Bank asking me to carry out repairs on house I don't yet own! help

whitewing

If you do it yourself, are you going to be able to prove to the bank's satisfaction that it is done?

As the vendor, I wouldn't let anyone uninsured on my property. What if you fall off the ladder and sue him?

Maybe better to get someone in than risk the sale?

PasturesNew

Just exchange, with a long time to completion (say a month), then get it fixed, problem solved.

DVardysShadow

PasturesNew wrote: »

Just exchange, with a long time to completion (say a month), then get it fixed, problem solved.

In an ideal world. The problem with this is if the roofer breaks his ankle the day before he does the job, it is no funds, no completion, compo for failing to complete. Or if you tell the roofer why it is so urgent, he ahs you over a barrel.

Me, I might get the vendor to do it as a condition of signing the contract.

Fire_Fox

Pipsta please calm down and stop abusing the exclamation mark key, people are trying to help and you are coming across as pretty rude. You may think your solicitor should not have missed the condition - it's your mortgage offer and you should have read it yourself. You may think the bank is being unreasonable, clearly your surveyor does not agree and he holds qualification you do not. He is protecting the bank's interests but indirectly your too as you now have the opportunity to renegotiate as this property is unmortgageable. If you think this situation is stressful maybe you should not be taking on a huge renovation project.

pipsta

Firefox im not trying to be rude chap and I apologise if I have come over that way, but you must understand my frustration. I know it was my mortgage offer but I am only a first time buyer so I am very niave to the workings of the whole thing hence why we employ solicitors to guide and advise us, believe me Ive read through every peice of paper muiltiple times as the solicitor must have but this was still missed. I am no surveyor but I hardly think a loose peice of guttering warrents holding off of the whole of the funds when I have clearly stated I will be renovating the roof and will have to redo any guttering work I am now about to do. Why would £100 worth of guttering make the property unmortgageable thats what I cant understand. The place isn't falling down, the structure is very solid and in good condition apart from a couple of cracked roof tiles and some loose down pipes on the guttering.

Im just glad im not in a chain, things could have been very messy.

Fire_Fox

Just because you say you are going to replace the roof doesn't mean you will actually do it, banks are not in the business of lending money on trust. As stated the surveyor thinks the guttering is a serious enough issue to warrant making the property unmortgageable; as an FTB you should be listening to their professional opinion.

Cracked roof tiles and loose down pipes in November could easily lead to major water ingress and associated internal damage over the winter. You may not be insured for the damage as you aren't normally insured against failure to maintain a property. Not sure why you are buying a renovation project as your first home if you don't have trades experience.