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Opinions on what you think seller will do!
kurt-sam
Posts: 12 Forumite
We have a 100% mortgage on a victorian property. The survey turned up a couple of problems, low level damp and holes in the roof, apparently requiring full overhaul.
The damp has been a problem previously, and may still be under garentee. We are waiting to hear back regarding that.
The roofer has been round today and reported that the work is quite extensive, and quoted a price of 2,250.
As we have a 100% mortgage am I right in thinking that even if the seller drops the price, the offer will just drop in line? Ie, if seller drops the price, mortgage will just be for new amount and no more?
The seller is part of no chain, is moving in with their partner, and as far as I can tell has been in the house for past 8 years.
We have no further savings other than what we are using for solicitors etc, and have no way of funding the work ourselves. Do you think he will agree to pay for the work? Am feeling very anxious about it all and the 'not' knowing all the time is sending me a bit potty!
The damp has been a problem previously, and may still be under garentee. We are waiting to hear back regarding that.
The roofer has been round today and reported that the work is quite extensive, and quoted a price of 2,250.
As we have a 100% mortgage am I right in thinking that even if the seller drops the price, the offer will just drop in line? Ie, if seller drops the price, mortgage will just be for new amount and no more?
The seller is part of no chain, is moving in with their partner, and as far as I can tell has been in the house for past 8 years.
We have no further savings other than what we are using for solicitors etc, and have no way of funding the work ourselves. Do you think he will agree to pay for the work? Am feeling very anxious about it all and the 'not' knowing all the time is sending me a bit potty!
0
Comments
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Who knows what the seller will do, I'd start the ball rolling with a request. I'd keep the purchase price the same and get them to fix the problem now or give you the money to get it fixed.
You're right, if they drop the price by the £2K you will get the lower ammount from the lender under normal circumstances.
The issue will be there for the next person too so the property won't sell, every day that goes by is a day they are without money. I would give you the money to get it fixed yourself after completion if I were the vendor. I'd want the hassle fixed.
You'll need to know when the work can be done and what your lender thinks about the situation. SOme lenders offer a "retention" where they will let you have some of the money now and the rest when the work is done. Potentially you'd get the work done today and pay the roofer when the lender pays you.
WOrth checking your mortgage offer, if that is in place already, if not try to find out how they deal with this situation.0 -
Thanks. Still trying to muddle through it all. Thank you for your help!0
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