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House Survey recieved what to do next ?

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My bid for a 3 bed end terrace property was accepted about a month ago I have just had the survey back. the report is generally good considering that the property is over 100 years old the only urgent matter is the provision of a rendered coating to stop any possible damp problems and if I have read the report correctly the surveyor estimates that this will cost £3,000 to correct. Obviously I will get a free quotation from a local firm to find out how much it will cost to correct. If it does cost £3,000 I could either increase my mortgage, wait until i have saved the money as I am sure the work can wait for another couple of years or ask the vendor to foot some of the bill however I do have a good relationship with the vendor and am buying quite a lot of her furniture and the market is so boyant in Hillsborough I don't want her to pull out as finding another property will be difficult so what shall I do ? Advice will be appreciated.

 

Ian

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Was this a survey done at your request, or a valutaion survey done for the mortgage proivider?

 

Only ask as if it is urgent, the mortgage provider may insist on it being done within a given time period as part of the mortgage offer (this has happened to me in the past).

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I paid the extra £250 to get a more thorough survey I doubt that if I just got the basic mortgage survey that this potential problem would be picked up.

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Hi,

 

What you do depends on your mortage company - they may withhold the £3000 back form the mortgage for the work in which case you either have to negotiate with the vendor to get them to reduce the price by the whole amount or if you do have some spare cash explain the position to the vendor and state how much you can afford towards it and try and get them to meet you on this...

 

Just be upfront and honest - if ou have a good relationship they should respect the position you are in - after al lthe valuation was made on the basis of no work being required and they should appreciate this.

 

Good luck

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