Work to be done between exchange and completion

Linzj70

I am purchasing a house in an area I really want. Structural issues have been found which do not appear too problematic but the Marsden Building society ( a very small restrictive one I have found wont lend). Basically, when the double glazed windows in the bay were installed, there was inadequate support which has led to cracking.

I really want the house but the seller has said he will only continue if I get another mortgage and the necessary work is completed between exchange and completion.he wants the sale to be guaranteed before forking out the 3k in repairs. If not he will just rent.

I feel uncomfortable about this. Any advice?

Thanks

cattie

What a foolhardy seller! Anybody wanting to buy this house is going to have this problem flagged up on their survey.

Have the Marsden given an actual reason for not wanting to lend? Only generally if essential works are required on a property the lender will place a restriction on part of the mortgage with funds to be released when works are satisfactorily completed.

I'd be uncomfortable with the situation your vendor has suggested as there is no guarantee he will get the work done & if he doesn't, you are left with a house that needs £3k worth of repair work.

He knows there is a big problem with the house & it's in his own best interests to have it fixed, so why hasn't he done so before putting it on the market? Doesn't make sense to me as the majority of people really do put their houses in order before marketing them.

thelem

cattie wrote: »

He knows there is a big problem with the house & it's in his own best interests to have it fixed, so why hasn't he done so before putting it on the market? Doesn't make sense to me as the majority of people really do put their houses in order before marketing them.

He probably doesn't have the cash available, but would do once he sold the property. Obviously it will make the sale harder though, so he may end up selling for less than he could have done if the problem had been fixed already.

Linzj70

I will have to write what works needs to be done into the contract I guess. I worry cash is his issue, he absolutely refuses to reduce the price to leave me to do the work. Can he use my deposit from exchange to do the work, and then complete. I also wonder if I will need to get some out out to check the window supports while the brick work is off because essentially I will not know if it has been done as it is internal. Any other advice please?

ValHaller

Linzj70 wrote: »

Any other advice please?

I never like the idea of vendors doing work between exchange and completion - nor even after going on the market. Essentially the work will be done to appease whoever is making the fuss rather than to solve the problem and avoid other problems

If he will not do it before exchange, then plan to do it yourself. And if he will not cover the cost for you to do it, walk away.

G_M

The vendor will have every incentive to fo the job as cheaply, quickly, and shoddily as he can.

Either do the work yourself after purchase, with the price reduced appropriately, or get him to do it before Exchange,so you can check it before commiting.

makeyourdaddyproud

This seller sounds very clandestine. I would also worry about what he's not telling you. I would pull out of the sale and look for another in this area.

DRP

Linzj70 wrote: »

I am purchasing a house in an area I really want. Structural issues have been found which do not appear too problematic but the Marsden Building society ( a very small restrictive one I have found wont lend). Basically, when the double glazed windows in the bay were installed, there was inadequate support which has led to cracking.

I really want the house but the seller has said he will only continue if I get another mortgage and the necessary work is completed between exchange and completion.he wants the sale to be guaranteed before forking out the 3k in repairs. If not he will just rent.

I feel uncomfortable about this. Any advice?

Thanks

Definitely agree that it could be a bad idea for the vendor to do the work - you will be committed to the purchase, yet there is no guarantee the work will be done properly.

get him to drop the price by 3k (or meet him halfway might be sensible).

If he plays hardball and refuses, then you need to decide whether you really want to buy the place

MoneyMate

Don't forget to insure your existing AND new property are both insured between exchange and completion .

Not all solicitors will tell you that changes that happened some years ago mean you should insure both between exchange and completion . :beer:

robatwork

G_M wrote: »

The vendor will have every incentive to fo the job as cheaply, quickly, and shoddily as he can.

Either do the work yourself after purchase, with the price reduced appropriately, or get him to do it before Exchange,so you can check it before commiting.

^^ This.
But with an extra t in committing

G_M

Considering how pedantic, sarcastic and facetious I can be, my spelling is atroxus.


Having a dodgyspacebarisn'thelpingmytypingeither...

:rotfl: