Advice on what to do!

sloanefish

Hi, please be gentle with me!

I am in the process of buying an old house. The surveyors have been REALLY slow, it took them weeks and weeks to do the survey, due to holidays etc. The vendors are getting fed up with waiting and trying to force my hand at this late stage. The survey results have come back and it needs what the agent calls "very minor" things in order for the lender to lend on it, and the agent is trying to get me to exchange or they'll remarket the property.

The reports are electrical, timber, and drainage.

I know it's an old property and it will have problems, I expect that but I do resent them trying to force my hand here. Why can't they wait a week longer? I am really reluctant to fork out for these surveys if they are going to remarket it, which they are saying they will do if I don't exchange in the next few days!

What would you do? Should I just go ahead with these reports, or should I tell the agent that if they do remarket it I'll pull out? I do like the house, but their impatience is mindboggling.

PS: The entire process is in its 10th week now. I wouldn't say that was fast nor particularly slow.

Doozergirl

It's taken 10 weeks to get a survey back? I think that is slow.

Do you have a mortgage offer or are you buying cash? Chain?

It's pretty par for the course for surveyors to suggest electrical, timber and drainage reports. I should think at least timber and drainage could be organised very quickly.

I think you need to have a chat with your solicitor about whether you are otherwise ready. And get a move on with the other reports.

hazyjo

Average is 12 weeks.


Summer is always slow. Just be grateful it's not over Christmas!


I'd try to meet with the vendors to put their minds at rest, or would email the EA daily saying what you had done and what you were waiting on.


Electrics will always be flagged unless you buy new.


It's often the way - people get impatient. I solved it last time I bought by emailing the EA every day with updates. They knew what I was doing and didn't hassle me at all.


Good luck.


Jx

sloanefish

I have everything ready, mortgage etc. The house is empty, it's a probate. So that might be why they are greedy for the money. I can't think of any other reason to risk losing a buyer a few days before exchange. It seems very strange behaviour to me.

G_M

Even if they DO re-market, how long do you think it will take for them to find a new buyer, AND for that buyer to get to where you currently are, or even to Exchange of Contracts?

A month? 3 months???? More?

Surely before then you will have got your additional reports and be ready to Exchange.

The survey results have come back and it needs what the agent calls "very minor" things in order for the lender to lend on it, and the agent is trying to get me to exchange or they'll remarket the property.

The reports are electrical, timber, and drainage.

Why is the agent telling you what the lender might or might not require??? :huh:

What has your lender said? Does the lender require additional reports, or have they agreed to lend on the property?

Do you want additional reports? Why?

Hoploz

If the lender won't proceed until you get the reports done, then you must either get the reports organised ASAP, or apply to a different lender and hope they don't put the same restriction on it. These are the only options really.

After this long I would hope all the legal work is well underway, eg searches done, contracts read through and legal enquiries raised and answered? ... Or have you not done anything else until the survey result finally came in? This will affect the way the EA and seller see you.

If you are as it were, stuck at first base, then this is a long time to have waited with no apparent progress. Who knows how long the process could still take. When the reports are done are you then going to start renegotiating ... These are the things your seller is thinking right now.

However, if everything else in in place and it's just that these further reports need to be done, in terms of boxes ticked for the lender, it could all be over very quickly.

sloanefish

G_M wrote: »

Even if they DO re-market, how long do you think it will take for them to find a new buyer, AND for that buyer to get to where you currently are, or even to Exchange of Contracts?

A month? 3 months???? More?

Surely before then you will have got your additional reports and be ready to Exchange.

Why is the agent telling you what the lender might or might not require??? :huh:

What has your lender said? Does the lender require additional reports, or have they agreed to lend on the property?

Do you want additional reports? Why?

The lender is willing to lend on it, but it must be done before completion. So I can go ahead with exchange now if I want to, the lender wouldn't have a problem with that, but the risk is too great for me, as the cesspit has flooded/blocked up!

I don't want additional reports, I only really WANT the drainage one done, but since the lender is asking for the others I may as well get them done now. The house was tenanted so the electrics etc must surely be up to scratch.

Also yes searches and queries were done ages ago.

Hoploz

Cesspit? That's new.

Oh dear.

But it seems a bit odd that the lender says you can go ahead and exchange ... What's the point of the reports? Hmm.

Doozergirl

There is no need for landlords to provide an electrical safety certificate, so your assumption could well be wrong.

Regs were updated in January so your fuseboard at least will be out of date. Whether you choose to replace is something else.

marksoton

I wouldn't just be walking away from this one i'd be sprinting.

An agent telling you what YOUR lender requires

Vendors who just want shot as soon as ( assuming it's not the agent pushing it )

An old property where you really need to do your due diligence.

Recipe for disaster.

AdrianC

sloanefish wrote: »

The survey results have come back and it needs what the agent calls "very minor" things in order for the lender to lend on it

Sorry, do you actually mean "...in order for the lender to lend on it..."? In other words, without those sorted, no mortgage? (Or, more likely a retention)

and the agent is trying to get me to exchange

Well, yes, the agent's job is to get the vendor a sale.

The reports are electrical, timber, and drainage.

What do they actually say?

What would you do?

If your lender really is currently unwilling to lend, because of the survey results, then you CANNOT exchange. You are not in a position to exchange. Your solicitor will (or should...) not LET you exchange.