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Adverse Timber & Damp report

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  • Adverse Timber & Damp report

    I am a first time buyer and I have had an offer accepted on a house of £85K STC. The valuation has required a timer & damp report to be commissioned which I have had carried out and received earlier today. The costs of the repairs are very much larger than expected - £5,800. This includes full DPC chemical injection, replastering, floor insulation, replacing the floor joists and boards and a skip.

    I do have money saved but this is earmarked for my deposit and the rest is to make good other aspects that have come out of the general survey which I was already aware of.

    Unfortunately re-negotiating the price is no good to me as my lender will only lend 90% of the purchase price, meaning that I must come up with the cash upfront to pay for these works to be done. The only other option would be the vendor to make good these works, however due to the significance of the cost it is unlikely that they will have this kind of money. The only other way would be to put something into the contract saying something to the effect of the vendor must make good the required works within a certain period of time after completion. After completion the sales proceeds would have been transferred to the vendor therefore they will then have the funds required for the works. It is likely that the lender will enforce a retention too so once the works are done the retention will be paid to me enabling me then to carry out the modernisation works.

    I have yet to contact the estate agent about this as I am still awaiting the results of 2 other surveys (SER & CCTV drainage) but I am already aware that these unexpected/hidden defect repairs are significant.

    I would love to hear any advice/experience anyone has of this type of situation.

    Cheers

  • #2
    Re: Adverse Timber & Damp report

    I would have thought there would be nothing wrong with making a reduction in price to cover the repairs, else the price remain the same and repairs carried out at cost to the seller before completion.

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    • #3
      Re: Adverse Timber & Damp report

      Thanks for the response Brian. Unfortunately my bank has made it clear that if there is a reduction in price they would reduce the amount they would lend me to reflect the new purchase price, leaving me to fund the repairs upfront either funded by my savings (earmarked for other works) or a personal loan. They would also enforce a retainer until I made right the repairs. This leaves me with little option but to ask the seller to put right the repairs before completion.

      I have contacted the estate agent about this now and awaiting a response. Will let you know how I get on!

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