Buying house with issues previously outbid on - Advice needed

fdama

Just an update - My offer was formally accepted on Monday. I will be submitting my Mortgage application tomorrow (Fri).
Question is, should I carry out the survey now or should I wait until after the valuation? My concern is that if the house is down valued and unable to successfully renegotiate with the vendor, then I will pull out. The money spent on the survey will be a loss as this was not the cause of pulling out.
As mentioned earlier, wood rot was mentioned in the previous buyer's survey. Do I have to request a survey by an independent specialist surveyor? This will obviously be an additional cost.

bertiewhite

fdama wrote: »

Question is, should I carry out the survey now or should I wait until after the valuation? My concern is that if the house is down valued and unable to successfully renegotiate with the vendor, then I will pull out. The money spent on the survey will be a loss as this was not the cause of pulling out.

I recently had a survey done on a house I liked which found damp & rot and stated that significant work would be needed immediately.

Then the mortgage company ordered the valuation survey which came back worded almost exactly as the homebuyers survey was and because of this the mortgage company put a £10K retainer on the loan.

I was surprised at the amount of detail the valuation survey went into and because of this, I would wait until the valuation survey has been done in future.