We are buying a property in need of renovation - maybe.
We've just had a building survey, which said we should allow ££££ for fixes. We'd only budgeted about half that (roof 😬), and will need the sellers to drop substantially.
We're simultaneously applying for a mortgage, and are wondering if we could send our survey on to the mortgage valuers, so they can see all the issues it identified. Is that a terrible idea though?
I'm thinking the pros are:
- The mortgage valuation could be more accurate, which would be useful for us - our survey didn't include a valuation, and we'd like to know if we're overpaying
- If the mortgage valuers make a low valuation, that's potentially helpful for negotiating the sellers down.
Can't think off too many cons:
- We might not be able to get an adequate mortgage if the mortgage people think it's worth less than we bid and the seller won't drop - but in that scenario we'd pull out anyway
- We're technically not supposed to share the survey, but whatever.
Are there are other reasons this is a bad idea?
Thanks for your advice, wise mumsnetters.