FTB house needs new kitchen

darren2385

Hello

I have had an offer accepted on a vacant property which needs updating inside. The offer accepted was £15000 less than the asking price.

I am going through a full mortgage application with halifax for 90% ltv.
Halifax are going to do the homebuyer survey soon.

I am now concerned about possible retentions on the mortgage because the property requires updating. Here is an idea of the condition:

Gas Central heating 7 years old
Double glazing throughout
Possibly needs a re-wire
Old fashioned carpets / wallpaper
Bathroom suite maybe 30 years old but working inc electric shower.
Kitchen consists of only 1 worktop, 2 cupboards and sink and gas cooker point.

The biggest issue is probably the kitchen - I consider the house habitable but not desirable - what do people think?

Radiantsoul

I guess beauty is in the eye of the beholder and so one person's old fashionned might be another's classic!

dotdash79

So long that the roof and the walls are solid and no damp, etc. then you should be fine.

However when you move in you might fine it takes a few months to find your level money wise (travel cost, etc.) this might delay the amount of time it takes for you to start work. Unless you have a budget for the work.

darren2385

the halifax mortgage advisor says we need to go speak to him when the survey is completed - why? If we were having the banks free valuation and obtained the survey through another 3rd party surely he wouldn't care? He then says if we are all happy then he would release the funds once the solicitor makes the request. Where does the mortgage 'offer' come into this? He is suggesting that the money is ready dependent on survey but I thought we would need a 'mortgage offer' after the survey (we currently have a mortgage promise)