Valuation for mortgage coming in at £1 And requiring works done

Flaky247

We found a property we really like for the right price as it needs work which is ideal however getting a mortgage has proved very problematic as there is evidence of damp in the timbers and the external cladding. Needs to be put right.
Its a chalet so quite hard to come by, we got a damp report quoting about 7k to fix this but being a probate, the sellers are unwilling to repair and the 3 lenders we approached keep sending eSurv who keep valuating at £1 until the work is done
Is there any way we can complete the work if the sellers aint doing it or we just have to walk away.
We really want this property and the seller reduced by 10k as they werent willing to do the work.
Anybody been in a similar situation and what did u do pls?
We’ve applied for planning permision as we new we were extending and doing major works but the surveyors dont seem to get it

AnotherJoe

This sounds like a property that either a cash buyer will end up buying, or the sellers will cave when they realise that if they spend £7k on house they will get much more than that back and an easier sale.
But it doesn't sound like one you can buy unless you can find a different lender. If there was a retention from a lender, would you have the money (or could you borrow it from family?) to get the works done?

davidmcn

Flaky247 wrote: »

We’ve applied for planning permision as we new we were extending and doing major works

Does the lender know that? Even if the property were currently in good condition, you need lender's permission before you turn the place into a building site.

Flaky247

Yes we have the money to repair set aside although feels like a waste repairing damp in a kitchen etc that will be torn apart whilst extending work is done
But i guess what i really want to know is if seller isnt ready to repair is there any way buyer can repair just to move things forward, i know its a huge risk but perhaps if we had some sort of agreement

csgohan4

Flaky247 wrote: »

Yes we have the money to repair set aside although feels like a waste repairing damp in a kitchen etc that will be torn apart whilst extending work is done
But i guess what i really want to know is if seller isnt ready to repair is there any way buyer can repair just to move things forward, i know its a huge risk but perhaps if we had some sort of agreement

Find something else, nothing stopping the vendor from taking your repairs and refusing to sell to you, your taking all the risk repairing and getting nothing in return. Certainly wouldn't recommend exchanging either, because the risk is all yours

NO guarantee mortgage lender will still lend either

amnblog

In its current condition, this is not a property for a standard mortgage as you have discovered three times.

If you have a large deposit it is worth consulting a Broker for a deal from a specialist lender. If not, this may be a property out of your reach.