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Valuation report repair costs (legal side)
DAB1209
Posts: 73 Forumite
Today we finally got mortgage offer from halifax :j However our homebuyers report was also received with several issues needing urgent attention.
Regarding the legal end im wondering what the choices are....Ideally we would prefer to get quotes to ensure work is completed to our satisfaction and seller could pay us or reduce house price accordingly.
If house is reduced would our solicitor then hold back the repair costs when transferring money (im guessing not).
I presume lender would have to be informed if price was lowered and then we would have to meet the costs of repair.
Its taking nearly four months to get this mortgage in place and I guess were just afraid that it will go pear shaped.
Regarding the legal end im wondering what the choices are....Ideally we would prefer to get quotes to ensure work is completed to our satisfaction and seller could pay us or reduce house price accordingly.
If house is reduced would our solicitor then hold back the repair costs when transferring money (im guessing not).
I presume lender would have to be informed if price was lowered and then we would have to meet the costs of repair.
Its taking nearly four months to get this mortgage in place and I guess were just afraid that it will go pear shaped.
0
Comments
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Speak to the Agent tomorrow and advise them that the report has highlighted various issues that need addressing.
You should renegotiate the price for the property.
Whats the nature of the problems?0 -
Hi, oh its a mixed bag of faults mainly the roof timbers needing treatment for dampness,rot and infestation,gap to mortar bedding,disused flues needed capped,loft needs insulated,These were placed in category 3 needing urgent attention.
The rest were category 2 which fell in the main walls,drainage,ceilings,internal joinery,chimney breasts categorys.
House was valued for what we paid and halifax have not seen the homebuyers report (they just wanted the valuation) so none of these being repaired are conditions of the mortgage which is good.
So I guess its up to us and seller to negoiate.0 -
So that suggests that the house is priced fairly although work has to be done. When the works completed the house will be worth more?0
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Em im not sure? I assume it would but not by much I would say.
I just realised after reading your post that seller might not meet the repair costs as house is valued with repairs needing done at her asking price so could rightly say its not up to her.
Ea wants to see the report and will discuss with vendor and we have arranged to see our broker for advice.0 -
Em im not sure? I assume it would but not by much I would say.
I just realised after reading your post that seller might not meet the repair costs as house is valued with repairs needing done at her asking price so could rightly say its not up to her.
That's certainly what I would say if I was the seller. For example, loft insulation isn't really what I would define as an essential repair and I would think the selling price reflects the fact that it hasn't been insulated.0
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