Mortgage valuation/survey

[Anonymous]

This is a BIG moan. The mortgage valuation on our long awaited dream home is behind schedule by 2 weeks because: THE BUILDING SOCIETY asked THREE surveyors to carry out the valuation survey, all of whom declined because it is a listed building.

In the meantime we have already had a Buildings Survey carried out by a company well known on this site for its accredited status. Our building society will not accept the survey because the company is not one of its own acccredited surveyors. We are borrowing only 25% of the purchase price, we have already had to pay for the mortgage valuation for which they have now found a 'suitable' surveyor and I await with baited breath to see whether they will DARE to find any issues, since we have made it clear that we are 100% satisfied with our buildings survey, which shows very little to cause us concern. IF there is a conflict there will be HUGE explosion in this neck of the woods as I am prepared to challenge any building society 'recommendations.' The whole exercise has so far cost us towards £2k, the greater part of which has been WELL spent.

GRRRRRRRRRRRRRRRR

Jocelyn

 

[Anonymous]

Just get the surveyor that did your building survey to join the lenders panel of surveyors, then they may accept his building survey

 

[Anonymous]

GGGRRRRRRR indeed! Astonishing - it's not as if, in the very unlikely event that you defaulted on the mortgage, that the Building Society wouldn't get its money back - so what is it playing at?

Bet the BS surveyor sticks a damp meter in the walls and recommends a damp 'expert' carries out a further survey...

Huge sympathy. It will be worth it in the end - it's just such a fraught process, isn't it?

 

[Anonymous]

It might be an insult to the Surveyor to join the 'panel' but yes I see where you are coming from.

Jocelyn

 

[Anonymous]

Building societies have an obligation to satisfy themselves as to how their money is invested, tell them that you fully understand and appreciate this.

Also tell them that in order for this strategy of theirs to be fully effective their have a more important obligation, and that is to keep their customers. If they are unable tp comply with you needs there is plenty of "fish in the sea"

I know this does not solve your immediate problem , it may help to get their "fingers out".

 

[Anonymous]

Hang in there! It will be worth it! You could try what worked for us after the BSoc. got cold feet on us eight years ago after one of 'their men' was reported hurrying away muttering about no damp courses. We contacted Spab and EH and sent the BSoc. some of their pamphlets on T/F buildings and damp treatments and stated in writing that we were only prepared to do 'appropriate repairs etc.' on these lines. Got a phone call next day approving, and we needed 85%. Have you tried sending copy of your survey to them?

 

[Anonymous]

I rather suspect that I know who did the 'good' survey - which will be more informed where period buildings are concerned than the one commissioned by the BS I have no doubt!

What a waste of time and money to have to do this again. Certainly I'd show the BS the completed survey, and also possibly the 'new' surveyor, but I also have no doubt that the response will be rules is rules.

I appreciate what Middi is saying about building socs having to be sure of their investment - however, all in reality they have to do is ensure that, in case there is default and the house has to be repossessed, they can get their cash back quickly. That doesn't mean full market value!

In this case, as they are lending only a fraction of full market value, I can't see a problem.

I still bet that they insist on a 'full damp and timber report' from anyone who cares to give one - regardless of expertise with historic buildings!

Maybe the original survey could be useful in that case...

 

[Anonymous]

Hi Joscelyn
You could do worse than investigate your building society's Complaints Procedure, and start a formal ball rolling. This may lead you to the Estate Agents Ombudsman who can rule on wehther your BS are being fair and reasonable. But you can't go to the Ombudsman until the complaints rocedure has been exhausted.
Another alternative is to get in touch with some of the building societies with good track records in lending on listed buildings- either to recommend one of their own surveyors who might be acceptable to your BS , OR as an alternative lender.
The SAVE website may have a few suggestions of suitable sources of BS funding http://www.savebritainsheritage.org, but I know the Ecology Building Society http://www.ecology.co.uk (I think) are very into the whole listed buildings 'thing'.

