Agent has said i need to exchange by Friday, before the damp proof survey and other assessments

[Tomoveorno]

Ok ive posted under a previous user name about my quite pushy vendors, conference calls with them and the agents, Ive felt quite berated at times.

A couple of proirity 3 issues have been identified by the structural survey - one relating to damp, and a potentially structural issue relating to the lack of support for a chimney (its a garden flat)

I instructed a damp proof survey today to be carried out next tuesday and arranged for my builder to come and view the chimney issue with me this Thurday.
The Agent has told me that the vendors have only found out today that they need to exchange by this Friday or their onward purchase is going on the market as their sellers are greedy and tired of waiting (my offer was accepted early in october)

Honestly Im feeling quite exhausted with the back and forward and what feels like a lack of patience, and wonder if Im being put under pressure to exchange or whether this is a guenuine request.

The agent tells me he has a dampproof surveyor who may be available and they may be able to ‘call in a favour’ for me but cannot be certain. Feels a bit odd however im not sure if im being suspicious for nothing.

Im loathe to lose the 3k ive already spent so please help!!

Assuming that your survey goes ahead there are 4 things that can happen.

1. You find a problem, they won’t agree a reduction and you have to pull out.
2. You find a problem you agree a reduction and go ahead.
3. Everything is fine and you go ahead.
4. Everything is fine but they pull out because they have lost their sale.

The worst outcome for you is that you lose your fees so far (about 3K) and have to start looking again.

If your survey and builder visit don’t go ahead there’s a scenario 5.

1. You buy the flat at full price and get stuck with a bill for £££ fixing the issues

I could be being cynical here but the vendor could be genuine and his chain about to fall through; equally he could be aware that there’s an expensive problem and be trying to bully you into completing before you get confirmation of this.

Either way - the only interests you should be looking out for are yours. Don’t be bullied into making a rash decision.

The vendor & agent are trying to bully you into exchange. They both know if you don't sign on the dotted, their chain will collapse. This is their problem not yours. there's no way they'll get anyone else to buy the property by close of play tomorrow.

You could look at it as if you have them over barrel - they may be able to negotiate another week out of their onward chain, they will just have to wait for you to have the surveys done. I would have thought a damp survey is an absolute requirement for a garden flat, aka the basement. I suppose looking at it from a vendor's perspective you should have arranged structural and damp surveys earlier but your are where you are. Next time get the surveys done at the same time as the mortgage valuation

Re your vendor's comments - a property is only worth what someone is willing to pay for it, irrespective of any mortgage valuation. If you only willing to pay £200k for a flat that's what it's worth.

I fear you will have to get used to the idea of loosing this flat.

Thanks for your replies everyone
@PowerslidePanda and @CupcakesK just to clarify i have had a full structural survey completed by the banks surveyor. They have valued the flat for mortgage purchases at 699k which is the purchase price.
The survey has also identified damp in 3 different rooms and a possible issue relating to lack of chimney support.
I was wondering whether the flat was actually worth 699k as the vendor states as its valued at that by the surveyor who completed the valuation and noticed the issues.

Thank you for your help everyone, its my first time buying a property for DD and I since DH and I split up so your assistance has been much appreciated

You should not be negotiating direct with either the vendors or their agent; that's what you pay a solicitor to do.

I   can't believe that you have  got this far in proceedings (at the point of  exchanging)  before  your survey reports have even been done; but get on to you solicitor now and let him thrash it out with the vendors solicitor.

@Tomoveorno

Thanks for your replies everyone *@PowerslidePanda and @CupcakesK* just to clarify i have had a full structural survey completed by the banks surveyor. They have valued the flat for mortgage purchases at 699k which is the purchase price. The survey has also identified damp in 3 different rooms and a possible issue relating to lack of chimney support. I was wondering whether the flat was actually worth 699k as the vendor states as its valued at that by the surveyor who completed the valuation and noticed the issues.

Thank you for your help everyone, its my first time buying a property for DD and I since DH and I split up so your assistance has been much appreciated

The surveyor is not an employee of the bank, and they have two clients for their work - one is you, one is the bank.

The work they've been commissioned to do by the bank is answer the question, "What value mortgage should we issue for this property?". They have not been asked, "What is this property actually worth?". That's why they never come back saying, "Actually, this property is worth 750 - your client is getting a great deal!" They never give an answer above the purchase price, because they're not judging whether you're getting a good price for it.

Separately to that, they have carried out a survey for you. This has nothing to do with the work they're doing for the bank - it just happens to be the same person doing it, because it's easier that way. The work they've been commissioned to do for you to evaluate the condition of the house and what work might need to be done to it. Valuing the house is not part of that remit.

Basically what I'm trying to say is that the valuation and the survey are two very different things with very different purposes, and just because it's the same person doing both, doesn't mean they should be conflated.

@Theunamedcat

Can you afford to let this one go? They cannot sell and exchange by Friday but if they are lying about this then your stuffed really

Contact them once more to finalise the deal if they refuse to engage move on? And leave a bad review for the estate agents they have potentially lost clients just dont buy a house via them again

DUH. The estate agent works ONLY for the seller, the seller pays his fee and is his client. Agent works in his clients interest and on their instructions .

OP is not the agent;s client, has never been their client so they haven't "lost her".

