Survey Problem??

cath_123

Hi there,

I'm a first time buyer in a similar postion to simon1981 and thought you might like another buyers opinion. I've just received a surveyors report thats specified that a damp and timber report needs doing, and an 'overhaul' of the extension roof. The mortgage company is going to retain £2000 until the work is done. I can get the roof done at cost (builders in the family), and am planning to get a damp report done next week (fortunately by a friend of the family, so less likely to be ripped off).

Depending on the extent of the damp, im estimating the work will cost between a couple of hundred and £1000. Im planning to go back to the buyer once I have a quote and ask them to split the cost 50-50.

My problem is if the vendor agrees to knock this off the asking price, whilst it may slightly reduce my monthly mortgage amount, I will need the cash up front to pay for repairs. Also I will need £2000 cash in the short term until the mortgage company releases the retainer. If the work ends up costing more than I had thought this may mean I do not have the available cash to do the repairs and pay the retainer.

Its worth considering the fact that knocking money off the asking price for repairs to be done by the buyer may mean that they have to find a lot of cash up front, and its not always possible!

Also, would definately recomend speaking to the buyer directly once you know all the costs involved. I received a very irate answerphone message from my vendor, after the Estate Agent contacted them asking them to reduce the price. I had specifically asked the Agent not to do this until i had the damp report and a price for repairs!

Bluefusion

Well we are buying a property that was valued at £300,000. However our surveyor has come back saying there is essential work that needs to be carried out urgently.

1. Leaking Roof
2. Damp course in walls
3. Kitchen floor dug up and new Membrane put down.
4. Woodworm in roof & stairs

The surveyor valued this work at £20,000 saying it was only worth £280,000 it its current condition, but would be worth the asking price of £300,000 once the work was carried out. So our mortgage lenders are holding a retention of £20,000.

We're in the middle of getting quotes in for the essential work, and so far it looks like the surveyor has been over cautious in his estimate, and the final figure for the work will be around £10,000. But to be honest I would want a full reduction of £10,000 off the asking price, as this was obviously work that the vendor & estate agent was not aware of when they put the original £300,000 asking price on the house.

Oddgy

Just an update - EA rang and requested the quote. They are now in possession and will contact buyers for latest update.
12 hrs later - still we are no wiser. Rocket up their bums come to mind!

Oddgy

cath_123 wrote:

I can get the roof done at cost (builders in the family), and am planning to get a damp report done next week (fortunately by a friend of the family, so less likely to be ripped off).

Your not local are you - - - as your family sounds just what i need at this moment in time......!!

Simon1981

cath_123 wrote:

Hi there,

My problem is if the vendor agrees to knock this off the asking price, whilst it may slightly reduce my monthly mortgage amount, I will need the cash up front to pay for repairs. Also I will need £2000 cash in the short term until the mortgage company releases the retainer. If the work ends up costing more than I had thought this may mean I do not have the available cash to do the repairs and pay the retainer.

Its worth considering the fact that knocking money off the asking price for repairs to be done by the buyer may mean that they have to find a lot of cash up front, and its not always possible!QUOTE]

IS the answer to this to not reduce the amount borrowed, but ask the vendor to give you the cash back? Not sure of the legalities of it, but i think that would mean you had the mortgge payments you were first expecting, but then also have the cash up front. An incentive to the vendor to split the work 55/45 so they save a little?

cath_123

Just spoke to the estate agent and they have agreed with the vendor to reduce to £80000 (though I hadn't asked them to do that). Im happy with this, but feel a bit guilty that the vendor is knocking £2000 off for work that is likely to cost me less than £1000 to do! What would everyone else do?

Simon1981

i'd take it straight away. The vendor is obviously happy with the reduction so you're not harming anyone, and you never know if you'll find anything extra that needs fixing afterwards. result.

Oddgy

You would never believe this - as you know....if you been keeping up with this thread we had a problem with woodworm and damp readings on ground floor......according to our buyers surveyor.

So we got on with it to get a quote....so we had a company out to check it, they said we had no woodworm, but instead we do have damp as the current damp proofing has failed.

So we get a price for them to redo damp course and redo plaster etc.....to make it better, received the quote and sent it in to EA as they had asked us to do. Heard nothing so far....THEN TODAY...we got another company out to quote to redo damp proofing just so we could have two quotes to work from....and guess what>?

according to them.....whats the problem? We dont have damp!?!!

Well of course, now we are confused. He said he can put it in writing to us, but will charge £47+Vat. I can understand why he wants to charge as he has come out today to look at our house, and as he has said no work is needed, its cost him to come and look so i do understand why he wants to charge for this report, however i dont think this report, should we pay and get it, will do an ounce of difference, as the EA are in possession of the first companies quote that states we have damp.

How do you pursude or convince anyone who is telling the truth, .....!!

We are VERY confused, Upset and Disalusioned as someone is telling porkies

pawpurrs

Nightmare Oddgy, normally the timber and damp specalists that dont charge for coming out are the Cowboys so to speak, but the second one has nothing to gain by saying you have no damp.
Whereabouts are you as I am in need of a timber and damp expert.

Most houses, especially old ones have a bit of damp here and there, and personally i wouldnt expect a reduction on the basis that there is damp especially as its obviously not even bad enough to stain the wall, or you wouldnt be in two minds as to the fact that there may or may not be damp. Dont really think you should be reducing at all.

I would go back to the EA and say you have had a second opinion and there is no damp and if there is its so minor that it is causing no damage, there is no wood worm and that you wont be taking any reduction. As the house sounds like its in good condtion for its age.

I am buying a 500 year old house and it has visable damp, really wet!

Oddgy

Nitemare, surely there is a worse word we can use???!!! Come on, someone help.

Well - I have rang some more companies up now. And we have one more coming tomorrow, one coming on Thursday and two coming on Friday.

So in all - we should have a better view. However, i will make sure that i tell them that we have been told we have no problem and can they confirm this. This way they know they cant pull the wool over our eyes. Ok, ill refrase that...they will hopfully realise they cant!!

I rang EA today like you suggested, pawpurrs, to explain what we found out today....but he was on another call, so I left a message to call me back, left my number and guess what...didnt ring me back. What is it with these people. They work for us, not the buyers. We pay the commission so why do they treat us like c**p!

We havent got a clue what the current situation is with our buyers and now we have this contradicting conclusion from this damp company...we are feeling a bit p****d off and feel like backing out so no one cons us as i do believe people are intending to make bucks out of us.

I.e. the damp companies quoting for work thats not needed, the buyers getting money knocked off the agreed price = STRESS!!! A lot of STRESS! We feel so warn out to do with this, its unexplainable. All today i was on and off the fone an its really gettin me down wheres its starting to effect my work.

I didnt expect this to be stress free - but in our situation with these companies - whos right - whos lying - whos being honest...how will we ever know!!

Sorry for the moan, im just worked up.
Nite everyone.