We are first time buyers, have put in an offer on a 1930s house we really liked. It needs completely redecorating but seemed clean and in good order. We went straight in at asking price.
Our lender has been out for valuation and come back to us saying they were unable to complete due to signs of movement (cracked render and masonry). We need a full structural survey to move forward at all.
Our mortgage broker advised us that previously not to be surprised if things come up in our homebuyers survey due to age of house, but we weren't expecting such a major issue at this stage, and she seemed quite surprised too.
We are discussing a few options with the seller before we spend money on surveys and waiting to hear back, not ready to walk away just yet, but obviously we don't want to pay for surveys if the likelihood is that we can't get a mortgage on the house.
I was just wondering how common this is, does it often come up just from the lenders valuation? We are new to all of this!