Worrying Survey - What to do next

ReadingTim

dave8989 wrote: »

I think I'm going to email my solicitor saying only way to move forward is to ask for contractors to come and quote and all repairs to be covered by the vendor.

Dunno what you mean by this, but I'd still be cautious:

If you mean the vendor arranges for the work to be done at their own expense and hence sells you the ready to move into house you were expecting, then there's no guarantee they won't cut corners as they have already done with the refurb

If you mean the vendor knocks the price of the work off the purchase price then you'll have to pay for the work yourself. Assuming this comes from your deposit, it means that the LTV will increase, and your mortgage deal might fall through or be more expensive than you thought, especially if you're at a high LTV anyway.

Finally, some of these issues may have also been picked up by the valuation survey causing the bank to re-evaluate the amount they're willing to lend on the place...

Davesnave

This wasn't a renovation; it was a bodger after a quick buck, or an incompetent who watched too many Homes Under the Hammer.

It's a lot of hassle for a type of house that's as common as muck, so unless there's an amazing unique selling point you've not mentioned, I'd look elsewhere for a better maintained property.

G_M

dave8989 wrote: »

... I think I'm going to email my solicitor saying only way to move forward is to ask for contractors to come and quote and all repairs to be covered by the vendor. Of course vendor won't accept but the price that was accepted was for a ready to move in property!

* not sure why you're emailing your solicitor. You only need to do this if
a) you have agreed a new price with the seller and need o tell the solicitor
b) you want to stop the solicitor racking up costs, and put a hold on the conveyancing till you've decided what to do
c) you've decided to withdraw

* if you decide to continue, do NOT get the seller to do repairs. They'll be bodged. Get the price dropped and pay for them to be done properly yourself after you buy.

[Deleted User]

ReadingTim wrote: »

Dunno what you mean by this, but I'd still be cautious:

If you mean the vendor arranges for the work to be done at their own expense and hence sells you the ready to move into house you were expecting, then there's no guarantee they won't cut corners as they have already done with the refurb

If you mean the vendor knocks the price of the work off the purchase price then you'll have to pay for the work yourself. Assuming this comes from your deposit, it means that the LTV will increase, and your mortgage deal might fall through or be more expensive than you thought, especially if you're at a high LTV anyway.

Finally, some of these issues may have also been picked up by the valuation survey causing the bank to re-evaluate the amount they're willing to lend on the place...

Yes I agree about not trusting the vendor to do these repairs correctly!
I would expect the vendor to drop the price of the property in relation to the cost for the repairs.
Regarding the LTV issue - my deposit is 36% and the mortgage deal offers up to 70% LTV, the cost of repairs I imagine to be around equal to 5% reduction in house price.
The Surveyor who did my homebuyers report also did the valuation for the mortgage company which confirmed they would lend the full amount.

[Deleted User]

G_M wrote: »

* not sure why you're emailing your solicitor. You only need to do this if
a) you have agreed a new price with the seller and need o tell the solicitor
b) you want to stop the solicitor racking up costs, and put a hold on the conveyancing till you've decided what to do
c) you've decided to withdraw

* if you decide to continue, do NOT get the seller to do repairs. They'll be bodged. Get the price dropped and pay for them to be done properly yourself after you buy.

Yes I agree about not trusting the vendor to do these repairs correctly.
Sorry - I mean to email my solicitor about b) and to warn about the likelihood c) happening.

DRP

dave8989 wrote: »

Yes I agree about not trusting the vendor to do these repairs correctly!
I would expect the vendor to drop the price of the property in relation to the cost for the repairs.
Regarding the LTV issue - my deposit is 36% and the mortgage deal offers up to 70% LTV, the cost of repairs I imagine to be around equal to 5% reduction in house price.
The Surveyor who did my homebuyers report also did the valuation for the mortgage company which confirmed they would lend the full amount.

On this forum, often when a seller comes looking for advice that their buyer wants to renogotiate, there's a few comments along the lines of "if the valuation has come back fine" then everything's ok, and no need to drop the price. This is likely to be the response of your seller/agent when you bring the survey to their attention...

This thread is a good example of why valuations can be a load of pants. Presumably the valuer has looked at your fat deposit and done a calculation based on the bank getting their money back if you default.

It certainly doesn't mean the house is worth the money!

As others have said, unless the house is well priced to start with, or has other redeeming features (location?), then start looking elsewhere.

[Deleted User]

DRP wrote: »

On this forum, often when a seller comes looking for advice that their buyer wants to renogotiate, there's a few comments along the lines of "if the valuation has come back fine" then everything's ok, and no need to drop the price. This is likely to be the response of your seller/agent when you bring the survey to their attention...

This thread is a good example of why valuations can be a load of pants. Presumably the valuer has looked at your fat deposit and done a calculation based on the bank getting their money back if you default.

It certainly doesn't mean the house is worth the money!

As others have said, unless the house is well priced to start with, or has other redeeming features (location?), then start looking elsewhere.

Thanks thats useful advice. I did wonder how the same surveyor could be willing to OK the valuation for the mortgage company and then give me a long list of major faults in my homebuyer report.

DRP

dave8989 wrote: »

Thanks thats useful advice. I did wonder how the same surveyor could be willing to OK the valuation for the mortgage company and then give me a long list of major faults in my homebuyer report.

Have you spoken to the surveyor on the phone?

You will get their off the record opinion, hopefully without the standard stock phrases that you find in the report ot protect the surveyor!

ess0two

What did the survey value the property at??

Hoploz

It would be interesting to know what the person selling it bought it for 6 months ago, to see how it compares to the current price.

The things that have come up seem to be pretty major with regards to the roof, so perhaps this might wipe out his whole profit? If he is making a huge whack then he may have over priced it and be willing to come down.