What to do if your house survey comes back with bad news.

The house survey is one of the most stressful elements of an already stressful process. The wait for the work to be done and for the results can seem to take an age. In most cases the issues that come back from a house purchase are cosmetic. However if something really unpleasant is returned where does that leave you and the seller? If you have the services of the Building Survey Manchester based firm Sam Conveyancing on your side then you have little to worry about. They will help you to find a way forward. What kind of problems come back and what is the view of what you can do about it.

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Firstly, try to view the survey in a positive view. That might seem very difficult to do, especially if this was a dream home for you. However what you should remember is that the survey is there to highlight to you any problems. They might want to rethink the purchase of the home if there is a list of things, or a major thing wrong with it. If the roof is not perfect then why would you want to buy it. You’ve already borrowed a huge amount of money to buy the place, do you want to have another massive bill to add on to this when you suddenly need to have a new roof or damp issues addressed? The answer I suspect is no.

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One other part of the mortgage process that is going to be interested in the results is the mortgage lender. They will not lend on the property if it is not up to scratch or the agreed sale price. The mortgage is agreed on the purchase price and the lender lends on a percentage of that. If anything happens to reduce the purchase price, the amount goes down. If the property is not worth anything then they simply will not lend at all. Don’t forget that the mortgage provider is investing in you and the property. Should anything happen, and they need to get their money back, they will need to know that they can sell the place for the original asking price at the very least as this will cover the amount they have lent.

Some of the most common things that can cause issues to scupper house sales are issues with damp. It’s a recurring problem for many houses that are older. The problem can be rectified but you shouldn’t  have to pay for it. One of the other purposes of the survey is to make sure you get the the price for the house that it is actually worth.

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