Mortgage survey. Do they often say no?

[OrmRenewed]

Bloke came round to survey our house for our buyer's mortgage. House a tip as we've been packing. I know they don't care about that but he made me feel very antsy.

Do survey often cause a mortgage company to fail to offer?

sometimes. but it depends on what they are buying for and what he thinks it is worth. if you know its priced sensibly and they are aware of any issues then it will be fine!

It's rare.

I take it you haven't sold the house for far more than it's worth.

It's priced quite low compared to others in the street and sold in 5 weeks when everything else is on the market which I guess is a good indication.

I have a worry about the roof as it isn't felted - has never leaked in 108 years! But was wondering if that would be a problem. No other big problems afaik.

Don't want to panic you but we lost a buyer a few months back because of a crazy undervaluation from a surveyor from out of our area.. Have sold it twice since for more money - both fallen through for other crazy reasons (nopthing to do with our property - just don't get me started!) so we know its sensibly priced but I've been told that undervaluation is happening more frequently nowadays as a result of mortgage companies wanting to sell more expensivbe loan to value products.

Ohh nooo!

I think the buyers have a fairly large deposit (don't know if that helps).

Zoopla valued it at 25k more than we sold it for after I updated the house details.

oh really didnt want to panic you - it's not the norm and undervaluations can always be challenged - stop worrying!

It only needs to be valued above what the buyer is borrowing. If they have a large deposit then it is not likely to be a problem. The bank just wants to know if they need to reposess and sell they will get their money back. You could have asked him when he was there. They will usually give you an indication.

Thanks folks. Just rang the agent and he tells me that they have a 20% deposit.

i'm waiting on a survey too and getting twitchy about stuff I thought was fine last week

Don't worry. They will only advise against if the house has serious structural issues. They may say it is worth £x minus the cost of certain urgent work but if your house is in good condition you'll be fine.

At the moment it seems that surveyors might say no in two circumstances:

1. where there are serious defects with the house (subsidence/rotten timbers or something)

2. where the buyer is a "high risk" buyer and they don't want to lend that much to them. For example if they have a v small deposit. In those circumstances they sometimes reduce the amount they say the house is "worth" - so they don't have to lend the buyer as much.

you should be fine. And they really don't care about tidiness!!

Thanks. I will await developments.

have just learned that our lender may insist on using a specific conveyancer which will be a pita as I've already found one and signed stuff.