FTB - 3rd time around- Issues on Mortgage survey

kayen

Hi there. first time buyer here.  I've already paid for searches and surveys for 2 previous transactions that ultimately failed to complete, so I'm keen to minimise unnecessary spending until I need to! (...breathe)    House is a 2 bedroom brick terrace.  

Bank survey was completed & they're willing to lend but surveyor has down valued the property £8k lower than my offer. They've said
 "Strengthening is required to the roof structure and you should arrange for installation of additional support."

"The property has suffered previous movement but I saw no evidence to suggest this is ongoing."
 "Parts of the property are thought to contain asbestos material. You should obtain specialist advice when carrying out repairs, maintenance or renewal."

I'm unable to get any additional feedback from the surveyor so am wondering what to do next in practical terms and how serious the above issues could be before proceeding further.   I know a proper survey is needed to find  out full extent but... paying for yet another survey!

How would you approach/ any thoughts?
Homebuyers or Building survey?
Would roofers come out for a quote for a potential home buyer? (clutching at straws!) 
...?  

Thanks for any advice in advance   

MCI

Parts of most properties built before the 90s will have asbestos. Did they say what parts? We knew we wanted to get rid of some artex and had it tested ahead of disturbing it. If it's in something you're not going to disturb this might not be an issue.

I had lots of quotes from builders etc before exchange so I don't see why a roofer wouldn't although maybe some have different policies of what they'll do.

anselld

Minor issues.  Roof support usually needed because slates have been replaced by concrete tiles which are heavier.  Get a chippy to put some more bits of wood in the right places.

Asbestos is probably Artex.  Not a problem if left undisturbed or can be plastered over fairly cheaply if you don't like it.

Historic movement common in older properties - not ongoing, ie not subsidence.

greatcrested

The main issue is if the valuation affects what the lender will loan you. Can you make up the shortfall (plus keep some cash for the chippy eyc)?

kayen

Thanks for your replies everyone. The bank survey had limited information to what I quoted in the 1st post.

@greatcrested the bank is willling to lend what I need and I'll have some reserve funds for some remedial work....but depends on his extensive it is.

@MCI & @anselld so you dont think the mention of asbestos/ artex should put me off? I'd like to remove a hallway wall to open up the living room to for an open plan area. would this type of work disturb the asbestos (is it usually in ceilings or walls?)?

I'd like to have a better understanding of the remedial work & costs particularly the roof, with a view to possibly negotiating with seller.

Would a home buyers survey tell me what I need or need a full building survey?

I'm nervous about paying for another survey (2x failed purchases previously) if the sellers are never going to negotiate anyway, BUT then I wont know whether/ how much to negotiate unless I have the survey!  Catch 22.  Is it the done thing to ask seller whether they are willing to negotiate before maybe?

MCI

I had the artex tested in our place. It cost £90 for them to take and test 2 samples of things we wish to disturb. It came back negative which was good for peace of mind. Not all artex does have it but the surveyor has no way of knowing and has to warn you.

anselld

Another survey isn't going to tell you the remedial costs and personally, I would save the money to put towards the remedial costs.  Take a chippy who understands roof construction to give you a quote for that and cross the Artex bridge when you get to it.
If you panic about every survey finding you will never complete a purchase.

Regarding renegotiation, you already have the ammunition if you want to go that route, ie the £8k undervaluation.  That does not seem to be related to the remedial works but it is the Bank's opinion of value.  So use that for negotiation as it is a lot bigger discrepancy than the few hundred the roof should cost you.