Buying process and when to instruct a building/structural survey

youth_leader

The mortgage lender demanded a damp/timber report before they would proceed any further with the loan, and I was advised to get a particular company in, it was £300, I paid for it as a 'good will gesture'.  I hadn't been told to lift the floorboards and the man said he didn't have time to do it, so he didn't inspect the joists.  The mortgage lender threw the report out as completely unsuitable.  The buyer then tried to get a further £10K off for the damp, and £15K off for the floors.  I withdrew from the sale, and left the EA as well, I'd had enough and went to auction. 

lookstraightahead

youth_leader said:

The mortgage lender demanded a damp/timber report before they would proceed any further with the loan, and I was advised to get a particular company in, it was £300, I paid for it as a 'good will gesture'.  I hadn't been told to lift the floorboards and the man said he didn't have time to do it, so he didn't inspect the joists.  The mortgage lender threw the report out as completely unsuitable.  The buyer then tried to get a further £10K off for the damp, and £15K off for the floors.  I withdrew from the sale, and left the EA as well, I'd had enough and went to auction. 

Urgh!
How stressful for you.
I can see by looking at the roof that it's wonky, like every other house on the road.

youth_leader

Be prepared for the 'woodworm' possibility in the loft.  I knew mine were dead as we'd treated them, but my EA must have said the buyer's requests to negotiate over the 'beetles' was to be expected, I found it infuriating. 

Mutton_Geoff

Surely the detailed survey is part of your due diligence and the final offer should be subject to it. What it it recommended £1,000 of repairs or £10,000 or £100,000? The results could be instrumental in the go/no go decision.
Same here, I bought an old listed building and budgeted £100k for repairs and knocked that off my offer. I added another £150k to the pot for renovation work to bring it to an even higher standard. House now listed on RM for £500k more than I paid for it. 

lookstraightahead

Mutton_Geoff said:

Surely the detailed survey is part of your due diligence and the final offer should be subject to it. What it it recommended £1,000 of repairs or £10,000 or £100,000? The results could be instrumental in the go/no go decision.
Same here, I bought an old listed building and budgeted £100k for repairs and knocked that off my offer. I added another £150k to the pot for renovation work to bring it to an even higher standard. House now listed on RM for £500k more than I paid for it. 

Much lower amounts for me 😬.