house offer accepted

[CXR100]

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ive put an offer in on my first property yesterday and its been accepted for £64000 , not much of a house, but its ok for us to start off, the only problem , the roof has a bad leak , so owner has stripped the plasterboard off 2 ceilings and some walls, now i have contacted my bank, they say that they most probably lend to me because of this! because the survey will condemn the house as its not habitable , but it has heating , a bathroom and kitchen , is this true? it has really put me on a downer! I feel so gutted , the seller has told me that he will not take any more views too, and my offer was below his asking price! any ideas? thanks

 

[Leo21]

I think it's true mate, your best line of attack is be persistent. Get a price for the roof and ceilings in writing. Even if it's fabricated to an extent.

 

[plumben]

as Above If you can provide a Quote to fix the roof and ceilings and show that you can afford to have the work carried out

 

[tamz]

Who told the bank the roof was fecked........don't say it was you ffs.
A roof is like anything else. Easy fixed but for a cant in a suit who knows feck all it is a major problem.
A few slates/tiles here or a bit flashing and a few sheets of gyproc is nothing.
Doing it yourself at an over conservative cost of £300 and a few days out the pub and it is sorted.
If they want quotes get a mate who is vat registered to fire a bit pysh out saying it will cost *** amount, the less the better cos the bank will ask for that on top of your deposit.

 

[WaterTight]

owww but it's hiiiiiiiiiiiiiiiiiiiiiiiiiiiiigh

 

[mfgs]

£64,000 for a house? There are parking spaces at new build flats being sold for £30,000 near me!

 

[hammers4spanner]

64 k for a house !!!!

Be lucky to by a garage for that round here

 

[CXR100]

guys its not a palace by far , but all I can afford atm , will the bank take into account that I can use 3k on a credit card to fix the roof as "available funds" ??I also have a 15k commercial fishing setup (boat, licence , tractor , pots , nets etc) will this help? (most of it paid by cash tho...) do have to have a property survey ??, don't want to pay £500 for a suit to come there to tell me stuff I know already , its damp , roof leaking etc etc,

 

[hammers4spanner]

I think its the law to have a property survey , i recently redone my mortgage and was waiting for the surveyor to turn up .Nosed outside and he was just sat in his car don't think he would have knocked if i had not invited him in .
When he did come inside he asked how i reached the estimate on my property and i said zoopla then he pretty much just left .
Total joke to be honest.

 

[Millsy 82]

It's not law to have a survey done as far as I'm aware but the bank will insist on one as they want to make sure that their money is safe.

Generally they will look at any house that you have to take things out to make it habitable as not mortgageable.

Me and my girlfriend looked at a 4 bed house for £130k because it didn't have a kitchen and the bathroom and wiring needed replacing we got told it is cash only. I was gutted as £20k spent on the house it would be worth £230k plus and they don't look at the fact that I could of done the majority of the work.

How much of a deposit are you putting in? If you are putting a large deposit down they may allow it if you only put 10% down they won't as if you start it and then stop halfway through the job then they stand to lose the majority of the money.

 

[stevetheplumber]

banks will only do a drive by survey to make sure the house exists and its not falling down all they are concerned with is its priced so they can get their money back if you default ,any internal survey is down to you to arrange if you dont tell them they will never know

 

[rpm]

guys its not a palace by far , but all I can afford atm , will the bank take into account that I can use 3k on a credit card to fix the roof as "available funds" ??I also have a 15k commercial fishing setup (boat, licence , tractor , pots , nets etc) will this help?

Think they will frown on the c/card as it is another monthly outlay for you but they might take into account the boat as a security should you default on the payments but it won`t be valued at full market value.

 

[rocketmanbkk]

On a mortgage you'll pay for a simple surveyors valuation. It's up to the buyer to get a more in depth survey if they want. If the surveyor doing the valuation feels that £64k is ok in its current condition then he might list the issues he sees if any.

The mortgage lender will assess their risk & depending on the loan to value will make a decision

If your buying at £64k & putting £20k down happy days, if it's 100% mortgage then their risk is greater.

20 years ago you could get a mortgage easy peasy but nowadays harder.

You'll need to show the lender with evidence that you can afford the repayments & if the house is a doer upper then they'll want to know where these funds are if, as you say, a new roof is needed you can't live in a house with water damaging everything

Good luck, speak to your lender, maybe get a quote for the roof.

 

[gassafe]

I thought plumbers bought houses in cash & mortgages were for lesser trades...?

 

[CXR100]

its just a flat roof above a dormer window, 2 of them actually , were leaking badly, so he has ripped the celling down , then he has left it, water damaged the celling below then , so he riped that down , took down a party wall and just left it, wires hanging , all it needs is 2 flat roofs done, platerboarding and then its job done!! but as it is it looks bloody awfull!!!

 

[CXR100]

well been to the bank and they told me they are willing to send a surveyor out to see property!! just hope he sees the positives in life and not the negatives!!!!

 

[rocketmanbkk]

Good luck

 

[ShaunCorbs]

maybe some money fell out of his pocket