Can a surevyor (Mortgage), re-survey the shouse when coming to check the original survey?
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I've just recently bought my frist home with my partner, the mortgage company arranged for the house to be surveyed which is standard practice I assumed, the survey found various problems with the house which resulted in the mortgage company retaining £3000 of the mortgage. We managed to find the extra money at last minute and were told the £3000 retained by the mortgage company would be released if the problems highlighted were fixed within 3 months. The 3 months have passed and we've rectified all the problems from the original survey. The surveyor (same one who did the original survey) came back round to check on the work done. He confirmed that everything looked good as per the original survey but then got his damp meter out, after checking a few walls he says there may be a problem now as some of the walls appear to be a little damp. My grievance is that this wasnt picked up on the original survey so, 1) Are the mortgage company allowed to with hold the money for a fault that wasnt picked up on the original survey, and 2) are they even allowed to re-survey the house, and couldnt this game of cat and mouse surely go on for years and years??
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Answer:
The mortgage company can do pretty much as they like as relates to the surveys. This may be a new fault, possibly caused by the other repairs. you do not make clear whether your original loan has been passed to you and the house purchased. If so the only money the mortgagor could retain is the £3000 albeit for a different reason from the original. Arrange an appointment with them to discuss.
James at Yahoo! Answers Visit the source
Other answers
I wonder if weather conditions might have had a hand in masking this damp condition? Perhaps during the initial inspection it had been dry for a while and the problem would not have shown up, but in the interim there was substantial rain and the issue is now manifested. Should the lender be penalized for something that was missed in the first inspection? Do they only get one bite at the apple? If this condition had been noticed/noticeable initially, it probably would have been on the list of things to address as well, correct? While your perception might be that they are playing a game with you, I seriously doubt a lender would have the time or desire to play games like this. An individual seller, yes; a commercial entity who must concentrate on making additional loans to stay solvent can't waste time on trying to hang on to 3K of your money.
Art Vandelay
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