Retainer

law757

Hi we are going though on a property we are selling and the couple had to have a damp and roof report done they now have a £3ooo retainer on there mortgage so do we now have to do the work or can we knock it off the price and it all goes ahead without use having to do the work ??

Also they are renting the property on a month bye month contract till the sle goes through as they needed to get in the contract has get out clauseses for us but we need the sale to go through so we can start our extention and we really dont want to loose the sale but carnt really do the work

so surly if we say drop the price it can all go ahead ?? having a panic

going to see estate agents this afternoon has anyong got any advice for me ?

BitterAndTwisted

Don't panic. Only a complete fool would let the vendor carry out work like that. Agree to reduce the price for whatever remedial works is required.

kingstreet

The retention will not be lifted by you reducing the price. Did they get the inspection carried out by an independent damp surveyor or by a firm which carries out such "repair" work?

It may be an idea to commission (at your expense) a report by an independent damp surveyor to establish if the amount/cost of the work is realistic.

In my experience £3k would pay to do a full damp course and remedial plaster work in two small houses.

theartfullodger

Assuming you mean it is tenanted, don't (DON'T!!) exchange until tenants are out & vacant possession confirmed by Solicitor

greenhill

theartfullodger wrote: »

Assuming you mean it is tenanted, don't (DON'T!!) exchange until tenants are out & vacant possession confirmed by Solicitor

I think the OP is saying that the property is being rented by the prospective purchasers.

I THINK..................could be wrong......I'm blonde;)

law757

yeah just seen AE and they seem to think it will be alright and that £3000 was far to high and prob only be maybe a grand so sure it will all sort it self out

law757

yeah no the tennents are the prospective purchasers they compleated last week so we had a contract drawn up for them to rent whilst sale going through , so they are paying rent and had to stump up depost and months rent before i would sign contract

thanks so far for advice guys

G_M

law757 wrote: »

yeah no the tennents are the prospective purchasers they compleated last week so we had a contract drawn up for them to rent whilst sale going through , so they are paying rent and had to stump up depost and months rent before i would sign contract

thanks so far for advice guys

??
I have no idea what this means. Starting 'yeah no' kind of sets the scene for ambiguity!

So the purchasers are 'prospective', and yet ' they compleated last week'. Hmm......

You've signed a contract..... which I assume is for the rental agreement? Or the sale?

All very confusing.

The question about damp diagnosis is unanswered. Do you thinks there's damp? It's your property so surely you'd know....?

Who diagnosed it - a surveyor with a so-called and mis-named 'damp meter'? Or a sales rep from a damp company? Or a reputable iindependant damp expert?

law757

HI
sorry I was in a rush with my last post!

WE have had a damp report done and the amount of work is quoted

£1100 . so we are waiting to here from the buyers if they want to makeup the short fall with the mortgage or do they want us to reduce the price .

they completed on there property last monday and we agreed a letting contract whilst they are waiting for our sale to go through so they are in the property as tennents , they seem very happy and our contracts for the sale from both partys will be ready for tuesday .

yes I am aware that there is small amounts of damp in the celler the property was built in the 1890 so to think there is no damp there i am not that stupid .

so i will wait to here from them on monday they have been in today to the EA and seem very happy and are just getting on with it so im sure we can come to an agreemnet on monday to get it sorted.