Cost for backing out after survey

botchjob

a full survey isn't going to cost you a grand. We had one last year (3 bed semi in east london) for under £500 as memory serves. Truth be told our surveyor questioned whether we actually needed a FULL survey. As the house had been extended we decided we did, but if it had just been a regular house then a homebuyers report (£350 ish) would have been fine.

kingstreet

"Piggybacking" other peoples' three month old threads does make life confusing.

kingstreet

Roaming wrote: »

The current market value for mortgage purposes is stated as 1 pound! Not sure that is correct.

The present value, including site is not given in the report (as in, the field is there, but no value) The survey was done by country wide - should I give them a call to ask about this?

Does it suggest a 100% retention, or quote the "property is not considered suitable security for the advance?"

Are there any specialist report or inspection recommendations or suggestions?

Roaming

kingstreet wrote: »

Does it suggest a 100% retention, or quote the "property is not considered suitable security for the advance?"

Are there any specialist report or inspection recommendations or suggestions?

Yes, they suggest the following;

1. They do not reccomend the property as suitable security for a mortgage.
2. Suggested repairs need to be made before the advance.

In the list of suggested repairs they list;

Those as advised by structural engineers report.

• Attend to dampness and rot
• Attend to wood boring beetle attack
• Attend to poor plastering
• Check floors, attend to as required
• Check services, attend to as required.

Also, one surveyor said the subsoil was chalk whilst this one seems to suggest its clay. I don't think either of them did a soil test though.

Another surveyor who looked at the property (not the one who gave the above mentioned report) advised we have the drains checked (for blockage and or breakage) but this one doesn't seem to make any such suggestions but perhaps thinks that is covered in the 'dampness' note.

With so much work needed what does it mean for us in terms of the sale price - do we have room to negotiate? The seller is only an executor so there is no insurance he can claim on.

Martin81162

satchmeister wrote: »

If you spend £1000 on a survey on a 100 year-old house it will save you £10,000 at the very least.

It COULD save you £10,000!

kingstreet

fishbulb, martin, 492800, botchjob.

You're commenting on the part of the thread which goes back to March and hasn't been touched until today. Replies to the OP, sarah are probably pointless.

Roaming is the one asking current questions.

kingstreet

Roaming wrote: »

Yes, they suggest the following;

1. They do not reccomend the property as suitable security for a mortgage.
2. Suggested repairs need to be made before the advance.

In the list of suggested repairs they list;

Those as advised by structural engineers report.

• Attend to dampness and rot
• Attend to wood boring beetle attack
• Attend to poor plastering
• Check floors, attend to as required
• Check services, attend to as required.

Also, one surveyor said the subsoil was chalk whilst this one seems to suggest its clay. I don't think either of them did a soil test though.

Another surveyor who looked at the property (not the one who gave the above mentioned report) advised we have the drains checked (for blockage and or breakage) but this one doesn't seem to make any such suggestions but perhaps thinks that is covered in the 'dampness' note.

With so much work needed what does it mean for us in terms of the sale price - do we have room to negotiate? The seller is only an executor so there is no insurance he can claim on.

To be honest, the big issue for you is the retention. A 100% retention means the lender will lend you nothing until the work is done. That means you'd have to increase your deposit to the full cost of the property to be able to buy it, then you'd get the mortgage money released when you get the work done.

You could go to the trouble of getting specialist reports on the timber and damp etc, but the only way the retention would be lifted is if there's little or no work required after all.

I have to say, the property sounds like it'll only be suitable for a cash buyer who can afford to buy it for cash and do it up, before remortgaging after the essential repairs.

Roaming

kingstreet wrote: »

To be honest, the big issue for you is the retention. A 100% retention means the lender will lend you nothing until the work is done. That means you'd have to increase your deposit to the full cost of the property to be able to buy it, then you'd get the mortgage money released when you get the work done.

You could go to the trouble of getting specialist reports on the timber and damp etc, but the only way the retention would be lifted is if there's little or no work required after all.

I have to say, the property sounds like it'll only be suitable for a cash buyer who can afford to buy it for cash and do it up, before remortgaging after the essential repairs.

Thank you for the advice and comments. Having similar thoughts myself.

Sorry to everyone for causing confusion with posts on an old thread! Newbie alert!:o

kingstreet

Roaming wrote: »

Thank you for the advice and comments. Having similar thoughts myself.

Sorry to everyone for causing confusion with posts on an old thread! Newbie alert!:o

Normally it doesn't matter if you follow-on the end of someone else's thread. Today, everyone seems to have carried on Sarah's bit about surveys and ignored your problems with your retention.

It doesn't normally get that confusing!