Vendor paying for building works

ValHaller

m0bov wrote: »

that would be mortgage fraud. you would need to reduce the value of the mortgage.

Calling it fraud is completely OTT. What is proposed is perfectly normal and reasonable. All that is required is to be upfront with the lender and make the necessary adjustments

Doglover

Thanks for all your replies. Our problem is that we don't have the money for the work but any price reduction still wouldn't give us money for the work. All I'm trying to do is find out if there is a kosher way of using the price reduction (as a result if the works required) to actually be used for the work.

I'm def nor trying to defraud anyone!

Ivana_Tinkle

Does the work need to be done immediately to make the house habitable? If it's just something that's been flagged up as needing doing at some point in the future it would be simplest just to accept the reduction, have a slightly smaller mortgage and save up to have the work done. (Obviously not applicable if it's a gaping hole in the roof or something but IME surveyors do tend to overstate the urgency of repairs.)

Doglover

Hi, yes I think that's what we've decided to do. The work is damp proofing mainly (Victorian cottage) and having looked into it, it seems that my oh can do a lot of the initial donkey work which would cut the cost. The other flag ups don't worry me too much.