Result of Damp & Timber survey. Game over!?

set

Hi

After valuation (purchase price £90k) lender wanted Damp & Timber survey. We haven't had full report as it was only done today. Carried out by independent so no selling as they don't do the works just surveys. Anyway, he rang straight after he'd done the survey. Apologies but I can't remember everything he said but the gist is:

Damp proof course bridged, I think the concrete round the property it up to the top of the airbricks. He said it would be a foot deep. Plastering walls. Also said something about pointing. He said that's the main cause of damp. Also said about a couple of other things, small flat roof, would need doing soon. Having no idea about all of this I just asked straight out is this going to be expensive, he said yes. He said to get an estimate of work with reputable builder and see what quote is. I dread to think what the quote will be.

We won't get report until next week when we will send it to lender. After reading posts on here we are thinking the lender will put retention on mortgage or not release any funds until work is done.

to say we're gutted is an understatement, we love the flat. BUT we have had a long talk and we will send report off to lender, get a quote and then tell the vendor. We have decided that if the vendor is not prepared to get the work done then we're going to have to walki away.

Your opinions would be really welcome.
Thanks guys

amnblog

Sounds like you don't need our opinions.


You have come to a smart conclusion yourselves.

csgohan4

Get the seller to knock price down, once you have estimates, or you walk.

The seller will face the same problem whoever he sells too. Unless the buyer is stupid enough not to commission a building survey. you might want to tell them that too

set

Thanks guys. It's just a matter of waiting now. Waiting for timber & damp report to be written up next week, then waiting for lenders decision. will take it from there.