Q: I have found a property that I really want to buy and my offer has been accepted. I was devastated however to find that the survey highlighted a couple of issues that need urgent attention such as a problem with damp. What should I do next?
A: Don't panic if it all seems like bad news. The survey is designed to highlight defects and there are some options open to you.
In the first instance you should consider obtaining a specialist contractor's estimate for the work needed to rectify the problem, e.g. contact a damp specialist. Your estate agent might be able to recommend someone and it might be worth obtaining a few quotes from different specialists.
You could use the estimates to try to renegotiate the purchase price with the seller. If there are major problems, your solicitor should inform your lender (if applicable) to ensure that the lender is happy to continue to lend the money. If the work will substantially improve the property you might want to split the cost with the seller.
Alternatively, you could ask the seller to fix the issues before you complete the purchase. If the seller agrees, your solicitor should seek confirmation that the work has been done and obtain evidence that they have been tested/approved by a professional.
If they won't negotiate, ask yourself if you can afford to carry the full cost of the repairs. If you do not wish to continue with the purchase, you can withdraw your offer before exchange of contracts without being in breach of contract.
What Is A Property Survey Report?
As previously mentioned, a property survey report is designed to highlight issues and can potentially save you a fortune in the future.
There are various types of property survey reports that you can choose from, and it’s advisable to select on based on the assumed condition of the property rather than the cost of the survey itself. For example, if you are purchasing an older property that needs updating, it’s better to spend more on a building or full structural survey which will include information on potential repair options as well as a full valuation.
Conveyancing with Howells Solicitors
The conveyancing process can seem complicated and problematic for those unfamiliar with its nuances. At Howells Solicitors, we endeavour to make even the most complicated conveyance process as transparent and easy to understand as possible.
If you’re looking to buy a residential property, our dedicated team of conveyancing solicitors can help. Call us on 0808 178 2773 for a detailed break down or our fees.
(Image: Frank Steiner under CC BY 2.0)
