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100% retention
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Socksey
Posts: 80 Forumite
Hi
I had an offer of £63k accepted on a house that was on the market at £70k.... one next door sold in 2010 for £80k in better decorative order.
I knew it needed some TLC but in my view was habitable...
Valuation report came back disastrous... valued at £50k now and £55k with work done and a 100% retention... possible woodboring infestation, kitchen upgrade, possible damp, possible asbestos, heating system overhaul (the boiler is not working and has been removed). I had budgeted so do some of this work after purchase, except for the kitchen which I actually like...
These are just the major / essential works and there is a list of other general maintenance stuff but nothing that I would consider major....
They are willing to lend on it with the retention... I really like it but have never dealt with this situation before and have no idea what to do.
Thanks for any advice...
I had an offer of £63k accepted on a house that was on the market at £70k.... one next door sold in 2010 for £80k in better decorative order.
I knew it needed some TLC but in my view was habitable...
Valuation report came back disastrous... valued at £50k now and £55k with work done and a 100% retention... possible woodboring infestation, kitchen upgrade, possible damp, possible asbestos, heating system overhaul (the boiler is not working and has been removed). I had budgeted so do some of this work after purchase, except for the kitchen which I actually like...
These are just the major / essential works and there is a list of other general maintenance stuff but nothing that I would consider major....
They are willing to lend on it with the retention... I really like it but have never dealt with this situation before and have no idea what to do.
Thanks for any advice...
0
Comments
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This is only proceeding if you obtain all the required reports and estimates and the surveyor is prepared to reduce the retention to an amount you can afford to cover by increased deposit.
Effectively, this property is not considered mortgageable by this surveyor.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 -
If nothing else, it sounds like you don't want to be paying over 50k. Personally I'd walk away, or significantly reduce the offer.
Presume you can't proceed with a 100% retention anyway...?0
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