Damp and timber survey request by NatWest

MrsSpaniel

Hi,

NatWest have requested a damp and timber survey to be completed, this has been booked in and at a cost as the company have to be PCA registered.

What experiences have people had with this? If damp or issues with the timber are detected what would they do?

lspell1

It depends on the severity and your circumstances, sometimes they will insist on the works being completed before they will issue your Mortgage Offer.  

dunstonh

What experiences have people had with this? If damp or issues with the timber are detected what would they do?

They will either ask for it to be dealt with before they lend the money (i.e. put a full retention on it) or they will do a part retention on it reducing the amount they are willing to lend.

Don't be scared of the survey.
a) it found a potential problem that you would not have known about otherwise
b) you can use it as a bargaining chip to lower the price or get the vendor to carry out the works at their cost.

We had a 100% retention on ours and needed a structural survey and some works carried out and we agreed with the vendor that they would get them carried out at their cost.   Photos of before, during and after were obtained and given to the lender who then removed the retention.

it is possible that they won't find anything too.

MrsSpaniel

The report came back with a few high damp readings and recommendations for work to be done (around £6000). We are waiting to hear back from NatWest as to what they will do about our mortgage offer.. ahh

dunstonh

MrsSpaniel said:

The report came back with a few high damp readings and recommendations for work to be done (around £6000). We are waiting to hear back from NatWest as to what they will do about our mortgage offer.. ahh

And restart your negotiating with the vendor.  i.e. ask them to carry out the repairs or reduce the price.