Mortgage Valuation Survey

[harrismo]

Hi Everyone
This is my first post. Hope someone can advise me.
I bought a BTL property earlier this year. Because the property was so imaculate, I opted for the mortgage valuation survey only. Based on the surveyors great report, I procceded with the purchase.
Six month later, tenants have vacated and I started decorating, only to find what I'm sure is rising damp and some rot.

The surveyors notes stated the ground floors were concrete. They are not. One room has a suspended wooden floor, and the other is quarry tiles on an earth bed. The surveyor obviously didn't check, and didn't carry out any damp meter readings.
My question is, what can I do about it? Sorry this is so long.
Any advice please?

[Celestine]

Re: Mortgage Valuation Survey

Hi Harrismo

Sorry to be the bearer of bad tidings, but a mortgage valuation survey is simply to establish that the property is the correct value for mortgage purposes. This can be as basic as checking there are 2 bedrooms, a garden, a roof etc. Sometimes it picks up unusual construction issues such as prefab or timber walls which may affect the mortgage but almost all flaws and faults are excluded. If rarely they do pick up a flaw, its actually not a good thing because the mortgage company will retain some of the money until you can make good.
Sadly its a no win no win situation.

I got caught out in a similar way once, I discovered awful dry rot in one property and rising damp in another. Strangely I still don't bother paying for the surveys because even when you do, they have so many exemption clauses it is nigh on impossible to sue.

I now do my own surveys, I lift carpets, climb into the loft, use a damp meter on all walls etc etc.

Ive done loads of damp and rot work on several properties.....I can advise how best to put right if you want! Its usually not as bad as it seems at first.

[Kafka]

Re: Mortgage Valuation Survey

I got caught out in a similar way once, I discovered awful dry rot in one property and rising damp in another. Strangely I still don't bother paying for the surveys because even when you do, they have so many exemption clauses it is nigh on impossible to sue.

I had the same before I moved 3 years ago. The previous house fell through due to the chain, but because it was a very old property (even had a cruck!) I opted tp pay about £1000 for a full survey. Whilst this looked really nice, it was totally full of let-out clauses so that if anything went wrong they would blame you for not commissioning lots of other specialist reports.

It really is a cabal, all raking in vast fees for doing very little and passing the buck to someone else. Since then I've never bothered with more than a valuation.

[archer_66]

Re: Mortgage Valuation Survey

god what a nightmare! im scared for my mom now! seems that you have to pay thousands for all the special surveys that are no good in the end anyway!

[harrismo]

Re: Mortgage Valuation Survey

You're right there, it is a nightmare, and a rip off to boot.
That's the last time I have a survey. If's far cheaper to get a damp and timber specialist in. It only cost me £44, and he was there for an hour and a half. That's what I call value for money. He also gave me excellent advice and told me what to do and how to do it. He saved me a couple of grand.

[Paradox]

Re: Mortgage Valuation Survey

Surverys are a load of old toss As is stated above, there are so many clauses, an idiot can (and possibly does) do a survey, it wouldn't matter what they actually surveyed, as they would be protected in the clauses.

I got the bare minimum survery done on my house, as required by the mortgage, and did most of the surveying myself.

still a con and cost me £400 though!