Survey jitters

[croon979]

Offer accepted on dream house very excited. Mortgage AIP before we put the offer in and when we had the offer accepted we updated the lender. The mortgage lender submitted the figures based on the agreed offer and had reverted saying that the formal mortgage offer is “confirmed”. The valuation and homebuyers survey is being done on Friday (lender is NatWest and they are organising both) and I feel so ridiculously nervous about it all.

We have been searching for a house in this particular area for years. Houses just do not come up generally so it feels like this is a pretty big crunch-time moment. Neither us or our sellers are in a chain (probate sale) so this SHOULD be the only real nail biting moment. It is a renovation project and we are buying it to live in for a long time and not to flip on for a profit after a few years. Provided the lender is happy to lend us the funds we need we aren’t that bothered about the valuation unless it is downvalued so significantly that it causes an issue.

This sounds slightly crazy but bear with me….I had an dream last night that the survey revealed asbestos. Obviously it was only an anxiety dream but it has got me thinking. House was built in 1982 and old enough for this to be a possibility I guess. Has anyone bought an early 80s property which was found to have asbestos? also has anyone had any recent experience of NatWest significantly downvaluing a property such that it affected the funds that the lender was willing to provide?

Argh I am driving myself crazy and just feel I need to get past this hurdle and then I can start getting excited! Safe to say I completely love the property and over-attached already so if things make down’t work out I will be v disappointed.

It's quite unlikely to have asbestos at that age as we already knew it was dangerous by then although I don't think it was banned until 1985 (not positive on the date).

Even if it does, it's not that big of a deal. It's only the dust that is dangerous so leaving it undisturbed is best. But if you need to get rid of it during your renovations, there are loads of reputable companies that will remove it and dispose of it correctly (always ask to see their license). It definitely wouldn't put me off a property I loved.

Thanks blacklily that is really reassuring. I am just freaking out generally I think.

If anyone has experience of NatWest down valuing or alternatively agreeing with estate agents valuation I would be interested to hear…

You might well find asbestos, it was only the blue type banned in 1985, the white wasn’t banned until 1999.
It can be in artex, board insulation, roofing material and floor tiles. I have yet to buy a house without the damn stuff!

Quick tip - any chance you can separate your mortgage val from home buyers? If the mortgage does down val for whatever reason and the seller won't renegotiate you will have paid for and completed the home buyers for no reason.

Hmm that’s what I thought mayblossom - ah well gues I will have to see wha5 it says.

Littlelady - I suspect it is a bit late now as the surveyor is going round on Friday.

Oh sorry for typos, typing quickly on my phone!

Our house was built in 79 (a self build ). I’m slowly renovating and not come across any asbestos. , if the survey does find any ( unlikely at that age ,it’s not a deal breaker. It’s not difficult to get people in to remove it.

If a previous owner has covered it up you’ll be ok because surveyors can only look at what’s on the surface.

Our house was built late 1980’s and the survey came back with loads of “possibly asbestos” bits. Didn’t affect the valuation. I don’t know if the bits were actually asbestos as we didn’t bother to get them tested. Seller told us she didn’t think they were but of course she’d say that.

Yes. Just moved in. House built 1979. Asbestos survey on artex came back positive. Decided to have it all removed (whole sodding house) and new ceilings.