First Time Buyer Help!

MRP_MRP

Hi All,

I am currently trying to purchase my first ever property! So far I've has an offer accepted on a leasehold flat, the solicitors are ready to go, and mortgage has been agreed.

Today I have recieved back the lenders Standard Valuation Form. This has bought up an essential repair of Re-support bedroom chimney Breast and then it has £1000 next to it. Other general observations include historic evidence of Woodworm which recommends to be checked out, and the kitchen chimney breast that has been removed which is supposrted but recommends to request the relevant building control approvals. Lastly the roof is in its latter stages of life and may need an increasing level of repair.

It says that it recommends that the mortgage advance still goes ahead, but the removed chimney breast should be a condition.

I now have no idea what to do with regards to this. Is it now down to me to go back to the estate agents and discuss this further with the vendor, i.e. discuss in dropping the price or getting a guarantee on the roof? I take it my solicitors do not get involved in this?

Any advice would be much appreciated on this, I am finding the whole buying process rather confusing! :huh:

Thanks!:)

kingstreet

I assume the £1,000 mentioned is under the heading of a retention?

This means the lender will hold back this amount from your mortgage advance until the work is carried out satisfactorily.

When a chimney breast is removed, it needs to be replaced by a lintel which takes the weight of the brickwork above it. If nothing has been added, the property can become unstable and masonry can fall from top to bottom. If your solicitor cannot obtain confirmation this was carried out correctly, take your ball home right now.

Before I spend half an hour compiling advice and information, are you sure you want to proceed with this property? Which flat are you buying? Who is responsible for roof repairs and replacement - you? All the flats in the block? A roof is a very expensive bit of kit and if you are on your own with repairs, I suggest you exit stage left, pronto!

If you do decide to proceed, check out independent surveyors in your area to report on the timber http://www.property-care.org/ avoiding firms who report and do the work as they may quote for work which isn't needed.

Don't attempt to renegotiate with the agents or vendor until you know EXACTLY what will have to be done to the property and EXACTLY what it will cost to put it right. Is the value now the same as what you are paying, or is the current value lower? Is there a higher value once works are completed?

I take it you didn't use a broker? If you did he should be going through all this with you and helping you get reports/estimates/quotes for the items discussed.

MRP_MRP

Kingstreet,

Thanks for your reply.

The flat is one of two flats in a terraced house. I will be purchasing the flat with a 999yr lease, and the freeholder owns the flat below as well. The costs of anything required doing to the building will be split 50/50. The flat has just been completely refurbished.

With regards to the retention, all it says is Estimated cost of repairs if retention is recommended : £1000.

Its states "a section of chimney breast has been removed in the bedroom. A structural engineer should inspect and advise accordingly with any necessary repairs conducted as a condition of advance". Is this something i have to sort?

No I went direct to the bank - i suppose their mortgage advisor should help to explain this?

I am getting a bargain with this flat anyway as its priced to sell.

Thanks

kingstreet

Ok. You'll need to get a report on the condition of the roof.

You'll need a report on the condition of the timber and consider this with any guarantees your solicitor can get from the other side IRO work already done.

See what your solicitor can get from the other side re the chimney breast works and building regs before you do anything else on that. If necessary, get a structural engineer's report on the whole of the property, if your solicitor doesn't get decent answers.

Not saying it is the case here, but it seems a smashing idea to find out you have structural, timber and roof problems then split the property into two and find a mug to pick up half the tab after you get fair market value for the half you sold.

I'd be surprised if the bank's "salesperson" has the experience to deal with issues like this. Please tell me you're going to get independent advice for your protection - life cover, home insurance etc. and you haven't bought that from the bank...?