Buying a house and problems with valuation

[bonkerskirsty]

The lender has today come back with some issues from the initial valuation. He agrees that the house is worth what I am paying for it BUT:

-is concerned about a tree stump in the garden
-wants a drainage test and electrical test done
-concerned about the property being tenanted.


With regards to the tests, I was going to go back to the vendor and try and renegotiate a price taking the cost of these into account. However, what should I do re. the tree stump / the potential problem of the roots affecting the house?

[rsv gone!]

Had you already agreed the purchase price with the seller?

http://www.track-days.co.uk/gassing/topic.asp?h=0&...


Re the stump, read up on clay heave

http://www.jcaac.com/subsidence.htm

Edited by rsv gone! on Thursday 11th June 11:54

[bonkerskirsty]

We had agreed a price but obviously this was before the problems were encountered so I would deffy go back and try to renegotiate as I can't cover the extra costs myself. If they won't renegotiate I will ahve to pull out.

However, this tree stump business is a worry. Thanks for the link to that site, have had a read which has scared me even more! But not sure how I would ever know for sure that it isn't a problem, so not sure whether it's best to just pull out now anyway

[rsv gone!]

bonkerskirsty said:

We had agreed a price but obviously this was before the problems were encountered so I would deffy go back and try to renegotiate as I can't cover the extra costs myself. If they won't renegotiate I will ahve to pull out.

I was just playing Devil's Advocate. One man's "stopping reasonable costs" is another man's "gazundering"

[mk1fan]

What are the Surveyor's concerns with the stump? Clay heave is only a problem in clay soils oddly enough so is the soil clay? Has the tree only recently been felled or was it felled years ago? Why was it felled? If it was years ago then the property would be showing signs of structural problems by now. How old is the property?

I wouldn't worry yourself. Buildings move and settle continuously. That doesn't make them unsafe or unstable. If the Surveyor (assuming they're a Chartered Surveyor) hasn't recomended getting a Structural Survey done then they can't have seen any signs for them worry about. If they have missed something then you have their PI cover to claim against for their negligence. Even if you've just had a valuation survey completed they should have noted condition as this would affect the value.

[bonkerskirsty]

Thanks Mk1 - basically they have come back and asked me why the tree was felled, if it was healthy, and whether it was done by a professional (!!). I have to then ask the vendor these questions, but this is just relying on their word so not sure how this will help! In the meantime my lender has referred the case to their Head Office so I am worried they will refuse the mortgage but not sure what I can do.