Essential works resulting from mortgage valuation survey

Lemoncurd

We just got the results of our mortgage valuation survey and it highlighted that it was essential that the felt roof to the garage is replaced at an estimated cost of £1000.
It implied that completion of this work would be a term in the mortgage offer (although we have no confirmation of this). Do lenders tend to require this kind of work to be done before purchase or might they leave something like this open so that you do the work after completion? We were just wondering if it is something that we should try and request the vendor does or if it justified asking for the sale price to be reduced.
I'm not sure that the vendor would agree to either of those options as the valuation was the amount we agreed to pay in its current state or £1500 more once essential works are complete.

dougk_2

Usually if its a detatched garage the lenders won't be too worried.

I would go back to the vendors (via solicitor or EA) and ask that the garage roof is repaired/replaced by them prior to purchase.

The other option is to get some actual quotes for the work and try to reduce the price by this amount. In my experience Surveyours over estimate amounts and try to cover their own backsides!

MGAstra

I am currently experiencing a very similar situation.

I agreed to buy a house at £86,000 which is below the asking price of £87,500. Its a 3 bed semi in a good area, but the house does need alot of work on it. The survey from the lender came back with a £2000 retention based on the condition of the wiring and potential dampness issues. The survey said in its current condition it is worth £84000. I am going to take out a £75,000 loan, but the lender initally said they will only give me £73000 because of this £2000 worth of work required.

Anyway, long story short, I'm going to get some quotes to confirm the this £2000 estimate, then ask vender to sell for £85,000 (ie split the £2000 difference). Only thing is that I dont want to loose opportunity on this house, and I know other people have been looking at it since I put in my offer and they may give full 87500 even tho work is to be done!

slater14

The normal thing to do in a situation like this is to go back to the seller and advise him that you cannot go forward with your offer until the essential work is either carried out or the price is reduced to reflect the work to be done....Your offer is Subject To Survey I presume?

After all, thats why you paid for a survey - to tell you whats right or wrong with the property.

Lastly, and probably most importantly IT IS A BUYERS MARKET (if you wish to buy at current levels). Dont lose sight of that for one moment.