Help Mortgage Valuation Report need practical advice lost money?

Question

please help had valuation report on a great 100 year old house price 134,000 says elements of property appear to be in poor condition regarding its age and type of construction purchase price is considered full but does just fall within acceptable limits no structural works are considered necessary. We have buyers for our house this is the secound house we have tried to buy in the last 3 monthes the last house we lost after going all the way up till sighning contracts lost search fees valuation fees and solicitor fees love this new house re wired new bathroom,kitchen ,boiler ,log burner all done out recently had loft insulated double glazed i dont know what to do

Answer 1

A house that is 100 years old will always need working on - so as long as you're prepared for that, go for it!

The price sounds really cheap (I live in Ireland - you wouldn't get a shed here for that much!), but you don't say what elements are dodgy - how much will it take to put it to rights?

Do you agree with the report - do you think that if you buy it and move in, will you still think that no construction work will be needed for you to be happy in it?

Answer 2

The mortgage won't start until the funds are drawn down for the purchase - they cannot force money on you! What you've signed is your acceptance of the terms which will apply if and when the money's drawn. The valuation report you've received is a "quick" job, designed to see if the property's worth the sum involved. They don't think so at present, hence the retention. It's not a survey report, which would cost considerably more, which is why they're quoting that you should get appropriate professional advice. That, in itself, is quite standard. However, I'd be concerned too, and if I was keen I'd be seeking professional surveyor's advice ,as well as service testing before committing myself. Must admit the comment about the arrangement of the first floor is a new one on me - perhaps they're trying to tell you something they daren't put in print.

Answer 3

It's a really stressful time. I've been there (as I'm sure many readers have) and I sympathise with you.

It's at times like these you have to take a step back and look at the facts, logically and coldly. What is the nature of the 'poor condition'? Will it get worse, or can it wait? Can you see a time when you could afford to get remedial work done? What would this cost? What will it cost you if you don't move now?

Only you can decide, but use your head and not too much of your heart. Good luck :-)

PS If it was me I'd buy it!

Answer 4

It's reassuring to know that the lender's valuer hasn't noticed any structural problems, but remember that though he will have kept his eyes open for any really obvious faults, he only did a valuation, not a survey (he probably wasn't there for more than 15 minutes), and that he works for the lender, not for you. The only safe advice is to get your own survey done, I'm afraid. If it says there's nothing wrong, then you have wasted the surveyor's fee (though you will have some peace of mind). If it says that a pile of money needs to be spent, then it may save you a fortune - you either renegotiate, or at worst, walk away.

Answer 5

I say buy it as long as you can afford it, no offence intended. Could be a very good investment. I would like to do the same but the wife wants to stay in new builds. Good luck with it. You usually find that old houses are alot bigger than new ones so you can do almost anything you want with them.

Answer 6

Do not repeat do not jump in - get your own surveyor and anyone you know to have a look at electrics,central heating etc etc.You say you love the house now but is it storing up trouble which will cause you money and heartache.Don't make the same mistake I did!

Answer 7

You should be okay I would buy it!! Good luck with your new house

Answer 8

Buy it & Good Luck

Answer 9

Buy it.