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Survey back- help!

andy69_2
Posts: 2,004 Forumite


Hi I have recently put an offer in for a semi-detatched house for 124000, and it was accepted. It was on the market for 129950. I then had my mortgage accepted and had the survey done. Today I was told by my mortgage advisor (a friend) that the abbey have been in touch and its ok. Then later in the day I had the letter through the door from the Abbey. It said they surveyor valued the house at 122000 but 124000 if certain work had been done. It sais it is necessary for the house to be inspected for damp and wood rot. with 2000 next to it and then it sais also for the electrics to be looked at with nothing next to it. Does this mean that I have to get the damp done (if their is any) or what? Or does he just think their could be damp so is doing it to cover his back? To me the house seemed dry, but im no expert. Do you think this has a retention on the mortgage now?Thanks to everyone in advance!
p.s- It was just a basic valuation free with my mortgage (First time buyer)
p.s- It was just a basic valuation free with my mortgage (First time buyer)
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Comments
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it means there is suspected damp. If they're not willing to lend the full amount then they must really think its a problem and you will have to speak to the estate agent/solicitors regarding the next steps. Basically you'll need a professional to go in and assess the problem.
They often cover their backsides with stuff like this so dont be too alarmed.MFW - <£90kAll other debts cleared thanks to the knowledge gained from this wonderful website and its users!0 -
it means there is suspected damp and you could phone the estate agent and say that in light of the survey you are reconsidering your offer and would like to reduce it to take into account the work you will have to do before the damp gets worse (which it will and will them cost more later on). You could also mention that the survey was not happy with the electrics.
Depends how much you want the house - maybe say you are reducing the offer by £2000 initially and then offer to split the price and take £1000 of the price.:dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance:I am finally understanding what money can do for me!0 -
forgot to say - instead you could say that you want a wood rot/damp specialist to look at the property - don't buy the property if its riddled with damp and wood rot - it could cost a fortune
when i was a seller my survey said there was £2000 worth of damp issues and as the hosue was old the electrics needed to be replaced - i said i would not knock money off for the electrics as it was an old house so of course the electrics were old but i had never had an issue - old does not equal bad.
I did lower the price by £1500 for the damp (mainly because my builder boyfriend said he thought it would cost closer to £3000 to fix the damp:dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance:I am finally understanding what money can do for me!0
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