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Original poster

Issue with the property

7 replies

Asian · 28/07/2023 16:08

Hello All,

Needed your advice, I am buying a property, the survey has thrown some issues and the owner has agreed to give a discount of 5K to substitute towards that repairs. I am apprehensive to go to the mortgage lender and they working on a new offer for mere 5K. I do not want to carry this repair work now, since I would have to contribute my share to get the repairs done, hence can't ask the seller to pay directly to the vendor who would be doing this work. Please advise what can be my options.

OP posts:
parietal · 28/07/2023 16:55

i'm confused

does the work need to be done urgently?

is your mortgage for 100% of the property value or have you got a decent deposit?

does the value of the property in the survey match the value of the property on the mortgage documents?

CatsOnTheChair · 28/07/2023 17:16

What work is required? What is the estimated costs of essential works?

Can you reduce your deposit by £5k without changing your LTV? Or, carry on at the current price, but the Solicitors retain £5k, to pay for repairs?

Original poster
Asian · 28/07/2023 17:24

CatsOnTheChair · 28/07/2023 17:16

What work is required? What is the estimated costs of essential works?

Can you reduce your deposit by £5k without changing your LTV? Or, carry on at the current price, but the Solicitors retain £5k, to pay for repairs?

I am a FTB, not sure if I can reduce my deposit by 5K and if that is allowed. I am giving a deposit of 15% towards this property. My mortgage lender has offer me the mortgage with 85% LTV. This is the maximum they can offer.

OP posts:
Original poster
Asian · 28/07/2023 17:26

CatsOnTheChair · 28/07/2023 17:16

What work is required? What is the estimated costs of essential works?

Can you reduce your deposit by £5k without changing your LTV? Or, carry on at the current price, but the Solicitors retain £5k, to pay for repairs?

So the work is around removal of Asbestos, which will lead to replacing the ceiling. The seller will pay towards Asbestos removal and I will towards getting new ceilings reinstated.

OP posts:
Original poster
Asian · 28/07/2023 17:27

parietal · 28/07/2023 16:55

i'm confused

does the work need to be done urgently?

is your mortgage for 100% of the property value or have you got a decent deposit?

does the value of the property in the survey match the value of the property on the mortgage documents?

I am giving 15percent deposit. The LTV is 85%. The mortgage valuation was in line with the property selling price.

OP posts:
Soontobe60 · 28/07/2023 17:33

I would be going back to the vendor and tell them that you will buy the property at the price you originally agreed but that all the works need to be carried out prior to completion.
You have the upper hand here - if there is asbestos in the property, the vendor will struggle to sell.

Original poster
Asian · 28/07/2023 17:34

Soontobe60 · 28/07/2023 17:33

I would be going back to the vendor and tell them that you will buy the property at the price you originally agreed but that all the works need to be carried out prior to completion.
You have the upper hand here - if there is asbestos in the property, the vendor will struggle to sell.

Sure sounds good. Thanks for your advise.

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