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Bad survey report and what happens next

2

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    moneyistooshorttomention wrote: »
    :rotfl::rotfl::rotfl:at G_M's comment about "only taking 3 minutes to start a family":rotfl:
    OK OK - I confess. I have a tendency to exaggerate about these things.......
  • drewbydoo
    drewbydoo Posts: 15 Forumite
    Thanks @G_M isn't it about 4 minutes if you include taking socks off?! :D

    Lots of other people are also saying it's not too bad, so think we're gonna get some quotes done and take it from there...

    Will update as soon as we know more! Cheers everyone!
  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    It's winter. Who takes their socks off!? Or gloves come to that.....
  • drewbydoo
    drewbydoo Posts: 15 Forumite
    @G_M very true! :D

    So, after spending today arranging builder, plumber and electrician to do quotes, found out the lender won't lend on it so that makes things a bit easier haha!

    Estate Agent is a bit miffed and is currently speaking to our advisor to find out the whys and why not put a retention thingy on it instead (I don't even really know what that means).

    He also asked me to send him the report, which I understand is a no-no - right?
  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    drewbydoo wrote: »
    He also asked me to send him the report, which I understand is a no-no - right?
    If you are pulling out of the purchase (or rather, being pulled out by your lender) I don't see wat harm there is in letting the agent/seller see the report.

    It's no longer of any value to you.

    Depends how helpful you feel like being.

    It's when a purchase is ongoing that yiu have to be careful about showing your hand, as it might influence price negoiations etc.
  • pinklady21
    pinklady21 Posts: 870 Forumite
    A Mortgage Retention is where your lender agrees to lend on the property, but keeps back, ie retains, some of the money (the value of the repairs) until you have confirmed to the lender that you have carried out the repairs. So in that scenario, you would have to find an alternative means of finding the cash to buy the property, and then fund the repairs, before the mortgage company would give you the full amount of cash they agreed to lend you in the first place.
    One of the reasons why sometimes these sorts of properties only go to cash buyers.
  • drewbydoo
    drewbydoo Posts: 15 Forumite
    Ok cool, thanks - I'll wait until we've 100% pulled out before I send it, just in case there's any kind of swing around in the lending (although I doubt it!)
  • drewbydoo
    drewbydoo Posts: 15 Forumite
    @pinklady21 Oh I see, thanks for explaining! Blimey, this is all so much fun haha!
  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    edited 15 January 2018 at 11:18PM
    drewbydoo wrote: »
    .... Blimey, this is all so much fun haha!
    yeah but 3 minutes is over in a flash...... (well, a bang. Or a pop.)
  • drewbydoo
    drewbydoo Posts: 15 Forumite
    Quick update! We had a builder, a roofer, and a couple of electricians come to the property and give us quotes - no where near as bad as the survey was making out! So looks like this house is still a goer - yay! Just waiting to here back from the original lender now to see if they'll accept a new valuation minus the extension (the reason the surveyor wouldn't value it in the first place) and if not, we'll be changing lender.
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