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Original poster

Valuation survey could not have been worse - 100% mortgage retention

103 replies

LeslieKnope2020 · 08/07/2019 11:45

I've just recieved the mortgage valuation survey and it literally could not be worse. The surveyor has recommended a mortage retention for the full amount for the following points:

"Evidence of movement was noted in the form of cracking to the rear addition. This appears significant and likely to be progressive"

"There are elements appearing to contain asbestos"

"Obtain a report on internal timbers and possible damp behind dry lining"

"Obtain a report on possible asbestos linings to the rear addition"

"Future demand is likely to be adversely affected by the fact that this is a refurbishment project and therefore not readily mortgageable to all lenders"

It sounds shit and I suppose we won't know the full extent until we pay for the structural survey but then what? What can we do? Do we ask the seller to put these things right before we buy? If it does have movement, damp and asbestos it will literally cost thousands - much more than we could afford to put right anyway.

We're first time buyers and this house is definitely 'the one'. I have day dreamed about my children growing up in this house, every christmas, every birthday party in the garden, every easter egg hunt, every winter walk around the village and coming back and putting the log burner on etc this house is perfect - we will not find a house like this one again. It was built in 1850, very unique and full of charm and it's actually quite large for our budget.

I'm clearly thinking with my heart here so I need unbiased opinions. What would you do?

OP posts:
KitKat1985 · 08/07/2019 20:17

Is it this one OP:

www.rightmove.co.uk/property-for-sale/property-77174453.html

It is a beautiful house, I can see why you love it. But I do think if the bank's survey is correct it's going to end up breaking your heart and financially bankrupting you so it may be better to walk away sooner before you get more invested. Sorry OP. Flowers

Mammajay · 08/07/2019 20:22

Ah op...been there twice with each if my children. The first found a nice property not as nice as the one with all the problems. The second found a much nicer property after losing the first. You will feel upset for a while but then you will find a good property.

Herocomplex · 08/07/2019 20:24

Looking again it seems the problems are with an extension? Could this be easily taken down and rebuilt?

ATowelAndAPotato · 08/07/2019 20:32

Even just from the photos you can see that it needs a lot of work. It's being marketed as a 'project' which is an optimistic way of saying that it needs full renovation.

All the wooden beams/timbers look like they need replacing, all the windows, most of the walls would need replastering.

There are air bricks in every single room which suggests ventilation/damp has been an issue.

There's obviously been problems with a (roof?) leak in one of the bedrooms.

That's just from the photos - honestly, I would be walking away. Flowers

FatimaLovesBread · 08/07/2019 20:38

Can you even stand up in the room off the kitchen? On the floor plans it says some has head room of less than 1.5m.
I think it's the extension that seems to e the major part of the survey's issue. But agree that it's definitely a renovation job

OliviaBenson · 08/07/2019 20:49

Looking at it definitely get a surveyor that is used to historic buildings and different construction types.

For what it's worth air bricks in every room doesn't mean damp, it's just how older properties were built.

Maydayredalert · 08/07/2019 20:52

You would struggle to find a house that age that doesn't have damp.

If you are considering a house of that age you really, really need a surveyor that is experienced in historic homes.

VeryLittleOwl · 08/07/2019 20:52

It says it's a cob house as well - that would seriously limit the number of lenders prepared to lend on it even without structural problems. Insurance will be higher too. I really would walk away from this one, OP.

Northernlurker · 08/07/2019 21:05

This is a classic money pit. Don't waste more money on a full survey.

Happened to some friends, house was valued at zero on full survey. They walked away but sadly.

House was remarketed for the same price. The vendor was waiting for somebody who didn't bother with a survey.........

Northernlurker · 08/07/2019 21:09

Heating looks dodgy and I think the overall 'renovation' is dubious....

