Mortgage valuation problems

tonyade

Hello all.

I've got a little problem. We've had a mortage valuation report back on a house that we're interested in and the bank has asked for a qualified structural engineer to look at a retaining wall that's in front of the property. Apparently, it's in bad shape. (The wall extends all the way in front of various homes.)

To cut a long story short, the vendors are saying that the wall isn't their responsibility (it's not on the deeds), but it's not the "council's either" (their words, not ours - it's the Highways Agency, surely?).

I'm not sure what to do (I'm a FTB, by the way). Should I ask the vendors to pay for a structural engineer to look at the offending wall. After all, it's something they should have sorted out beofre putting the hous on the market.

Also, I think the work could cost in the thousands - who exactly should pay for it to be done?

Any help would be greatly appreciated!

loopylisa

hi im not sure but would of thought the vendor becausae its threr house!!! and if you did pull out of the house sale they would have the same problem with other buyers!! the EA will tell you that because they dont their commision to go down!! hope this helps and good luck

distilled

Walk away! It's still a buyer's market, but only just! Things are changing folks.

[Deleted User]

Well, if your bank asks for a structural engineer, then you should ask the Vendor to pay for it or walk away. If they put the house back on the market, they'll be back to square one when the next Buyer has a survey carried out and their bank will ask the same thing. And whatever it costs to put right, deduct it from the agreed price.
It is not going to be easy for them to finds another buyer until the spring anyway, so use this to your advantage. Good luck!

tonyade

Thanks for your advice. I think we'll definitely walk away.