Valuation and Mortgage advice

Parafira

kingstreet wrote: »

That's why a price reduction doesn't deal with a retention. The only way to avoid it is for the vendor to get the work done and then sell to you at the "value after completion of any essential repairs."

Thanks kingstreet, I believe that is what I will end up doing. As the vendor does not have any money to do the work I will do it myself and will ask him to sign some document confirming that he will sell the house to me (and nobody else) after I do the work.

Fire_Fox

Parafira wrote: »

Initially the were saying about retention, now, after the price reduction, they are saying they will not lend unless the wall is done. You mentioned they will release the money a couple of months later, but I do not think the seller will be happy to wait a couple of months for his 5K.

The vendor doesn't wait you pay the full price on completion and the funds are released to you as the borrower, as I said "So you have to find another £5K now." The only way you can compel the vendor to sell to you is to exchange contracts. Your conveyancer will strongly advise against this without your funds being in place.

Parafira

Thank for the explanation

Parafira

Ended up writing to the valuer directly (via Countrywide) avoiding Nationwide, explained the situation and told him that the discount will cover the wall rebuilding. He amended the report and now Nationwide has passed my application to the Underwriters, it is taking soooo long.

Parafira

BTW, just remember we are all people, mortgage handlers or valuers, and you can reason with anybody, more or less reasonable :-) Just be honest and do not try to screw anybody up, and people will trust you.

Parafira

My personal advice, if you will ever be in a situation when Nationwide tells you that the valuation is bad an there is no go, contact Countrywide or the valuer, explain your situation and they will be very understanding. Do not give up, fight to the end.