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    • lottyw4
    • By lottyw4 19th May 17, 11:20 AM
    • 9Posts
    • 0Thanks
    lottyw4
    FTB - Worrying survey received - What now?
    • #1
    • 19th May 17, 11:20 AM
    FTB - Worrying survey received - What now? 19th May 17 at 11:20 AM
    Good morning,

    FTB here and wanted some advice please. We have had an offer accepted on what we thought was our dream house. Earlier this week we received our Home buyers report. Although the house has met the valuation there are a number of things in the report that have (underpinning, roof needs replacing asap, the list continues etc) that me and my partner cannot afford to fix straight away. We have come to the conclusion that we are going to have to pull out of the purchase of this property

    What I wanted to know is what happens to our mortgage offer going forward? Its with TSB. if we find a different house soon (for the same or lower price) do we have to go through the whole application again? Or is it just a case of another valuation being done? I'm worried we've jeopardised our chance of getting a mortgage on a different property?

    Many thanks in advance.
Page 1
    • tykesi
    • By tykesi 19th May 17, 11:49 AM
    • 1,650 Posts
    • 2,205 Thanks
    tykesi
    • #2
    • 19th May 17, 11:49 AM
    • #2
    • 19th May 17, 11:49 AM
    Good morning,

    FTB here and wanted some advice please. We have had an offer accepted on what we thought was our dream house. Earlier this week we received our Home buyers report. Although the house has met the valuation there are a number of things in the report that have (underpinning, roof needs replacing asap, the list continues etc) that me and my partner cannot afford to fix straight away. We have come to the conclusion that we are going to have to pull out of the purchase of this property

    What I wanted to know is what happens to our mortgage offer going forward? Its with TSB. if we find a different house soon (for the same or lower price) do we have to go through the whole application again? Or is it just a case of another valuation being done? I'm worried we've jeopardised our chance of getting a mortgage on a different property?

    Many thanks in advance.
    Originally posted by lottyw4
    Are you sure?

    When reading the survey on the house I'm buying it sounds as if the house is falling down. In reality it's a 1930s house and will need work to keep in good condition (as all houses will). The survey includes a hell of a lot of !!!! covering by the surveyor but actually nothing is that bad. Are you sure yours isn't the same, have you actually had any specialists look at the bits on the survey to see if they're as bad as you thinkthey are?
    2017 in 2017 - 1974.69
    • juniordoc
    • By juniordoc 19th May 17, 11:59 AM
    • 91 Posts
    • 54 Thanks
    juniordoc
    • #3
    • 19th May 17, 11:59 AM
    • #3
    • 19th May 17, 11:59 AM
    If you're resigned to losing this house already, then you might as well put in a revised offer of 1-2K less to give yourselves some rennovation budget.
    The worst they can do is say no, an presumably these are repairs that would not need doing immediately?
    • cattie
    • By cattie 19th May 17, 12:20 PM
    • 7,695 Posts
    • 5,208 Thanks
    cattie
    • #4
    • 19th May 17, 12:20 PM
    • #4
    • 19th May 17, 12:20 PM
    Good morning,

    Earlier this week we received our Home buyers report. Although the house has met the valuation there are a number of things in the report that have (underpinning, roof needs replacing asap, the list continues etc) that me and my partner cannot afford to fix straight away. We have come to the conclusion that we are going to have to pull out of the purchase of this property
    Many thanks in advance.
    Originally posted by lottyw4
    Has the house been previously underpinned? Or is surveyor saying that underpinning is necessary? Either way, walk away & find another house as a house that has been underpinned can be difficult to sell on & vendor's often have to take a real hit on the price. Plus buildings insurance usually costs more as underpinning comes under the dreaded S word(subsidence) which buyers & vendors alike fear due to most buyers walking away from properties with such remedial work.
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
    • Rosy Apple
    • By Rosy Apple 19th May 17, 12:26 PM
    • 138 Posts
    • 27 Thanks
    Rosy Apple
    • #5
    • 19th May 17, 12:26 PM
    • #5
    • 19th May 17, 12:26 PM
    Good morning,

    FTB here and wanted some advice please. We have had an offer accepted on what we thought was our dream house. Earlier this week we received our Home buyers report. Although the house has met the valuation there are a number of things in the report that have (underpinning, roof needs replacing asap, the list continues etc) that me and my partner cannot afford to fix straight away. We have come to the conclusion that we are going to have to pull out of the purchase of this property

    What I wanted to know is what happens to our mortgage offer going forward? Its with TSB. if we find a different house soon (for the same or lower price) do we have to go through the whole application again? Or is it just a case of another valuation being done? I'm worried we've jeopardised our chance of getting a mortgage on a different property?

    Many thanks in advance.
    Originally posted by lottyw4
    Hello,

    We also had a survey which showed that a house we were buying (also at FTBs) needed underpinning. As mentioned above, we were worried that the stigma of underpinning and subsidence would never leave the house and we would struggle to resell.

    We didn't end up buying another house at that point but I understand that your mortgage application can be amended if you find another house before the offer expires. Although the house would need to be valued and they would need to check affordability if the cost was different. Someone more qualified will come along and give you more definite information.

    In the meantime, do what you think is best for your personal situation. If you do pull out then make sure you let the vendor know ASAP as it will affect their chain.

    Good luck.
    • Cakeguts
    • By Cakeguts 19th May 17, 12:38 PM
    • 2,296 Posts
    • 2,891 Thanks
    Cakeguts
    • #6
    • 19th May 17, 12:38 PM
    • #6
    • 19th May 17, 12:38 PM
    Just a bit of knowledge that you might need. A really big nice house in a nice area that is cheap is cheap for reason. Sellers who know that their houses need work often price them lower to allow for the work but if you don't have a lot of saving which will allow you to do the work then you can't afford the house. So you can't afford a house that needs a lot of work done on it in the same way as you can't afford a house that you would have to put down a big deposit for to get a mortgage.
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