Failed Survey

mlz1413

sorry trudiha i'm lost, your looking at a property of £209k
you have £50K can raise £53k which is HALF the propertys advertised price.

Do you want to buy for £103k?

Going back to the houses problems don't undertake to buy it until it is mortgageable. You don't know what will happen tomorrow let alone in the next 5 years AND you have no idea if that is the only problem on this house.
If builders own it they have the resources to do the work cheaper than you will ever be able to get it done for.

trudiha

mlz1413 wrote: »

sorry trudiha i'm lost, your looking at a property of £209k
you have £50K can raise £53k which is HALF the propertys advertised price.

Do you want to buy for £103k?

I know that this does sound a tad cheeky but it's a part ex house; I think that new build builers are one of the few groups of folks I don't have to convince about the state of the housing market, it's unmortgagable, nothing has sold in that area in the last few months, the searches are all done and I'm a week away from being able exchange.

I'd be the first to admit that it's not a generous offer but I don't think that it's crazy.

mlz1413

well putting in an offer isn't going to hurt you! If for some remote reason they accept half then I would go for it BUT I would have wall done ASAP so if you need to you can raise extra funds (or swop loan for a mortgage at better % rate).

Conrad

Secured laons are no different to mortgages. The property, ie 'the security' needs to be fit for purpose.

I suspect the only secured loan companies to touch such a property will want upwards of 12%

trudiha

It would be an unsecured loan at 8.9%. Strangely, that's been much easier to agree than the mortgage was.

poppysarah

silvercar wrote: »

Someone else will know for definite (google around or ask the council), I would have thought building regs wouldn't have been signed off in 1987 if there was only a single brick width wall.

Could the surveyor have made an error?

It might be subsidence... if the extension was sound but isn't any more...

Without knowing what that report says - and taking a builder and getting quotes - and deducting the cost of work from the asking price (Plus a premium for disturbance etc) leave it.

And if one surveyor has found it another will. Photocopy the bit that says its unmortgaable for the EA so they are "aware" of the problem...

ken_and_dot

Financing apart, there are a number of problems I can see with a single brick wall. Firstly, if it is unstable it would be because it does not have a doublte thickness pillar every 1.5mtrs or so. If that is the case you could potentially just push it over. Secondly, if the extension is out the back are the two side walls to the extension also single. If so I would suggest it is a pull down job and start again. I'm assuming it is just a single storey. If it is double I wouldn't stand too close if I were you. If the sides are double rather than single why was the rear wall only built as single. Was it the intention to extend further out so that the single wall becam a none load bearing internal wall? Finally, if you have a single skin external wall I do not see how you can avoid damp penetration to say nothing of the lack of any insulation. I would seriously question why it was signed off by Building Control. Everything is fixable at a price but I would advise you to ascertain the cost of putting things right first before you make an offer. Subject to that I would agree, make a silly offer, they can only say no and I doubt a major developer would want to divert resource away from major developments to undertake the work needed here.

trudiha

poppysarah wrote: »

And if one surveyor has found it another will. Photocopy the bit that says its unmortgaable for the EA so they are "aware" of the problem...

The house was put back up for sale on Rightmove before I'd got the survey report. I phoned the agent who first of all told me that it had failed survey and then when they realised that I hadn't got the report, told me some nonsense about it being Rightmove's mistake. I've since found out that the surveyor told them that it was unmortagable when he dropped the keys back in.

The bit that's really surprised me is that they haven't mentioned that the house has structural problems in the ad, so some other poor sap is going to have to shell out £500 to find out that the walls are unsound.

mlz1413

trudiha wrote: »

.The bit that's really surprised me is that they haven't mentioned that the house has structural problems in the ad, so some other poor sap is going to have to shell out £500 to find out that the walls are unsound.

This is excately why I wanted a sellers pack when they were first discussed, if the seller had to provide a survey then that would save a lot of time and money being wasted. But what do the government give us HIPs :rolleyes:

poppysarah

trudiha wrote: »

The bit that's really surprised me is that they haven't mentioned that the house has structural problems in the ad, so some other poor sap is going to have to shell out £500 to find out that the walls are unsound.

That's really shonky of them. I'm not sure what's in their rules to stop them not telling people.

Mind you, there's a shonky agent locally. We went to view and walked in to see huge damp problems "The agent did tell you about the damp didn't he?"
He'd have saved us a trip if he had! This wasn't a tiny bit of damp, this was major damp needing ripping walls off.

Utterly mad. They're not going to get a sale - and unless they're getting backhanders from surveyors then it's just bad form.

The property should be marked as cash buyers only at the very least.