Roof work needed before lender will approve mortgage

firsttimebuyer15

TIGASH said:

tacpot12 said:

It would be worth getting a couple of quotes just in case there is a problem with access. If the work is going to need scaffolding, it might well cost £1,500+. If not, it should be less than £1,000.  

I think this is a great idea.....I'm in a similar situation only its not mortgage related. Survey have found significant issues. So my options are walk away, pay myself, ask reduction.
Knowing the definite amount of money will help you make decesion. 

I would suggest you find out timescale as well. This will give you an idea of how it will change your plans. 

Good luck

Yes I am trying to get some quotes but think I will need to speak to the estate agents and get the sellers to get the quotes as getting a quote without having access to the property is proving a challenge. 

These situations do give you a dilemma but I guess it's a question of what the other properties are like in the location you want to be in.

lookstraightahead said:

firsttimebuyer15 said:

lookstraightahead said:

Hi op

sounds to me like it's something that the vendor needs to sort out. Tell them what's in the report and ask them to sort it (it's the only way they will be able to sell to you as it's part of your mortgage terms). If they don't wish to do it, they will have to sell to someone else, although I suspect they will have the same problem, especially if they know it's been flagged in a report and they have to declare it.

Yes a price drop doesn't help me or the seller currently as it wouldn't solve the mortgage problem. Good to know that they would have to declare it to any future buyers though as that might increase the chances of them agreeing to get the work done .

My vendors had a previous buyer whose report had lots of issues. In the end the buyers didn't buy, but the vendor had the work done and a structural engineers report carried out knowing full well that the questions would come up again when they re marketed the property.

but do check what they would 'have' to declare as a survey is usually just 'an opinion' maybe 

I have a had structural engineer survey so would that be counted as more than just an opinion? How would I find out what the sellers would need to declare to any future buyers? 


My gut feeling is the property is still worth pursuing and I'm not selling a property so a bit of a delay is not the end of the world to me.

Reginald74

If I have this right, you're considering sorting their property in order for them to sell it... to you?

Why do you not expect them to sort it? Do you suspect they will refuse and try to sell to someone else? Why is this house so special you would fix it for them to buy it off them?

Apologies if I have misunderstood.

firsttimebuyer15

Reginald74 said:

If I have this right, you're considering sorting their property in order for them to sell it... to you?

Why do you not expect them to sort it? Do you suspect they will refuse and try to sell to someone else? Why is this house so special you would fix it for them to buy it off them?

Apologies if I have misunderstood.

No sorry I'm not looking at sorting it for them so the sellers would need to pay to get it sorted before exchange can happen.

K_S

@firsttimebuyer15 In situations similar to this where the client has their heart set on a property that lender A won't lend on due to an issue such as the one outlined in your post, it can be worth trying with lender B that uses a different surveyor panel and offers a free val (most of the products on the market these days)

Valuations can involve a lot of subjectivity and you'd be surprised by how differently two valuers can see the same property.

If that comes back with the same stumbling block, then your choices are clear and perhaps may help the seller see the need to get this fixed if they want to sell.

Hope it works out in the end, good luck!