money:

  1. Is it mortgageable?
  2. Is it insurable against risks including subsidence?

Plus of course, the price.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 439 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.