repossession house advice

missscousemouse_2

hi some advise would be greatly appreciated my partner and i are buying a new home its a repossession property, we paid for an in depth survey which flagged lots of damp probs, poss elec problems and suspect gas heaters and need for central heating system etc and valued house at £110,000 we were in a bidding war and had our last offer of £114,000 accepted. its a 4 bedroom property. there are 3 bedroom houses on the same street going for £135,000 which are not that much better. ive had damp and timber specialist out who said there is no problem with damp, the damp course failed so need a new one for £300. the gas man did once over and a new central heating with pipes removal of suspect heaters and water boiler that was leaking removed etc is £3000 im waiting on electric guy to come out too so all in all not a costly house to fix probs.
now advice from people in the know or have had similar happen we have been told by the morgage broker the fact the survey says its valued £4000 less than we bid could be a problem for the bank. also we may have to have the problems fixed before we move in. we are worried we will get work done then someone tries to take the house before exchanged if we have to do jobs is there a way to make sure they cant accept another offer on house? this is all new to us and we are so stressed with it all. we just want to get in quick as passible

dimbo61

So the house needs new damp proof course, complete rewire and new gas central heating system with combi boiler, then replastering , redecorating.
How are the kitchen and bathroom/s ?
If you are making a mess ie rewire/new heating ( nice chrome towel radiator ) may as well do it all in one go.
Survey shows house worth £110K and you offered £114K so if you are putting down 15/20% deposit and have spare £4K plus money for work say £10K no problem.
Back to estate agents for price reduction or walk away
Buying a house causes huge stress but buying a repo which needs £10/15K of work !!!
Hope you have deep pockets

dimbo61

It is not a new house !
The estate agents will sell to the highest bidder right up to exchange
You need to move fast if you want to buy this property and your lender may put a retainer on the sale ie you do not get the full amount until works done rewire, central heating, damp course, etc

missscousemouse_2

its quite a modern house, kitchen is good the bathroom is couple of yrs old,, its been looked after.
had electrician out and doesnt need rewire but needs some work prob about £500.
so cost is £3000 to have a heating system with top boiler new pipes etc remove leaking boiler and gas fires.
£300 new damp course
£360 to replaster box bedroom all understairs cupboard and ceiling and replaster dining room ceiling after bad leak from upstairs boiler
elec about £500-£600
the damp report said all good, the plumber said all pipes and fittings good. its a good house but the valuer went crazy on the place maybe because its a repo and had been empty a while.
its stressing us out because the house is perfect for us but this is taking time to get the quotes and have to wait what the bank say now

opinions4u

If it's only 2 years old how about looking at what the NHBC does / doesn't cover.

http://www.nhbc.co.uk/Warrantiesandcover/

Thrugelmir

missscousemouse wrote: »

but the valuer went crazy on the place maybe because its a repo and had been empty a while.

Valuer works for the lender not you. So is protecting their interest.

missscousemouse_2

we are not sure if we should try and get them to reduce price after survey but my partner says it forbids it in the terms and conditions. we really dont want to lose this house over £4000 its perfect for us

hcb42

how much is the lender willing to lend to you?

Can you make up the shortfall and pay all the fees?

Normally it is only a problem if you cannot bridge the gap, and this will also impact the LTV% which may be an issue if your rate is contingent on a max LTV

dimbo61

Tell them surveyor has valued property at £110,000 and that is what you are now offering.

Mrs_ted

114,000 for a 4 bed I would chew the Estates agents arm of for itf. Where is this house?

bigadaj

Mrs_ted wrote: »

114,000 for a 4 bed I would chew the Estates agents arm of for itf. Where is this house?

There's plenty around, just not in popular areas. Sounds like you are in the south-east, go above the exe tees line and there will be plenty of choice, but with a consequent reduction in jobs, salary etc

From the OPs name I would guess it is Liverpool or nearby in the northwest.