Building work before exchange

[Fab41]

We are very close to exchange on a house which needs £2000 of work on the chimney. We spotted it at our first viewing, and the house is empty as tenants have already moved out.

The chimney needs repointing and a lead tray as there is water coming through into the attic bedroom.

The vendor was waiting until we were at the point of exchange before getting work done, and has had three quotes. EA has said he is very flexible about getting it done, and would be happy to give us the money to do it. It is too late to reduce the asking price as this would mean a new mortgage offer and would change our LTV etc.

Is this ok to do? We just want it done asap to stop the water getting in.
Any advice?

Sorry but I think this should be done ASAP if the vendor is paying and it could damage the property further. I would be wary of a vendor saying they would get it done when you are legally obliged to buy the house (ie exchanged contracts), what if they decide not to bother?

We heard back from EA today and he is proposing to have a retention on completion to the value agreed. So there have been three quotes for the work, we will agree an amount and this will be retained from his completion funds by his solicitor, and paid back to us.

Not ideal, as we will then need to arrange to have work done, but we will have the funds to do it, and we can make sure it is done properly.
Does this sound ok?