HB survey finding-reduce price

sam2015_2

The homebuyers report says the property we are buying is in condition rating 3(serious and needs investigating) mainly for the damp on the walls, inadequate under floor ventilation and inadequate extension roof sloe for coverings.

We'd like to know whether the lender willing to reduce the price. What is best way forward? I rather our solicitor deal with the price renegotiation but they say that they don't want to get involve at this stage. So I guess I got to approach estate agent. Do I need to send EA a copy of the survey report or just mention what is on the report and ask for reduction? The report hasn't mention the cost of repair so not sure what to ask for, price wise? I thought the estimate cost of repair will be included in the HB report but it is not.

Wish me luck.

Pixie5740

How does the valuation on the survey compare with your offer?

sam2015_2

The valuation and offer price are the same. Got the mortgage offer with special condition 'all repairs on the mortgage valuation report must carried out immediately after the release of funds'. We reserve the right to re-inspect the property at later date.

kinger101

Unless you have some idea about the potential costs of the work and how serious it is, you have very little chance of negotiating. You will have to provide them with some documentary evidence, including the valuation in it's present state.

Not sure getting the solicitor involved helps. They're not messengers.

EDIT: Most sellers are not going to budge if the valuation comes back okay. Most homes have some defects.

sam2015_2

kinger101 wrote: »

EDIT: Most sellers are not going to budge if the valuation comes back okay. Most homes have some defects.

I thought the same but have a special condition on mortgage so might be worth a try.

Getting some one into get quotation will delay things even further...that is my worry. Had to wait couple week for the valuation people to get access to the house...something about the vendor not being around much. Plus I don't know any builder or who could recommend one.

melstar11

This is the most expensive purchase you are going to make so a couple of weeks to organise getting quotes shouldn't stop you from doing this. But none of the issues so major or can't be fixed or the valuation would have been less than the agreed sale price or there would have been a retention placed on the mortgage.

In your shoes I would tell the estate agents that the survey has come back listing defects and you need to be sure that you can afford to put them right before proceeding so will need quotes. Ask around to find a builder who can take a look for you.

kinger101

sam2015 wrote: »

I thought the same but have a special condition on mortgage so might be worth a try.

Getting some one into get quotation will delay things even further...that is my worry. Had to wait couple week for the valuation people to get access to the house...something about the vendor not being around much. Plus I don't know any builder or who could recommend one.

There's no harm in trying, but you're in a better position if you can be clear what the costs would be. And for you own piece of mind, you should know how much it might cost to fix. You could always try phoning the surveyor for clarification.

camptownraces

Your surveyor should have identified the jobs to be done, in such a way that a builder could give a quote. He could also have given you a likely cost for these jobs based on his own knowledge. Lastly, if he was being really helpful, he could have recommended two or three local builders.

So, go back to your surveyor and ask for this info.

Dan83

The problems you have mentioned could be big problems and be expensive to repair, on the other hand, lack of ventilation below the floor could be as simple as making. Few holes and fitted vents. There is a forum call diynot, I think it's pretty good, maybe have a look and ask advice on easy cheap repairs?

I'm assuming when you put your bid in, you told them subject to survey reports?

The current owners might know about the problems and are expecting you to come back with another offer.

Just ring the estate agent and put another offer in, don't worry about messing anyone around.

FabiaUnie

I would like to buy) but I also have no bad furniture

marksoton

sam2015 wrote: »

I thought the same but have a special condition on mortgage so might be worth a try.

Getting some one into get quotation will delay things even further...that is my worry. Had to wait couple week for the valuation people to get access to the house...something about the vendor not being around much. Plus I don't know any builder or who could recommend one.

You're potentially exposing yourself to £0000's of pounds of repair costs and you're worried about a slight delay?!

As for the builders, make a bit of effort and make enquiries.