House purchase....whats next

Pompey44

Hello,
I have a number of query's for you all.
1. I've purchased a property for £115000, lenders valuation came back with a £1000 retention, but valuing the property at £116000 ! Why have they done that?
2. I have asked owner about boiler and gas fire's etc, if they are all in working order and have heard nothing back from solic, what should I do next?
3. Should I have a survey done aswell as just the lenders valuation report?

Sorry I'm a bit confused as this is my first property and I'm getting to the stage to whether all this stress is worth it, any info would be gratefully appreciated.
Cheers

Ian_W

No expert, only my own experiences buying props, so treat it as such:
1] Retention is usually where lender requires some work doing, usually to the fabric of the building, to bring it up to what they think is a suitable security for the loan. £1k is very small - so don't worry too much, it maybe something like repointing a wall. Should explain the retention on valuation, if not ask them.
2] Owner should be able to produce a CORGI reg cert showing the system and fires have been regularly serviced. If not you may want to arrange an inspection yourself [at your own expense] if it shows problems think about renegotiating on offer. I think I would base decision on age of system/fires.
3] Only my personal approach but if new [under 10yrs old] and has NHBC or similar warranty I'd go with valuation. New build - under 30yrs old housebuyers survey. Older property - full survey. Costs vary but it might have been cheaper, if it had been available, to have it done at the same time as valuation [point for future ref - too late now]. If you're having a survey done would wait before acting on 2] to see what is said about fires & GCH - it will probably be along the lines, "not tested - get your own inspection done" but there may be a clue if they think there is a problem.
BoL, it is very stressful but most people find it worthwhile in the end.