Help needed please

Caz2_2

:mad: Hi. I applied for a mortgage through a mortgage advisor, it was done with C&G building society nearly 5 weeks ago now. They did a valuation and said that we needed a structural survey done because the valuer thought it was moving, so we did. We took a structural engineer out there and guess what- no movement this cost us £500 plus the original valuation of £300. I have just been told that we will get our mortgage offer but because the house needs some work doing ie a new roof, that we cant have the money untill the work is done! Can any one explain please how we are expected to replace a roof when the house belongs to someone else. Does anyone know of a way around this or even if this is normal practice. PS Our mortgage advisor is on to them now he said this is not normal but I wondered if any of you lot know, please reply if you can as I am going slowly mad. The solicitor is now ready for the offer so her bill is going to be £900.
Thankyou:mad:

dunstonh

Can any one explain please how we are expected to replace a roof when the house belongs to someone else.

You approach the estate agent and tell them about the survey and agree revised terms with the current owner. These can be that the current owner does the work or they reduce the price by the cost of the work.

You shouldnt be mad about this. It is quite normal and things like this work in your favour. Assuming the vendor isnt difficult and refuses to play ball.

Caz2_2

Hi thanks for replying. There is no estate agent involved. We are paying under the market value because of the work needing doing. We are happy to do the work as hubby is a builder and we are only borrowing 75% of the house price. Apparently it is normal to with hold say 10% until the repairs are done, but with this Building society they expect the lender and seller to exchange contracts pay 10% deposit and only complete when all the work is done. I think this is barmy and it took them 5 weeks to decide on this. I would not use them again. We are now looking for a new mortgage!

danjberry

a fell retention can be held by the lender, if their is substancial work that needs doing or the property is not habitable, they have to make sure the work is done so their investment is secure before lending funds. I know this can be very hard and some people just drop the purchase due to this or if lucky enough find the money elsewhere to pay for the property and carry out the repairs prior to completing the mortgage, or go with another lender but obviously this is not ideal due to time and lost fees