 

[Anonymous]

We had a similar problem as it was a Bank Surveyor who questioned some timbers in our house (usual treatment injection spray c.r.a.p etc), we had a good survey from a very good person local to us (Red book specialist) and they were very hesitant in looking at this. I went to the Broker and said in no uncertain terms that if the bank would not accept this within 7 days I would go to another one! he paniced about his commision and got busy on the phone.

I sent another copy to the bank and it was sorted in 2 days.

As we have seen on the news this week they make a fortune so dont let these people bully you and be prepaired to walk away, far too many people just go along with what banks say - dont be a sheep.



Avoid bank charges

 

[Anonymous]

get your local conservation officer to write to the mortgage company.... i do this quite often.......

 

[Anonymous]

Yes! he is there to help, or so it would appear,I have generally found them very helpful. good luck!

 

[Anonymous]

'i do this quite often'..... as in, i write such letters for people!

 

[Anonymous]

SAVE has only two named currently - Ecology and Norwich and Peterborogh - as they will lend on Buildings at Risk. Others may do, I gather Skipton has done. Some will lend with phased payments. retentions etc.

I think however this house is most certainly not in the At Risk category, and I think that starting afresh with another BS will only delay matters further.

 

[Anonymous]

As one or two others have suggested, it might be worth going to another building society. If you explain that, in return for rapid action, they'll get your business, you just might be able to get everything wound up before the first BS has finally got its fingers out.
I note Evelyn's comments about the Norwich & Peterborough - may be appropriate for you?
Good luck, and try to keep that blood pressure under control!

 

[Anonymous]

with my own Gll home, in my very recent experience, i had a full building survey done from one of the bs's surveyors and valuation with mixed results. yes there was loads of things that came up in the full survey, but this was not given to the building society - they only required a valuation form filling in which gave only simple details of basic construction materials, percentage flat roof and valuation figure. Under 'matters considered essential as a condition of mortgage' he said 'Property has reached an age when general refurbishment is required. This should include measures to reduce the level of dampness.' He valued it at 68% of the asking price, and at 85% of the asking price after work carried out. However, as our mortgage was 10K less than his current valuation the (Skipton) building society didn't make anything conditional - not even asking for a damp survey.

I really don't think you have anything to worry about if the valuation figure comes in above your mortgage - they only want to know they can get their money back if they need to.

 

[Anonymous]

Thanks folks for the huge support.

I will know tomorrow afternoon what's what.

Basically I am pretty sure there will not be an issue. I probably will lodge a formal complaint about having to pay a valuation fee. We simpy stayed with our existing Building Society for simplicity (huh!) . Had we seen the house at an earlier stage in our deliberations we probably would have trawled the more specialised providers. As it was we were caught on the hop by the speed at which we sold and had our purchase offer accepted, all in the space of about 15 minutes, so we quickly activated our existing mortgage illustration.

If nothing else, it helps others to be aware and brings home the importance of researching before borrowing.

Yes David, I won't make an unholy scene!!

Jocelyn

 

[Anonymous]

I think you make the one key point there, that survey minutiae are not relevant when borrowing only substantially less than the building market value.

NT

 

[Anonymous]

my own unlisted home required only a valuation by the bank's person to get a mortgage. i had expected trouble as it's currently registered as a care home, not as a house, but had no trouble at all. it was valued at £200,000, and the mrotgage was less than half that, so they didn't care about anything else. that's bank of scotland, BTW.

 

[Anonymous]

Was your surveyor a qualified expert in historic buildings? If so his report should carry considerable clout with any lender. If not, a specialist conservation architect or surveyor may be more helpful.


Conservation Architecture & Planning

 

[Anonymous]

I rather suspect that I know which firm was used - and it doesn't get much more expert than that!

However - it's possibly some BS rule which says that a valuation has to be carried out by an approved person on the list - and some office jobsworth etc etc.