Am I buying a White Elephant?

merlinthehappypig

Russtavo wrote: »

Our lender has written to me, they will not lend on the property. Apparently the Senior Underwriter said to my mortgage advisor that they should never have asked for all these reports in the first place. In which case why not reject us after the first survey? Why waste everyone's time and money? :mad:

Last time I use the Alliance & Leicester for anything.

Sorry to hear about your problems, but I have a feeling that when you look back on this, the decision from the Aliance and Leicester, albeit after some incompetence, might have saved you a whole heap of trouble in future years......Good luck finding something else

epz_2

i considered a house with subsidance issues thinking it could be fixed for 30-40k , i got quoted 70k mates rates by a builder with no idea i it would work or need done again in 10 years.

frankly the possibility of it reoccurring it the point i draw the line, anyway what are your mortgage company saying, the ea recons the place is worth 5k less than you offered and that was presumably before the serious structural issues, you will need a major deposit and probably have serious issues insuring and selling it.

Dead_Eye_Jones

Make sure you negotiate big reduction in your offer on the basis of this and other findings. Factor in a reduction based on the cost + hassle of carrying out the work. The vendor will know, or will soon know, that people will be put off at the prospect of carrying out work. This dosent mean the house isnt right for you, just make sure you get it at the right price!

Dont be afriad to walk away. There are always other houses and with prices slowing at the moment you dont have to worry about the market running away. Maybe .

carol99_2

I work for A&L and I know that it is very unusual to be refused a mortgage on the basis of an 'unsuitable security'. Please bear in mind that I am not answering you officially and this is just my personal opinion, but this would normally indicate that the problems are bad. You wouldnt have been turned down in the first instance as until you had the specialist reports done, how would they know the extent of the problem? Its a bit like asking a mechanic how much its going to cost to fix your car without looking under the bonnet. If you do go ahead though have a word with your solicitor and see if he can get a letter from the structural surveyor confirming that they will transfer the 'legal comeback' to you otherwise I'd be tempted to get my own structural report. The EA is acting for their client, the vendor. Better to spend a few hundred quid now than thousands later.

carol99_2

I work for A&L and I know that it is very unusual to be refused a mortgage on the basis of an 'unsuitable security'. Please bear in mind that I am not answering you officially and this is just my personal opinion, but this would normally indicate that the problems are bad. You wouldnt have been turned down in the first instance as until you had the specialist reports done, how would they know the extent of the problem? Its a bit like asking a mechanic how much its going to cost to fix your car without looking under the bonnet. If you do go ahead though have a word with your solicitor and see if he can get a letter from the structural surveyor confirming that they will transfer the 'legal comeback' to you otherwise I'd be tempted to get my own structural report. The EA is acting for their client, the vendor. Better to spend a few hundred quid now than thousands later.

LandyAndy

Russtavo wrote: »

Our lender has written to me, they will not lend on the property. Apparently the Senior Underwriter said to my mortgage advisor that they should never have asked for all these reports in the first place. In which case why not reject us after the first survey? Why waste everyone's time and money? :mad:

Last time I use the Alliance & Leicester for anything.

I'm pretty sure the A&L have just saved you from a lot of misery.

carol99_2

Me again. Ive been thinking about you all afternoon (whilst doing my cleaning, of course) and the thing I cant get out of my mind is that if a property near you sold for £139,000 with a worse looking interior and your vendor wants only £120,000 with a couple of grand to put it right, sounds a bit spooky to me. Why doesnt he do the couple of grands worth himself and make an extra £20k - No one gives anything away for nothing. Also, if you buy this one and then spend £20k putting the faults right you're no better off than if you had spent the £139k in the first place........

Feel better now ive got that off my chest

dannyboycey

maxmycardagain wrote: »

whats a money pit?

>>> MONEY PIT <<<