Buy to Let Survey?

matt44

I'd appreciate anybodys advice on buy to let surveys. We have had an offer accepted on a property which is in need of a few minor repairs and redecorating/carpets etc. It is in no way in a lettable condition at the moment, and I really need to know the requirements that the surveyor will want to agree the mortgage.
Thanks in advance.

Dave_Ham

They will not worry about carpets.

They will look at the marketable rent value and the market value for the property price.

Specific things like having a plumbed in kitchen, toilet facilities are a must and are viewed along with structural observations...

Ultimately they are looking to ensure protection financially for the bank..

If you are having the full nutter survey they will go into more detail, but still not carpets, wallpaper etc.

Thrugelmir

Surveyor may recommend a retention to the lender. If the remedial works are for minor repairs.

Irrespective of condition the surveyor will ascertain the going market rental on the basis that the property is lettable. In advising the lender.

ACG

The general rule as Dave says is a kitchen, bathroom, i think hot running water is a must too.

Basically something that in theory you could live in...even if you wouldnt want to.

Sometimes if its something major but quick enough to sort out, you can exchange contracts and complete say a week later once the work is done.

matt44

Thanks for your advice. The minor repairs include replacing a broken double glazed unit and renewing a small ceiling. We are hoping the vendor will allow us to enter the property for a day and carry out these remedial works before the survey takes place.

opinions4u

matt44 wrote: »

Thanks for your advice. The minor repairs include replacing a broken double glazed unit and renewing a small ceiling. We are hoping the vendor will allow us to enter the property for a day and carry out these remedial works before the survey takes place.

What if they remove the property from sale after you've done the work?

Usual time for this would be between exchange and completion or get the seller to pay for the work.

matt44

opinions4u wrote: »

What if they remove the property from sale after you've done the work?

Usual time for this would be between exchange and completion or get the seller to pay for the work.

We've been lead to believe it's a gamble we have to take to even get it to exchange/completion stage?
Our mortgage broker couldn't be specific, but did imply that the decorative state of the property and the small structural repairs it needed would fail to get it through the survey. The property had to habitable from the day the surveyor went in?
Seems an impossible task, as the standards the current occupier lives in would not be acceptable to us, and obviously we wouldnt rent it in this condition.
The vendor is reluctant to let us in even though the gamble is all ours, so would definately not be up to financing any repairs. If the decorative state, especially carpets are not an issue as we were originally told then that helps our case greatly.
But it still leaves us with the ceiling and window repairs which I think may cause issue with the survey.

Thanks for all advice given so far.

dimbo61

So you are buying the BTL place with a sitting tenant ?