Is redemption a possibility?

roosterbean

Hi guys and gals,

We have an offer accepted on a 1930s semi detached that was lived in by an old lady for many years. The house will probably need a lot of updating (re-wire, new kitchen and bathroom, guttering etc). We have a large deposit to put down on it:D and OH is a builder:j , however, our buyer is a FTB who wants to move quickly.

How possible will this be? I am a little worried that we will probably have to get extra reports (timber & damp etc) and I'm not sure how fast this can be achieved - anyone?

I would also really like to know what the possibility of our lender (Halifax) putting a retention on it?

Doozergirl

It's hard to even guess what Halifax will do without knowing the house but if your larger your deposit is, the less likelyhood there is of a retention or of needing specialist reports. If H is builder, he should have a fair idea of what is up. If you want your own independent reports carried out in addition to the mortgage valuation, then you can do this at any point from now.

What I will say is that FTBs are incredibly eager people and your FTBs are very lucky to be in such a short chain and with you having a good deposit. It would be wise to point out gently that whilst you will not impede anyone's progress, you have very little control over how quickly things move. It's all down to the mortgage company, surveyor, solicitor, all the different authorities that have to be appplied to for searches and, in the case of leasehold properties, the freeholder and managing agent.

Sometimes it comes together quickly, sometimes it doesn't. FTBs have a habit of expecting a bit too much, so just try to keep them in check - it's not your fault if it takes longer than they want - everyone needs to be sure that the house they are buying is a sound investment and that is what conveyancing is for. It's not there purely to annoy FTBs Just keep them reassured that it's all going through and that you are still selling your house to them.

roosterbean

Thank you for your Very Wise words of Wisdom!!:A

Is 40% of offer the sort of deposit that could avoid a retention?

I'm on hols next week so won't know what our report reveals until the following week....arrgghh....FRUSTRATION

Doozergirl

I should think so. Your H is the one to know if there are anticipated structural problems. These are more likely to result in a retention than a bit of a damp reading.