Underwriters with exception report

[Unicornbaker]

Hello

Would love some advice. We are in the middle of a mortgage application. The lenders surveyor marked the property unmortgagable- long story - he said he will reconsider if documents were provided showing some work was done correctly. The seller provided this the next day, but surveyor still refused to change his mind.
The broker said the application is now with the underwriters, and that the surveyor left an exception on the report so the underwriters can check this issue. What does this mean? Is there any chance we will be successful?

With all information provided by the seller we are very confident that the surveyor didn’t really check the issue fully - he wasn’t aware of it as it wasn’t in the home report- which maybe is why he is taking such a hard like with this. I pushed for another surveyor to go round but lender didn't respond to this.

any insight or advice would be great! Thank you!

It really depends what the issue is that they found.

The seller installed spray foam insulation - done it days after home report was issued and we had offer accepted. Open cell, so breathable, followed all available guidance from RICS issued in the last 5 weeks. Survey carried out on roof to make sure it was in good condition before work done. Full spec and warranty etc passed on to surveyor but he just washed his hands off it and even though he requested all the documents he said- documents all provided but my opinion is unchanged. From my research the lender does lend on foam insulation.

Is this foam insulation in the loft? Some lenders will not lend on houses with that. Why on earth did the vendors do this at this point, are they insane?

Sorry, I meant to say, 'in the loft sprayed to the underside of the tiles'
Frankly, I wouldn't buy a house if it had had that done to it. You could be facing having to retile, or even re-roof, timbers included.

Insane sums it up…think it was planned pre sale and he just went ahead and did it. He did mention he is redoing the insulation days after we viewed but stupidly assumed it was like for like. We also did not realise and didn’t think to check with his solicitor.

there are special boards attached to the roof tiles and insulation sprayed onto those.

Oh blimey OP what a nightmare for you, why on earth did the owner do it?! I am in the process of buying a house that had a spray foam roof and they have had to pull the roof off and reroof the entire house. Another near me went up for sale suspiciously cheap until I read the details, cash buyers only due to it having spray foam. When my EA came to value mine he said they had one fall through around the corner because of a foam roof - I don't think there are many mortgage lenders that will touch it to be honest. What a stupid owner, they have probably just devalued the house by ££££. Even if you find a lender willing to lend I would still be very cautious due to resale value.

i have no idea…it’s such a mess! I am worried about the value so will need another valuation done even if mortgage is given.
when was the insulation done in your property? According to the company doing it and some research, this is the better type which is breathable, and done on a roof which is in good condition. But still, it’s currently such a hot topic and unregulated market hence the worry. We should be moving in in 3 weeks tomorrow 🤦🏼‍♀️🤦🏼‍♀️🤦🏼‍♀️

Oh bloody hell OP I really feel for you. Not sure about mine but it was bought last year as an investment but they were cash buyers and did the roof straight away. Great for me but a bloody nightmare for you! Even if you can get the mortgage I would want the cost of a new roof taking off the asking price or they put on a new roof you would be crazy to buy it now without the discount. The cash only house that sold near me had a note in the blurb stating the EA had quotes to hand for 25k (provided by the seller) for a new roof, this was a bog standard 3 bed semi. Poor you what a nightmare!!

Small update- lender has come back asking for building surveyor or structural engineer to have a look at it. So all going well it should be fine if the report comes back fine but we are not happy to pay for this report- we wouldn’t have offered if we knew he was doing major alterations to the building!

I assume it is a long term house for you? Otherwise you might not be able to sell it without removing the insulation.

Yes, forever home hopefully!

What an absolute pillock.

Do you have the money to completely replace the roof in 10/20 years time if it causes an issue?