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Works to building stalling mortgage application
Majoggy
Posts: 53 Forumite
We are first time buyers, hopefully buying a 60's flat in London with a share of the freehold.
We were notified when we put in our offer that there were some works to be done to the building, but that the vendor would pay for them. The works are primarily cosmetic (replacement of some concrete cladding that has been beginning to crack). Unfortunately due to Covid, the management company have been unable to get quotes but we have managed to get the seller to retain £10k to pay for our section of the works. We have spoken to the engineer who first assessed the cracks in February, who suggested it was likely to cost anywhere between 20-30k total (there are 12 flats, so the 10k retained covers that many times over). This is not an official estimate however, which he made clear at the time.
Although we are comfortable with this level of risk, the mortgage lender have today stated we need some quotes before we can continue with the purchase. The management company claim this isn't possible right now. We have put pressure on the seller to resolve this, as clearly he will have trouble selling to anyone at all, let alone us.
Has anyone here been in a similar situation, or is this a particularly unique covid related thing to happen??!
Our offer expires in September, and as it's 90% LTV we fear missing out on this and having to sit 2020/21 out until the 90% products return. Not sure what the point of typing this out is, just frustrated!
We were notified when we put in our offer that there were some works to be done to the building, but that the vendor would pay for them. The works are primarily cosmetic (replacement of some concrete cladding that has been beginning to crack). Unfortunately due to Covid, the management company have been unable to get quotes but we have managed to get the seller to retain £10k to pay for our section of the works. We have spoken to the engineer who first assessed the cracks in February, who suggested it was likely to cost anywhere between 20-30k total (there are 12 flats, so the 10k retained covers that many times over). This is not an official estimate however, which he made clear at the time.
Although we are comfortable with this level of risk, the mortgage lender have today stated we need some quotes before we can continue with the purchase. The management company claim this isn't possible right now. We have put pressure on the seller to resolve this, as clearly he will have trouble selling to anyone at all, let alone us.
Has anyone here been in a similar situation, or is this a particularly unique covid related thing to happen??!
Our offer expires in September, and as it's 90% LTV we fear missing out on this and having to sit 2020/21 out until the 90% products return. Not sure what the point of typing this out is, just frustrated!
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