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Building survey to mortgage provider?

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  • Building survey to mortgage provider?

    I have a mortgage decision in principle with Nationwide. Before proceeding with my full application, I decided to instruct an independent building survey on the property for which I had an accepted offer. The report came back with a number of severe damp issues under the floorboards, roof and kitchen walls, as well as repointing, bridging and gas/electricity/plumbing update (it is a Victorian terrace). Of course, the advise was to get specialist inspection and costing. However, In our verbal discussions, the surveyor was kind to suggested these could cost in the region of £15-£20k as a ballpark.

    I have presented the key areas for which I would like further independent inspection and costing to the vendor in a letter. I did not make an alternate offer, but stated I would like the costs of further inspection and of remedy incorporated into a reduced final price. Of course, the vendor wishes to see the full report and is unwilling to reduce the price under any circumstances. As a qualified and experienced member of the construction industry ( I informally understand he is an architect) he is denying the issues are valid and sufficient to warrant a price reduction. He insists work has been undertaken which contradicts the survey findings. He also states he is confident that a mortgage valuation will agree with the offer price is correct (which was made with no awareness of these hidden defects).

    The buildings survey is the only cost I have allowed myself to incur so far, and the only information I believe, and I am nervous with how to allow more to be spent, in case I need to pull out. I cannot afford the potential costs of remedy without a matched price reduction.
    My question is with regards to how to proceed. Not only do I feel as if I am outweighed by the vendor, but I am curious as to the mortgage valuation: should I notify and share the buildings survey with the mortgage provider? Would this give me the clout I need to justify my reduction request? Would it put me at a disadvantage with getting my mortgage?

    Also, if anyone can give step-by-step (for dummies/nervous people) guidance on how to proceed, to both move forward with confidence but keep costs to pay essential and minimal, in case of withdrawal, I would be very grateful.

    Apologies for the long request.

  • #2
    Re: Building survey to mortgage provider?

    Hi Eia14,

    Show the vendor the full report as he may be genuine and not know what is not right with his property hence he wants to see the report. That is the first logical step then he can see the report from the valuation point of view. He probably thinks you are trying to get a reduction in price by you pretending there are faults when you are genuine.

    Ged
    http://www.premierexpatmortgages.com
    [email protected]

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