Homebuyers Survey

ezee_duzit

Hi, just had Homebuyers report back and have a few questions as am a little concerned, there is no mention of sibsidance but they have pointed out movement to the external walls.

The property has been valued at exactly what we have had offer accepted on which is a positive but there is a worrying condition 3 rating on Main Walls. It outlines some cracking above patio door which has sheard a number of bricks and maybe caused by removal of metal lintel? It appears to be quite long standing but advise checking. Also a mention of minor cracking to the walls over first floor window openings.

Just wondered where to go from here?

Thanks in advance.

motherofstudents

get some quotes for the work eg if you need to replace lintels over the door and windows then you could go back to the vendor and see if you can negotiate something off the price. Depends on whether they would be prepared to do that or maybe they think they have dropped the price enough already. I don't think the work would be too expensive and wouldn't worry about longstanding settlement. Most people use survey results to renegotiate but it all depends on individual situations. Good luck.

G_M

Speak to the surveyor for an explanantion. he'll likely say more than he'd be prepared to put in writing. It might be wise to get a structural engineers report if you're worried about structural damage, but the surveyor will advise whether he's covering himself 'just in case' with his report or whether he has serious concern.
Have you looked at /seen the cracks yourself?

littlesnuggy

Have a look on this website at some solutions which should offer a cost-effective way of stabilising the building. This is the manufacturer's website, but they have local contractors who will be able to carry out a survey for you
http://thorremedial.com/

Cracking can also indicate cavity wall tie failure..

ezee_duzit

Thanks for all your advice, bit of a novice!!

Having received Homebuyers by email at work then got home to find mortgage valuation doc and am a little confused over a few things as purchase price is 135k they have given a valuation for mortgage purposes at 134k and with repairs 135k.

So yes it is only 1k difference which I can deal with. My concern is that as the valuation is lower than the purchase price, will the lender turn down our mortgage application or do they just need to be sure that market value covers the mortgage loan which it would, as we have a 10% deposit??

ezee_duzit

Just had a call from Lender stating that they were not willing to lend the amount we require and have under valued the property by only 1k. So our options are to spend more money to get additional checks and quote for works or try to renegotiate the price even though its only 1k?

Not quite sure what to do next, should I get quotes or try and renegotiate the 1k first?

Thanks in advance!

Milliewilly

ezee_duzit wrote: »

Just had a call from Lender stating that they were not willing to lend the amount we require and have under valued the property by only 1k. So our options are to spend more money to get additional checks and quote for works or try to renegotiate the price even though its only 1k?

Not quite sure what to do next, should I get quotes or try and renegotiate the 1k first?

Thanks in advance!

I would re-negotiate using your survey. If the vendor refuses over £1K then they are mad.

ezee_duzit

Milliewilly wrote: »

I would re-negotiate using your survey. If the vendor refuses over £1K then they are mad.

I was thinking that they might turn it round but you think there should be no issue?

Only problem is our hands our tied by lender and have used all resources for deposit and everything else that comes with buying our first home!!

Milliewilly

ezee_duzit wrote: »

I was thinking that they might turn it round but you think there should be no issue?

Only problem is our hands our tied by lender and have used all resources for deposit and everything else that comes with buying our first home!!

Well if you put it to them by showing the survey its not like you are trying it on and the sale cannot proceed otherwise if you can't make up the difference. I can't see why anyone would lose a FTB sale over £1K justified with a survey.

ezee_duzit

Offer price was 10K less then the price they hasd it listed for, howver it had been on the market for five months and did need some work that we had noticed. Survey has shown up a bit more that we first thought.

Next step.....try and contact the very helpful estate agent!!!

Thanks

pelethecat

But you should also get a quote from a specialist for the full cost of works required as they might cost more than £1k and then you will want to renegotiate for a greater reduction.
My valuation survey (and homebuyers) flagged up some damp problems, estimated at £2k. When I got quotes from specialists it turned out to be more like £5k! If I'd only knocked £2k off the price then I'd have been £3k out of pocket when actually doing the work. The more information you can go back to the EA with, the better your argument to renegotiate the price down - and they will probably try to make you go 50/50 rather than just take the whole lot off, so the bigger you start with the better.