Any advice?

EvaCustard

We have an AIP from our lender and are just waiting for the formal mortgage offer to come. The survey (basic) we had on Thursday and the report arrived on the doormat on Saturday.

The report has valued the house at £2k less than the asking price which is how much we have offered.

The report states -

"The property is in an acceptable state for lending purposes. My valuation reflects the fact there is wear and tear to some items and that maintenance repair or upgrading will be required. In addition to items of routine maintenance and repair, urgent repair is required to the following -

Walls/Structural

There is evidence if cavilty wall tie failure and repairs are necessary.

Damp & timber

There is evidence of dampness to ground floor walls and timbers in contact may be defective. You should instruct a damp and timber treatment contractor to investigate to full extent and carry out necessary repair work.

Inside

Internal plaster requires repair or renewal."

It also states -

"My valuation of the property when the urgent repairs are satisfactorily completed is £Asking Price."

My question is this - which bits are the urgent bits? All 3?

What does all of this mean?

Sorry for the daft question and I already know I'm just trying to 2nd guess what the offer letter is going to say but I'm worried about it all now!!

The house is an early 1900's mid terrace.

kingstreet

You will be required to get an independent inspection of the T&D and wall ties.

Avoid firms "free reports" as these will often lead to expensive remedial work which may not be needed.

Look here for an independent surveyor in your area;-

http://www.independentdampsurveyors.co.uk/

and have a look at this thread;-

https://forums.moneysavingexpert.com/discussion/766339

EvaCustard

Thanks for the links!

EvaCustard

kingstreet wrote: »

You will be required to get an independent inspection of the T&D and wall ties.

Should we do this now before we get a formal offer or wait until we see what the offer says.

Sorry, I'm sure it seems like a really stupid question

EvaCustard

Sorry to bump this up but can anyone answer should we get this done now or wait for mortgage offer?

Thanks

monty-doggy

My survey showed similar things, and I was happy to proceed with the purchase and get them done once we've moved in (Friday!)
You have to remember yes the work needs doing, but the house isn't going to fall down tomorrow if you wait a while.
The current owners wouldn't have known about it and had they not been selling, how long would they have lived there until it became apparent?

If you love it, buy it!

EvaCustard

monty-doggy wrote: »

My survey showed similar things, and I was happy to proceed with the purchase and get them done once we've moved in (Friday!)
You have to remember yes the work needs doing, but the house isn't going to fall down tomorrow if you wait a while.
The current owners wouldn't have known about it and had they not been selling, how long would they have lived there until it became apparent?

If you love it, buy it!

Thanks so much for your response. It's made me feel better

We are happy to do the work we just don't want to have to do it right now.

Were your mortgage co ok with the report? We're using Halifax.

monty-doggy

Yes I'm with woowich. They said they were happy, with the surveyor staying it was a fair price for the current condition. I rang the surveyor and it was him who said to me the house won't fall down, but you should get the work done as soon as you can so it doesn't get worse and cost more. We need a lintel above a window as the brick work is sagging- this scared me and I was like omg! We also need damp course, a new felt roof on the flat extension and a new conservatory. I know it will take time but I love the house and it will be my forever home so I am happy to get it done bit by bit and make it mine

EvaCustard

Thanks a million for this - it really does help!!

EvaCustard

I'm back again

We had the Damp & Timber Survey done - Thanks to Kingstreet again for the links as the guy I got was on one of those links.

The D&T survey shows no damp issues, just "lifestyle condensation" basically we need to open more windows and get a cooker hood that actually works!!

My question now is this, my broker has said the report goes back to Halifax who pass it back to their Surveyor to comment on before they will consider lending the extra amount (we already have formal offer for reduced amount but they wanted the D&T report before considering the original requested amount!) so even though I know all circumstances are different, in your experience, do the original surveyors usually take the specialist reports on board and agree with them?

Thanks

EvaCustard

Sorry for bumping this up - it's just been playing on my mind!