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Results of survey - Advice
kingstone
Posts: 8 Forumite
First time poster - We have just had the results of our survey back and it looks like the whole roof will need replacing. I understand that we can negotiate on the price but we don't have the savings to cover a full roof re-fit and the savings in stamp duty won't cover it. My question is, will the mortgage company give us the money to do the work? Or how else do we pay for it? Any help greatly appreciated.
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Comments
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No it won't.
If you have a reasonable deposit, reduce it and increase what you are borrowing to the maximum, 95% say.
Use the money you have left over to fund the repairs.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
The mortgage company will not advance you funds to repair the roof. Choose another property.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for the quick responses - so we will need to renegotiate with the vendors and then apply for another mortgage?0
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I would press the vendors to pay for it before they go... No - one else will buy it with a dodgy roof!0
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Cheers Billybear, that will be my first option then.0
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Well - I say no one else... SOMEONE MAY, but there are a vast amount of variables involved. That would be my first port of call, of course, as mentioned, reducing the purchase amount by the amount of the roof will not give you the ready capital should you be close to your LTV amount.0
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They could patch it up for £3000 which would last 1 maybe 2 years and then would need a total overhaul. The roofer said it wasn't worth it.0
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How much was a new roof?0
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They could patch it up for £3000 which would last 1 maybe 2 years and then would need a total overhaul. The roofer said it wasn't worth it.
Then obtain a full costing for the works and start negotiating. That's if the vendor wishes to play ball. I'm assuming that they are aware of the issue with the roof already.0
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