Absolutepowercorrupts · 08/07/2019 21:20

As it's a cob house, you'll need a specialist mortgage lender, they don't like lending on non standard buildings.
The ceilings are bowed in the kitchen and the dining area and they don't look particularly safe.
There are big cracks on the concrete leading to the back door, you also have to cross a stream to get to the front door. With the climate change that is happening now, living near to water is not something I'd choose to do.
There description mentions mature trees in the back garden, the tree roots could be causing the cracks as the roots look for water.
I'd definitely walk away op, it may be your dream home but I reckon it will turn into a nightmare.

stucknoue · 08/07/2019 21:20

The asbestos is reasonable to demand to be removed but the timbers and movement are age related, if it's last 160 years then it may be pretty stable but get specific advice

Original poster
LeslieKnope2020 · 08/07/2019 21:49

Being a cob house isn't a problem, it's common to find cob houses in the local area. Santander have offered us a mortgage, they're just provisionally retaining it until we have the structural engineer out to do a structural stability report and get the reports on possible asbestos and damp of which neither are yet confirmed. Apparently the seller had a full survey done (I don't know when) and 'it wasn't that dramatic' according to the estate agent but I've asked if I can see it so I'm just waiting for them to get back to me about that.

I'm glad it's a project, I was specifically looking for a project. I just didn't want a massive project (although what I had planned to do might be deemed a massive project by some), I just didn't plan for and don't want the hassle of movement. Depending on costs I could possibly budget for asbestos removal and maybe damp but the sellers will have to lower their price to reflect that.

OP posts:
peachgreen · 08/07/2019 22:02

Damp doesn't just mean the cost of treating the damp though. We had a damp issue. Got a quote for treating it, seller reduced the price accordingly, happy days. Only not, because it turns out that all the floors downstairs were rotten and needed replaced, every external wall had to be stripped right back - at great expense and effort because they're concrete - and completely replastered and the driveway will eventually need to be dug up to replace a leaky pipe. We redid two rooms and it cost us £10k. And that's without any subsidence issues.

It's clear from the photos that house is a massive, massive project. If you're prepared for that stress, upheaval and expense then go for it. But take it from me, it will be five times harder and more expensive than you think.

wowfudge · 08/07/2019 22:03

Well they've been there 24 years so the chances are they mean the survey when they bought it. Or, they know there are lots of problems so had their own survey in order to decide whether they should do work before putting it on the market.

It looks pretty from outside front, but the back of it, including whatever the outbuilding is are obviously in pretty poor condition. I wouldn't touch it with a bargepole.

greenlynx · 08/07/2019 22:15

You’ve answered your question yourself: This house is too large for your budget.
These issues won’t be the only one . They’re affected the whole house over years. You likely will need to go back to bare bricks while having living expenses and paying your mortgage. Can you afford this?
I would be careful with wasting time and money on more surveys.

Outnumb3red · 08/07/2019 22:18

It's effectively a cash buy only. No lender will lend until the issues are remedied, once they are remedied you will find that quite a few lenders will still not lend on it and you're borrowing options will be limited. You may also have issues with insurance

longtimelurkerhelen · 08/07/2019 22:22

Also I would research about the historic flood events, could be another reason there is damp, it's along side a river.

It does look lovely, but will be a moneypit.

Also just getting materials to the propery over that slim walkway won't be easy.

longtimelurkerhelen · 08/07/2019 22:25

and there is no central heating, you will freeze.

PCohle · 08/07/2019 23:07

Is tacitly conforming the link shared on this thread not going to really piss off the vendors? They're hardly likely to get another offer now that this thread comes up on google.

MediocreOmens · 08/07/2019 23:25

OP, you seem determined to ignore everyone's warnings and push ahead, not sure why you posted really. I have to say this is not my idea of a dream house despite being a lover of period properties so I obviously don't understand the love you have for this house, but I would really heed peoples warnings here, these issues sound about as serious as they get.

We were amateur renovators but our house, whilst period, was of standard construction, no major structural issues in the survey, we had a good chunk of money to renovate before moving in and experienced builders lined up. It was still stressful and painful and cost a lot more than expected and we weren't even living in it! The house still isn't finished although liveable. I think you are massively underestimating the strain this house will put on your finances and your family. This is likely the biggest purchase you will ever make, why would you buy a damp, crumbling house that is very possibly sinking?!

SoupDragon · 09/07/2019 07:14

They're hardly likely to get another offer now that this thread comes up on google.

Do people google their house? Nevertheless, even with another offer there will be another survey and thus all these problems.

SoupDragon · 09/07/2019 07:15

I cant get over the head height in what I assume to be the "study".

Hoochdog123 · 09/07/2019 07:29

Going through the same issue , Mortgage valuation was good . But we went back and found some damp and also needs a new electrical circuit board its my dream house

Northernlurker · 09/07/2019 08:10

Your latest posts are very silly op. This house is a disaster area. It WILL break your finances and possibly your relationships. Get a grip, quick!