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Lender asking for damp & timber report

LadyGMadameToThee
Posts: 55 Forumite
Our mortgage application with the Post Office has cleared most hurdles but just as we thought we were home & dry, they have come back asking for a timber & damp report to be carried out. Does anybody have any experience with this sort of thing? I have hired an independent surveyor to carry it out next week (instead of a contractor who might make up stuff just to get work) but we won't be able to proceed with the sale if it flags up any major issues and the lender refuses to proceed unless the issues are remedied (we simply don't have spare cash to carry out work at present). Is the lenders valuer likely to be covering his own backside or are we truly looking at major remedial issues?
:DLady G:eek::mad::rotfl:
Life is too short to be serious all of the time. So, if you can't laugh at yourself, call me - and I'll laugh at you!:money::money:
Life is too short to be serious all of the time. So, if you can't laugh at yourself, call me - and I'll laugh at you!:money::money:
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Comments
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Very strange because it should be them who is paying for the report, as you have a vested interest in it being clear. So it's worked out better for you gettinga proper surveyor rather than them using all free survey from a company who as you say have a vested interest in finding issues.
Anyway it is what it is, if it says it needs (say) £2k spending then you can either knock that off the price, split the difference, tell them to suck it up as you can't afford a reduction. If they ask you to fix any issues, point out (a) you can't afford to do it, (b) it would not be advisable for you do the work since you will be incented to do it as cheaply (=poorly) as possible.
And yes no doubt the buyers cheap survey had some caveat ridden wording such as couldn't check if there was damp due to sofa in the way or wall wasa bit damp might have been condensation but best to get it checked or drawing pin in door frame might have been covering up woodworm hole.0 -
This is for a property you are buying, not selling, yes?
You need to know whether there are problems with the property you're spending a fortune on, don't you. That way you (and your lender) can make an informed decision as to whether the house is worth the agreed price, and whether any remedial work is necessary. It's not out of the ordinary for a lender to make this request.
If the survey reports that work is necessary then your next step will depend on the lender's recommendation. They might proceed regardless, they might proceed but stipulate that the work needs to be done within 6 months of completion, they might proceed but with a retention of £x (you'd need to find the difference or ask the seller to contribute) or worst case scenario the lender will not proceed.0 -
Our mortgage lender asked us for the same, no big deal really. We were told there would be a £3k retention on the offer because of work needed, we took that to the vendor and they dropped the price accordingly, cancelling out the retention.0
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I might be face the same situation as the victorian terrace I am purchasing has a small damp patch on the dining room chimney breast area. I'd like to know what conditions the lender could place on the mortgage? I know that they could add a retention to the mortgage offer. Could they say to get it fixed before an offer is made? Could they decline the application?0
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