OUR INDUSTRY BLOG
Reasons Property Deals Fall Through: Surveyor Finds Defects
Reasons property deals fall through: Your survey finds significant defects Any major defects noted in your survey will need to be translated into hard cash. This means arranging builders’ quotes or obtaining specialist reports, typically for things like...
What Happens If Your Mortgage Lender Keeps A Retention?
What to do if your bank holds back some of your loan as a 'retention' Mortgage lenders' valuation report forms typically include a box labelled ‘Essential Repairs’ that the valuation Surveyor has to fill in. Depending on the condition of the property, and the...
What Happens If Your Mortgage Valuation Comes In Lower Than The Agreed Sale Price?
What If The Mortgage Valuer 'Downvalues' The Property? One of the most common problems with mortgage valuations is when the surveyor doing the valuation for your bank or building society values the property lower than the agreed purchase price. The reason this can...
Why Mortgage Valuations Go Wrong
Common Problems With Mortgage Valuations Late mortgage valuation The valuation should normally be instructed within a couple of weeks of submitting your mortgage application, but can sometimes be delayed when employment or credit references are slow or...
Mortgage Lending Property Issues
Mortgage Lender Property issue #1 Lending criteria – the type of property In an earlier blog it was mentioned that some types of property are not acceptable to certain mortgage lenders. This should only be an issue in rare cases where buildings are of...
Disaster Scenario #4: MORTGAGE PROBLEMS
Mortgage problemsThe most commonly encountered problems for home buyers relate to mortgage funding. There are two main areas where problems can arise and seriously hamper a house purchase – those relating to personal credit or income references (see below) and those...
How To Save Your Deal – With A Little Psychology
The Importance Of 'Buttering up'Achieving a successful purchase isn’t just about money and lawyers. Applying a little psychology can make a huge difference to whether a transaction succeeds or stumbles at one of the many hurdles along the way.So it’s smart to get...
Tips To Avoid Being Gazumped
How to make yourself Gazump-Proof There are a number of practical steps you can take to protect yourself from buyers going back on an agreed deal: 1. Don’t make an offer to buy until your own property’s under offer. 2. ...
Homebuying Disaster Scenario #3: Gazumping and Gazundering
Gazumped or gazundered? Here's what to do When the housing market isn't reasonably stable, with prices either rising sharply or falling, there's a greater chance that as the weeks go by one side or the other may be tempted to try and ‘renegotiate’ on the agreed...
Homebuying Disaster Scenario #2: A Break In The Chain
A broken housebuying chain - what to do? Of all the things that can go wrong, a break in the chain is the one you have least control over. The chain comprises a string of individual deals, downwards from the person who’s buying your house and upwards from the...