If the value of the house is less than the estimate that the estate agent or seller originally gave you, this might result in a ‘down-value‘. Once of the reasons for this might be because of issues with the house. When a property survey is carried out on a house that you’re going to buy, sometimes it does come back with a few areas of concern that need to be rectified. Also, the lenders might come back and hold a retention on the offer.
Here are some of the common issues that may be found in the property:
Dampness and mould found in properties can be caused by condensation and is usually easy to rectify. However, in certain cases the damp can be damaging to your health and caused be a bigger issue such as a leaking pipe or damage to the roof. This is why it’s important to call in a specialist who will investigate the problem.
Cavity wall ties
Cavity walls are built into the cavity wall during construction, and are hidden components that tie together the internal and external parts of a cavity wall together. A giveaway sign that there are cavity wall tie failures is when there are regular cracks in the outer walls. Any issues will be picked up during the property survey and will need to be looked into further.
This living material is used in a lot of homes as framing. This is because it has thermally insulating properties and can help to reduce energy costs. However, there are some cases where timber can dry out and shrink as a result. The property survey will be able to identify any issues that are a cause for concern – this is when a specialist will need to come in and take a look.
What are my options?
First of all, don’t panic! This can be a common issue in properties, especially if it’s an old house. If you are still interested in the property you will need to call specialists in to investigate the problems to see whether they can be rectified easily and what the cost will be – the seller will be alerted to this. Once these issues are rectified the estate agent can re-negotiate cost where necessary or you can get the money back from the lender.
If you need further advice about a house being down-valued, other steps in house buying or remortgaging, then talk to us at Warrington Mortgage Centre and we’ll be more than happy to advise. We can be reached on 01925573328.
Our team of experts have multiple years of experience in the mortgage field and have helped many customers move homes smoothly and efficiently.