re-mortgage issues!

[kellym]

Hi we are well on our way with a re-mortgage application and when you think things cant get any worse ...well it does! We had our survey done for the valuation and they decided they are not happy with the loft that has been boarded out,decorated and a window put in no fixed stairs so is still just used for storage. This was done way before we bought the house and was never mentioned in our mortgage suvey then by a high street lender. the re-mortgage company are now requesting a structural egineer to view our property at a cost to us further delaying the process. How they expect us to find that money in addition to the survey fee we have paid is madness! I cant help but feel im being ripped off a little since we have never done any alterations to the building since we bought the house and its been mortgaged for 4 years! Sorry just had to rant at our unbelievable luck! I have sent an email asking what they need it for and have now just got to wait again.

Smile it makes people wonder what you have been up to!

[MelanieGiles]

I have a feeling you need some sort of planning permission for this type of work, and maybe your solicitor ought to have sought an indemnity for you when you effected your purchase.

Wait until you get the structural report before deciding what to do, and what bad luck that you have now been hit with an unexpected charge.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[mikebdomain]

When you originally mortgaged with the high street lender, they probably agreed the mortgage application based on a desktop valuation and a drive by of the property.

Sub prime lenders can be finicky with mortgage applications these days, especially in the current market, where sub prime lenders need to be 110% sure of their security.

I don’t know who your current broker is, but I would suggest looking for a broker who does not charge up front fees for people in IVA’s. Most who are used to dealing with people in IVA’s would look at your circumstances and (loan to value and circumstances withstanding) include valuation and survey costs into the mortgage, if your having difficulties paying for them up front.



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[jpj]

I would insist it is for storage only and was done by the previous resident. They may want to check that the previous residents havent removed any joists or supporting part of the structure. they may also want to confirm if the roof is felted underneath the tiles,and also to check for woodworm. valuers fear a loft done out like yours could be hiding something underneath! (

[kellym]

We did have a survey when we bought the house and the loft was shown to them then but it was never mentioned. Melanie I agree we feel let down by our previous survey and as you stated maybe our solicitor should of mentioned this too (I had not thought about planning and so on). I do want to know my house is safe myself it just seems unfair after paying for the survey we now need to find money for the structural engineer when we dont have the time to save (our criditors have been waiting for ages and are now getting fed up)it deppends how much it is but this could really end our re-mortgage application. jpj I am sure that the loft is quite sound and its just been decorated really but I do see what you mean. Thanks for all your thoughts but I suppose our hands are tied as you said mikebdomain they are being 110% sure they will get their money back.

Smile it makes people wonder what you have been up to!

[jpj]

Im in the same boat KellyM ..just paid for a remortgage survey and valuation and the valuation was well out..I now have to pay for a second one!! UUUGGGHHH

[kellym]

Oh JPJ I really feel for you. its like your so close but yet so far. oh well all being well we will look back this time next year with no money troubles and it will all be sorted. Good luck in the valuation.

Smile it makes people wonder what you have been up to!

[jpj]

at the end of the day everyone is out to get dosh off you! ..its a warzone out there!! te he.
is nothing free anymore!!...even spending a penny costs you 20p!!! lol

[bagpuss]

I would def find a broker where there are no upfront fees....there is no way i could have paid out on valuations and solicitors fees with our budget. I even had a quote from one brokers who advised i just wack the charges on a credit card !!!...and yes he new we had done a IVA.

Thank goodness i found Mike on here and rang Laybridge...they deal with this sort of thing all the time and never judged me once.

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[jpj]

you have to pay for valuations with nearly every mortgage...I am going through Mike from Leybridge! )

[Andrew Graveson]

Pre credit-crunch (mid September) mortgages with free valuations were commonplace but it's just not like that for many people at the moment.

Sympathetic IP's will allow the valuation cost to be added to the remortgage. In practice this may mean that a family member or friend pays for the valuation up front and then is paid back post-completion.

At a time when property prices are at best level and probably reducing it's very important to be realistic about the value of your home prior to considering a remortgage to reduce the risks of a mortgage falling through because of a lower valuation than expected.

Local estate agents will normally value a property for free. Remember that in their valuation that they may "up" the value a little to win your confidence and business. A valuation instructed by a lender may come up with a lower number.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[mikebdomain]

We always give the customer the option of paying the valuation up front, paying it on a short term loan, or including it in the mortgage, we give the choices and leave it to the customer to choose their best option. Obviously, where there is a product available with a free valuation we do not charge anything...

We would recommend a desktop valuation (£25) available from most mortgage brokers over a estate agents valuation every time..

P.S. Jonathon were you given the choice? - just checking...


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
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Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
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[Andrew Graveson]

Hi Mike,

What would a client expect/get from a desktop valuation?

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[mikebdomain]

A desktop valuation offers a much more realistic valuation based on data from recent sales in the area and information from other valuations carried out in the area by valuers subscribing to the quest system.

Hometrack for example is a desktop valuation system recognised by prime lenders and their valuation reports are often used by prime lenders where a desktop valuation and / or a drive by is required. The desktop valuation report also provides a clearer confidence level in the possibility of a sale and where available, a forced sale valuation is also provided.

We have found desktop valuations to be much more accurate than a valuation by a local estate agent, when measured against a valuation undertaken by a qualified surveyor / valuer, especially when they (the estate agent) may have a vested interest in valuing the property higher, to win the business over other estate agents.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Andrew Graveson]

Thanks Mike - I thought that was what you were referring to. It's very sensible to add recent valuations into the mix.

I've normally looked to previous sales in the locality (information freely available on the web) to temper the enthusiam of local estate agents in their valuations. With prices down three months in a row previous sales information is obviously becoming less useful and relevant.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk