The nervous wait to exchange....

[toshj]

We've just had our flat valued at below our expectation... and I've only got myself to blame. Our flat was getting interest at the level we set it at, however we found somewhere we wanted to buy which required as to be "immediately proceedable" so we decided to flip the flat into a let to buy mortgage. But... for the week before we applied for the LTB we massively dropped our asking price to see if we could get a quick sale. Our flat then generated a load more viewings, but nothing that would have moved quickly, and we had to remove it from the market in order to get the LTB mortgage approved.

It seems as if the mortgage company's surveyor has potentially seen an old weblink for our flat online and valued it at the massive discount we temporarily set it at. It's true value is most likely somewhere between the two different asking prices, which was the level we indicated in the mortgage application.

It means I've got to find yet more cash to get this one over the line...

 

[Russinating]

Mortgage approved yesterday, answered all our buyer's solicitors questions a couple of weeks ago and we're not getting a survey. Not sold and moved before but equally forgotten what happens next!

 

[Goberpiles316]

So exchange took place yesterday move on the 28th June. 3 bedroom terrace to a 4 bedroom semi with private parking for around 5 cars, hot tub, Summerhouse, en suite massive garden and kitchen cant wait.

 

[dan958]

So exchange took place yesterday move on the 28th June. 3 bedroom terrace to a 4 bedroom semi with private parking for around 5 cars, hot tub, Summerhouse, en suite massive garden and kitchen cant wait.

Congratulations!

 

[jimjamuk]

Mortgage approved yesterday, answered all our buyer's solicitors questions a couple of weeks ago and we're not getting a survey. Not sold and moved before but equally forgotten what happens next!

If you have sent all the docs and answer to the solicitors then its survey time (any reason you arent getting one?) and searches by the solicitors (assuming everyone else has their mortgage agreed etc). If everyone is happy with the results of the surveys and no surprises in the searches the solicitors will agree a exchange date for everyone then its the downward slope to complete

This is the stage we are in at week 4. Full survey came back pretty much ok this week for a cottage built c1780. A few bits and pieces to do which we would do anyway (check electrics and heating) and we have a 2-3 week wait now on searches.

 

[Russinating]

Just can't see any point. We did the house we're selling up so we know the basics of what to look for/ask/test and a survey doesn't show up anything that'd be serious anyway.

We spent an hour there a few weeks ago measuring up, looking everywhere etc.

 

[HungryHippos]

Just can't see any point. We did the house we're selling up so we know the basics of what to look for/ask/test and a survey doesn't show up anything that'd be serious anyway.

We spent an hour there a few weeks ago measuring up, looking everywhere etc.

I am porting my mortgage over on my new purchase, my lender (Natwest) is forcing me to pay £350 for valuation, for that they would give me nothing, I doubt they'd even go and see the place I am buying. I will be moving away from Natwest as soon as I can really as I am just with them out of convenience, and the rate is good (1.31%). Can't switch yet as it would cost me almost £2k to leave before the end of August, so porting is my best option.

For £200 extra I can get the full homebuyers survey, for that at least they will actually look at the place properly, and I will get something out of it.

 

[Russinating]

Yeah our lender (TSB) have already done their survey to value it etc which was free. We're porting ours over too and using the same lender for the extra loan amount.

 

[Skillmister]

A valuation is not a survey. Some lenders don't even visit the property!

Blows my mind that people spend 6 figures on a house and won't stump up a few hundred on a survey. I renegotiated £2.5k off the price with mine for some basic damp/repointing issues it brought up which I didn't even sort because they were so minor. Money well spent.

 

[Skillmister]

survey doesn't show up anything that'd be serious anyway.
.

What a strange thing to say

 

[Russinating]

A valuation is not a survey. Some lenders don't even visit the property!

I didn't say it was?

What a strange thing to say

And yet it's true? The roof could be missing half its tiles, an underfloor pipe could be leaking and a wardrobe could be hiding a whole wall of damp and a survey wouldn't pick any of it up. They're all real examples (and there's more) from friends that just moved and they had the full HBS.

Equally pointless when the house is old - unless you want/need a structural survey - because half the findings are amber with a "house of this age might have lead pipes/asbestos/need rewiring" etc to cover themselves because they can't actually check.

 

[Skillmister]

I didn't say it was?
.

You said

Yeah our lender (TSB) have already done their survey to value it etc .

which seemed pretty indicative of thinking they had carried out a survey..

And yet it's true? The roof could be missing half its tiles, an underfloor pipe could be leaking and a wardrobe could be hiding a whole wall of damp and a survey wouldn't pick any of it up. They're all real examples (and there's more) from friends that just moved and they had the full HBS.