I'm not sure why it has taken so long - from early Oct - to get these surveys done, but IMO there is no problem with using one recommended by the agent, as long as they are an independent professional. I have used surveyors recommended by the agent in order to get a quick turnaround. That is what everyone wants atm because the market is indeed on fire because of the impending end of the Stamp Duty Holiday. Surveyors in particular have long waiting lists.

Is everything else completely ready to go? All searches complete, contracts ready? Mortgage ready?

The solicitors and EAs should manage the chain.

But I do agree you should not exchange until you have had the surveys done.

Umm actually they will have lost her sale they will get another one but not by Friday so they will have to work Harder for the same amount surely this makes zero sense from a financial point of view

@PowerslidePanda

Does this mean that the flat is adequately priced regardless of the issue with the damp and chimney?

Nope! The bank's valuation is only skin deep - it looks at the property as its presented and how that compares to other things that have sold recently. They're not interested in any expensive hidden work you might need to take on - that's why if you want a structural survey or even a home buyers report, it'll only happen if you foot the bill for such checks.

This exactly. It’s worth it for the banks to rely on a basic valuation instead of a full survey. Most of the time it’ll be correct, so overall they don’t lose! That doesn’t mean that owners don’t end up losing out though.

Hi everyone - thank you.

There has been a day between the offer being accepted (mid november) and survey (end of December) due to delays with the bank getting the survey booked in due to ‘demand’.

I definitely agree in retrospect that i would probably have made sense to separate the bank valuation from the structural survey and instructed the structural survey independently if that would have been quicker

DO NOT proceed without seeing the survey and what your builder says. Either there is something they know as a fact but are hiding (chimney removal is a problem or the damp is a problem or both) - or they suspect it will be a problem. Don't buy trouble.

I too was pressurised to exchange on a property built on a hill, the surveyor was not able to access one of two garages under the property, and I was told that was strange as they'd given him the key.
(they hadn't actually)
I completed on the property, but when I opened the garage the outer wall had a huge crack.....it was potentially OK as it was under the ground level at the front of the house but there was a danger it could be slipping away down the hill. No wonder my surveyor wasn't given access.

Luckily this was in the boom years of the early 1980s - I sold the house on fairly quickly and at a profit, luckily, to a property developer who demolished and built a block of flats there.

Don't be pressured - better to buy the next property than get stuck with a problem.

Is the work likely to cost more than 3k? There should be some indications from a full survey of how widespread the problem is, whether there is a damp proof course etc? How damp were the walls? Was there peeling paint etc? Have the chimneys been blocked up?

Don't be pressured into doing something you don't want to do though I've got a bit of sympathy if you're the one who has been slow (albeit not you personally but the bank etc). If they thought you were ready to go and now you want more reports, I suspect everyone is wondering whether you'll get round to exchanging.

That doesn't change the fact that if it's something which properly needs checking out, you need to satisfy yourself.

Don't be pressured by the vendor. They need to accept that their onward chain isn't going ahead on Friday.

They can either stick with you and potentially exchange next week or they can start again.

They would all be better off putting all their effort in to delaying the exchange on their onward purchase.

Ignore estate agents they tell you anything to try and get you moved in ASAP or by a month end so they get their commission! I used to be a property lawyer and they used to blatantly lie to me or my clients to try and get us to exchange earlier! We used to speak directly to the other lawyers as it happened a few times where the agents would tell me the whole chain was waiting for me then I'd find out that one party hadn't got a mortgage offer or didn't want to exchange until much later!!

If you're getting a mortgage as well your solicitors would not be allowed to proceed without having these issues looked as when they request your mortgage funds for completion they sign a document confirming that the property is fine for mortgage purposes and structurally sound!!

Don't be a mug OP. Don't exchange before you're happy.

Oh god, the agent is talking at me as if its a done deal

Details about where i need to transfer my deposit to exchange tomorrow, that she has good news as she has worked really hard to secure me an 500 discount. 500 pounds off 699k is no discount!

The only thing that i keep thinking about os that im renting right now and I need to move by Feb as my landlord has sold the house. If i dont buy this flat then i might end up in another 12 month lease in a new flat and could that rent dead money end up being more expensive than the repairs to the flat im trying to buy? They are definitely not waiting for a damp survey that was clear but im not sure if ill spend over the odds renting anyway 😟

I really wish i could switch my head off 😩

Absolutely do not give in to what they want
If it falls through if falls through but don't take the risk

If the property has major issues, you might end up needing to rent whilst repairs are carried out anyway.
Do not be railroaded - they are pushing so hard for their money before you can get an expert opinion for a reason. It would be better to walk away than commit without appropriate expert advice.

You are looking at this wrong
Vendor is trying to make their problem (ongoing chain) your problem
Stand your ground. I would use the pp's excellently worded note clarifying that you are not exchanging without survey. It is a risk to you but only if they have another buyer immediately lined up. I think this is highly unlikely.

They either wait or they start again, either way they aren't getting their way.
Do not let them bully you.
You need to know exactly what you are buying before you go ahead. Losing £3k is better then buying a flat worth £699k and finding it needs thousands of pounds worth of repairs.
You haven't agreed an exchange so tell the agent straight.
Your solicitor isn't ready for an exchange tomorrow so it's not going to happen.
Stay strong!

The risk to you of it falling through (3k, emotional investment, need to move by end Feb) is less than the risk of being lumbered with a massive damp problem and a chimney that may collapse on you.

You’re better off in a rented flat for 12 months than a complete money pit which you have bought!