Surveyor Report - Bow in Front Wall

scrivomcdivo

We have had our survey report back today and the house has been valued at our offering price, however the survey shows that the front building wall has bowed and as such, they have devalued the price by £1000 pending the work being done. The survey suggests that wall ties may rectify this problem.

I'm just wondering, if the vendor agrees to sell for £1000 less than offered and so, we agree to get the work done, would the mortgage provider release our mortgage minus £1000 and then release the further £1000 once the work has been completed?

silvercar

would the mortgage provider release our mortgage minus £1000 and then release the further £1000 once the work has been completed?

Yes, that is the way it works.

whether the seller will reduce the price or not is a different question.

mr.broderick

If its just the front wall and one wall alone i think you could possibly get the ties done for £500 depending on the size of the wall of course (get quotes free ones). Why dont you offer to go halvers on the ties to save any arguing, personally i dont see a survey as a negotiation tool but everybody else on here seems to.

scrivomcdivo

I have contacted the estate agent and informed them of the survey report. I haven't asked the vendor to pay for the ties (yet!) but I'm just going to see what comes of it. They may suggest that we go halves which I would be content with.

I was just wondering if this would drastically hold up the process. I am assuming it won't and we can move it when solicitor's stuff is done on the proviso that we get the ties fixed.

I'm still waiting for a copy of the report to arrive as I'm not too sure if the mortgage provider requests a structural survey to be completed.

mr.broderick

Why would they ask for a structural survey? If so who's going to pay for it? Normally on a valuation survey it might recommend you get a structural survey at your cost!!!

scrivomcdivo

I have just got the report back. They have valued the house at -£1000 what we offered at it's current state. They have ticked the box saying the house will retain its value at -£1000 less its current value but they recommend a wall tie surveyor look at the property.

So, with this, does this mean the mortgage provider will still lend us the mortgage minus £1000 and we can exchange?

mr.broderick

scrivomcdivo wrote:

I have just got the report back. They have valued the house at -£1000 what we offered at it's current state. They have ticked the box saying the house will retain its value at -£1000 less its current value but they recommend a wall tie surveyor look at the property.

So, with this, does this mean the mortgage provider will still lend us the mortgage minus £1000 and we can exchange?

Get a wall ties specialist to visit the house and see what needs doing. He will have to contact the estate agent to request access. If it needs wall ties and lets say they are going to cost £500, ask the vendor to go halvers, im sure they will. To answer your question yes they will lend you minus the £1000 which will be paid after completion of remedial work.