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mortgage valuation report

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  • mortgage valuation report

    Hi everyone!
    I'm about to purchase a house who built about 40-45 years before & it was rented & now vacant. no carpet & need some maintenance.
    I gave offer through estate agent, it was decline before then i increase £3000 & it's accepted.
    But now surveyers went for valuetion, he said it property needs repairs and improvements & it is wall damp & one room floor is not satisfied. i need structural engineer report then i give value.
    he did not give report.


    would you please advise me what i do,can i cancel to buy this property ,,, 2nd it is seller responsiblity that he reapaire & get structural eng report ?.

    Cheers!

  • #2
    Re: mortgage valuation report

    Originally posted by Malik View Post
    can i cancel to buy this property ,,, 2nd it is seller responsiblity that he reapaire & get structural eng report ?.
    If you are buying in England or Wales (the Scottish system is different), then you are not committed to buying this property until contracts are exchanged which means that you can cancel at any time before that stage. If you decide to go ahead, then I would say that it is in your best interests to commission the structural engineer's report and you could then use the report itself as a bargaining tool to renegotiate the purchase price based on the repairs that will need to be carried out. Good luck, whatever you decide.

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