Equally pointless when the house is old - unless you want/need a structural survey - because half the findings are amber with a "house of this age might have lead pipes/asbestos/need rewiring" etc to cover themselves because they can't actually check.

If the surveyor hasn't picked up that a roof is missing half the tiles that's either a lie or negligence and your friend should be pursuing a claim against the surveyor. The other two examples are fair enough but your inspection wouldn't pick that up either?

Yes they have a lot of arse covering that's inevitable but not a valid reason not to have one in my opinion. I've seen enough surveys revealing game changing problems to cement my views on this.

 

[Scotteh]

Offer accepted on Tuesday and Mortgage application away today

First time buyer so hoping this goes fairly quick/smooth, but now the wait begins...

 

[Firestar_3x]

If the surveyor hasn't picked up that a roof is missing half the tiles that's either a lie or negligence and your friend should be pursuing a claim against the surveyor. The other two examples are fair enough but your inspection wouldn't pick that up either?

Yes they have a lot of arse covering that's inevitable but not a valid reason not to have one in my opinion. I've seen enough surveys revealing game changing problems to cement my views on this.

Agreed, having gone though multiple surveys on several houses and the petty things they raise to cover themselves, I find the points raised very hard to believe personally.

 

[toshj]

We've been given the option of a standard surveyor's report, just the basics but a decent level of detail, or the option of spending an extra few hundred quid on a very detailed report essentially outlining how the house was built and put together. Under normal circumstances I'd have gone for the basic one, but seeing as we're going to be doing renovations over four floors in the next few years, getting that extra insight from the survey seems as sensible investment.

Going to be a hell of a project - need to rip out trees and elevated platforms in the garden, then convert a 700sqft basement into a kitchen/dining/family area, knock out a wall/get a beam installed to open up two rooms on the ground floor, knock through two adjacent bathrooms on the first floor... and do a loft conversion

 

[fastwunz]

We've been given the option of a standard surveyor's report, just the basics but a decent level of detail, or the option of spending an extra few hundred quid on a very detailed report essentially outlining how the house was built and put together. Under normal circumstances I'd have gone for the basic one, but seeing as we're going to be doing renovations over four floors in the next few years, getting that extra insight from the survey seems as sensible investment.

Going to be a hell of a project - need to rip out trees and elevated platforms in the garden, then convert a 700sqft basement into a kitchen/dining/family area, knock out a wall/get a beam installed to open up two rooms on the ground floor, knock through two adjacent bathrooms on the first floor... and do a loft conversion

careful with the trees - take advice beofer upsetting the moisture content of the soil

You should do a log of all your work for us - would be great to see

 

[Goberpiles316]

Just under two weeks to completion for us now got a message yesterday to ask if we were interested in the american style fridge freezer for £200, snapped their hand off as we were going to buy exactly the same one for £1000......result.

 

[Russinating]

Noice. We were offered our sellers bed and mattress, if that wasn't just weird generally they also wanted £1200 for it...

 

[toshj]

Noice. We were offered our sellers bed and mattress, if that wasn't just weird generally they also wanted £1200 for it...

A mattress probably isn't something I'd consider taking, but we've been offered two top loaders that we're having. Also been offered an antique billiards table - apparently they can go for thousands... but they wanted thousands for it despite it needing renovation

careful with the trees - take advice beofer upsetting the moisture content of the soil

You should do a log of all your work for us - would be great to see

We'll be getting in specialists for it, but the moisture content isn't something I'd considered.

We did a ranging renovation to our flat a few years ago, and learned an awful lot in the process. I imagine this time around we'll learn even more. Imagine we'll bring family into to the works as I'm terrible at anything remotely technical DIY.

 

[fastwunz]

A mattress probably isn't something I'd consider taking, but we've been offered two top loaders that we're having. Also been offered an antique billiards table - apparently they can go for thousands... but they wanted thousands for it despite it needing renovation



We'll be getting in specialists for it, but the moisture content isn't something I'd considered.

We did a ranging renovation to our flat a few years ago, and learned an awful lot in the process. I imagine this time around we'll learn even more. Imagine we'll bring family into to the works as I'm terrible at anything remotely technical DIY.

Yes get specialist advice. Effectively trees (once mature) take water from the soil at a pretty constant rate. Removing a tree or adding a tree upsets the equilibrium and this can have a detrimental affect on the footings and foundations. Some trees are much worse than others (willow, eucalyptus for instance) and their root systems can cause havoc with old clay drains in particular.

The BRE have papers on trees and their correct safe distance from houses in relation to their height etc. Well worth a look if you can find it.