FTB - Survey found 'problems'

themons

After renting for years I've finally found the courage to jump on to the property ladder and have found a house I love!

I'm getting my mortgage through Nationwide as am an existing customer and they provide various perks. Had my offer of £100K accepted - this is with my laying down a £15K deposit to fit 85% LTV.

Nationwide have then carried out their home valuation report and it's more detailed than I was expecting - and there's a few problems.

1) They have valued at £98K. Hopefully this in itself isn't a problem, fingers crossed the seller won't want to reduce the sale for the sake of £2K.

2) They've provided a list of works to be carried out as condition of the mortgage subject to retention:

a) Evidence of cavity wall failure and further investigation and any remdial work to be carried out

b) Build up party wall in the roof space to provide fire break

c) ensure slate roof is water tight. Damp staining to roof timbers.

d) dampness to ground floor walls (didn't see any when viewing!!!) - Instruct a specialist contractor to inspect the whole property and report on internal dampness and the condition of all timbers including the sub-floor. All neccessary works to be carried out. Irrespective of existing gaurentees invoices or estimates.

Reports and estimates should be obtained prior to entering into a legal commitment to purchase.



This has obviously got me very worried!!!! What position am I in ? Do have any ground to insist the seller see's to these before we exchange ? The cost of inspections is one thing but this sort of remidial work is going to be thousands, which I can't afford.

Does anyone have any advice ? It's most appreciated!

Chinkle

Arrange for the relevant experts to visit the property to make an assessment of what remedial works are required and quote for this work.

Once you have the quotes, go back to the vendor and renegotiate the price. If you are top of your budget and the vendor won't reduce the price to a level at which you can afford to get the works done then you'll need to walk away.

rrf494g

the possible problems listed seem genuine and reasonably easy for a builder to inspect and quote for any remedial works, they are also things that you will need to be done for you to live in the property comfortably.

Any offer you have made will be "subject to survey" and your survey has shown you a few things so it is only to be expected that the price will be adjusted to carry out any necessary works. This does not mean that the vendor will be prepared to reduce the price however (at this time). So, as above, you may need to walk away. Good Luck, regards.