Timber/damp survey

holly_hobby

In my own prof experience, Peter Cox was (and remain) a national firm, whose reports lenders readily accept and have an excellent reputation (of course thats not to say that there are local practioners that aren't of equal measure, but a company I thought I'd mention if your struggling - and no I have no affiliation with them !).

Of course even if the Vendor reduces the asking price in accordance with the cost of remedial works (if the retention following D&T is revised from full to partial), this will not affect the amount of retention that is to be withheld from whatever the revised pch price may be - as it is a cost representative of works which of course will remain the same regardless of what the pch price is.

So if a partial retention, and the Vendor won't do the works, you will have to meet the cost of works from your own capital, then applying to the lender for the release of the retained funds ( this must occur within the immediate 6 mths following completion and will usually be subject to a re-inspection fee).

If following a D&T, the diagnosi remains a full retention, then the Vendors have the only option of selling to a cash buyer (or someone whom can initially fund the pch price from private funds, and then request drawdown of the mge following completion of works and re-inspection within 6 mths), OR funding and having the works actioned themselves with re-inspection) prior to completion.

Damp and rot is a very serious issue, and you don't want to be buying someone else's problems ... so you must ensure here that your head rules the day and not your heart .... x

Hope this helps .. good luck

Holly

abankerbutnotafatcat

I got a very comprehensive and useful report from a PCA independent surveyor for £200 and that was London rates.

Rovver125

Holly, many thanks for the advice. We have found a local surveyor who specialises in timber/damp and am awaiting a price and availability from him.

We are almost certain that the reason the valuer put a full retention on the property was due to the fact we are in an area where concrete screening tests are often requested for something called mundic.

We were prepared for this and had already had this survey done in advance and thankfully I have had the nod from the surveyor today that the property is mundic free! A huge relief when buying in our area!

As much as we have tried to think with heads not hearts, this property is so us, in the perfect location, perfect size etc. Properties like this rarely come on the market in this area so we are determined to fight for it.

We took a chartered surveyor friend with us to the second viewing and offered based on his recommendations and knowledge. We are confident we are buying somewhere that has relatively minor timber and damp issues, much of which I could deal with myself.

Everything is crossed at the moment for the final two surveys (also having an electrical test/inspection).

Much as we have prepared ourselves for the worse, I know it will pain us so badly to have to walk away from this after all the time and money we have thrown at it, and it doesn't help that ever since we started looking, we have only seen one other property that fits our criteria but in completely the wrong area...!

Some might say we are too fussy, but this isn't a step onto the ladder, this is a home to settle down in and start a family and we really aren't prepared to settle for second best unless we have absolutely no other choice!

holly_hobby

Of course and I can understand ...

With regards to repairing any D&T issues yourself, if you want to request drawdown of the retention, you may well find that the lender wants the works done by a qualified and professional ppractioner whom can provide an ins backed gte (and thereby whose work is indemnified).

Any re-wiring of elects etc - again, if there is a retention that you want later drawndown, if you do the works yourself/or an unqualified person/electician not a member of a prof body does it, you will need the works examining by a qualified electirican (e.g NICEIC certified) whom for a fee will examine the works and provide a safety certificate.

Hope this helps

Holly