Put our First Ever House Offer In (Re-wiring query)

Mortgage Application submitted and Solicitors 'instructed'. Ahhh!!

Having a slight worry.

I’m worried with the current economy that the lenders’ valuation might value it much lower than it’s worth. This would screw us over.

Also, the lender doesn’t do home buyers surveys so we have to get our own. I don’t even know where to start with this

I’m worried with the current economy that the lenders’ valuation might value it much lower than it’s worth. This would screw us over.

The valuation will BE GOOD as it proves you are not overpaying.  You said it’s being sold for £50k or so below market value.  If that’s true...  why worry.

If the bank says it’s worth less, then you pay less.  That’s not a bad thing. 

The valuation will BE GOOD as it proves you are not overpaying.  You said it’s being sold for £50k or so below market value.  If that’s true...  why worry.

If the bank says it’s worth less, then you pay less.  That’s not a bad thing. 

Plus, if it does value lower and the seller won't lower the price then you just don't get that house. Sometimes you have to thank God for unanswered prayers. I would look at it as a blessing that this is the wrong house for you.

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The valuation will BE GOOD as it proves you are not overpaying.  You said it’s being sold for £50k or so below market value.  If that’s true...  why worry.

If the bank says it’s worth less, then you pay less.  That’s not a bad thing. 

They might just go with another buyer and take the risk of their lender providing a higher valuation? I am just a big worrier with all this haha.

So, mortgage fully offered!

Surveyor looking over the house as we speak. We did a HomeBuyers survey.

So, mortgage fully offered!

Surveyor looking over the house as we speak. We did a HomeBuyers survey.

How exciting! Good luck with your purchase

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You've got the mortgage offer before the valuation??  Very strange...

But good luck.. hope it all goes smoothly.

You've got the mortgage offer before the valuation??  Very strange...

But good luck.. hope it all goes smoothly.

Might be different in scotland but that does happen down here. I think what happens is that if it turns out the survey estimates it as a different value, there can be issues (don't quote me on that though as I've not had it happen to me before).

Best of luck, Ben.

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Thanks everyone!

Albatross we're doing our survey with an independent surveyor. We didn't pay for the survey until we got our full mortgage offer. The lender's valuation was done before we got our mortgage offer, and then we paid for an independent HomeBuyers survey as our lender doesn't do this type of survey. Hope that clarifies things!

Now just waiting for solicitors........

So. Survey report back.

"unduly springy floors in lounge, hall and dining room". This concerns me. Would need a specialist to look and do an assessment. Anybody had this before?

Ben, this place sounds like a disaster. 
Sounds like damp, rotting joists, etc.  £££££££

So. Survey report back.

"unduly springy floors in lounge, hall and dining room". This concerns me. Would need a specialist to look and do an assessment. Anybody had this before?

I found this.

Excessively ‘springy’ floors (think ornaments vibrating with passing steps) could be a sign of a structurally unsound floor — investigate it early on in renovation work

https://www.homebuilding.co.uk/repairing-and-caring-for-old-timber-floors/

Ben, this place sounds like a disaster. 
Sounds like damp, rotting joists, etc.  £££££££

The survey also said that there was no signs of damp and that all damp hardware was performing well. It also said acceptable amount of ventilation points (i.e. airbricks).

It seems that the only option here is a dedicated inspection.

Well not having damp is good news!  But yeah, probably need to really have an in depth look at these things