Apparently a change in work circumstances means they no longer meet the affordability criteria for their mortgage.
Sucks for them if true but you never really know, it could just be an excuse.
The nervous wait to exchange....
- Thread starter noj
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Sucks for them if true but you never really know, it could just be an excuse.
Soldato
How's the market where you are? Here properties, if priced even close to decently, and in half decent states, are getting offers at/above asking within days.
Happened to us in 2019, 6 weeks in and my lass was given the boot from work (out of the blue). No way my salary could afford the mortgage on my own.
Felt awful towards our sellers and the buyer on our house as it all collapsed
It was pretty hot just a few weeks ago (we didn’t have to wait long before we got the offer) but things do seem to have cooled down a bit.
There’s not a lot available in our village and it’s a desirable location so I’m sure it will sell, it’s just a bit deflating.
We’re moving into rental so it’s not like a chain has collapsed or anything which is one small positive.
Happened to us in 2019, 6 weeks in and my lass was given the boot from work (out of the blue). No way my salary could afford the mortgage on my own.
Felt awful towards our sellers and the buyer on our house as it all collapsed
Yeah, I know it happens, especially with furlough ending and the uncertainty around COVID. You just never know, they may have just changed their mind — the joys of the UK system.
Like I say, at least there’s no chain and the house is back on the market already so fingers crossed.
Soldato
My fear now is that the mortgage company comes back and tells us we can't borrow what we need, as we are going to the max in the decision in principle. We have some extra funds, but as they're overseas, it's not easy to transfer them at the moment (and going over there to do so is tough in current climate!). And of course, there's always the fear of losing your job. Think mine is more at risk than my wifes, but seeing as I earn more than her, it would completely scupper any chance of moving, and I don't know if I could find something that pays as well locally.
Had the mortgage valuation on my prospective purchase yesterday, and has not been good news. Some signs of structural damage to the detached garage and bank are not willing to lend until a full structural engineers report has been commissioned on both the house / garage.
Vendors want me to pay for this, I've told them politely that won't be happening. Anybody who looks at purchasing the property is going to require this, and it may well result in me choosing to walk away depending on the result so doesn't make sense to pay out of my pocket.
Vendors want me to pay for this, I've told them politely that won't be happening. Anybody who looks at purchasing the property is going to require this, and it may well result in me choosing to walk away depending on the result so doesn't make sense to pay out of my pocket.
Normally all the due diligence is paid for by the buyer (in England), that’s just the reality of it. It’s buyer beware at the end of the day and buyers normally pay for structural surveys.
Your spending £X00k, a few hundred here and there is pocket change in this game.
Negotiate them down based on the outcome of that report, that’s where you’ll get your money back.
Your spending £X00k, a few hundred here and there is pocket change in this game.
Negotiate them down based on the outcome of that report, that’s where you’ll get your money back.
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Pretty standard if you ask me, it's yours and the lenders risk, not theirs.
It's perfectly reasonable for you to pay. If you need it, you pay for it. There may be others (e.g. different lender or cash buyer) that don't need that survey, so it's on you to get it if it's you that requires it.
Agree with the above, you paying for the survey is what I'd expect. It then means if you proceed you are able to claim against it.
If the seller pays for the survey they'll give you the results and neither party would get any of the insurance benefits (you wouldn't be able to claim as you didn't pay for it and they wouldn't claim as they'd no longer live there).
This is an extra cost for you to pay IMO.
If the seller pays for the survey they'll give you the results and neither party would get any of the insurance benefits (you wouldn't be able to claim as you didn't pay for it and they wouldn't claim as they'd no longer live there).
This is an extra cost for you to pay IMO.
Agree with these guys, this is a survey which you require as a specific buyer. It is not true for reasons outlined (Cash buyers, finance buyers but with different lenders) that everyone would need this.
I can see both sides of this, if it was a standard Homebuyers report or something like that of course I'd have no issue paying. The banks valuation has identified a potential serious structural defect with the property that they need an expert opinion on before they would be willing to lend - I think that is vastly different from your typical scenario.
If they want to sell this property to me, its up to them to provide the appropriate assurance around this. I've had the same advice from both the mortgage advisor and solicitor, this isn't something I should be paying for.
If they want to sell this property to me, its up to them to provide the appropriate assurance around this. I've had the same advice from both the mortgage advisor and solicitor, this isn't something I should be paying for.
I disagree. If you want to buy the property from them, you need to secure whatever is required to borrow against it.
This is NOT something needed to sell the house. It's something needed to sell the house to you. That makes it very much a you problem, unless there's no way that the seller can find anyone else (seems unlikely).
If it was me selling, there's no way I'd pay for this, unless I'm so deep in a chain that I'm forced to.
Fair enough, I mean the cost of the survey doesn't matter in the grand scheme of things, it just contradicts the professional advice I've had.
Can you understand my reluctance to pay for a survey whos results may mean I choose to walk away? If the result is a severe structural defect I'm clearly not going to buy it, and the seller is left in the same position as something severe is going to be picked up by any buyer during due diligence.
Can you understand my reluctance to pay for a survey whos results may mean I choose to walk away? If the result is a severe structural defect I'm clearly not going to buy it, and the seller is left in the same position as something severe is going to be picked up by any buyer during due diligence.
Not really. You're buying the survey to determine if the property is worth what you're offering. The survey may show things up that strengthens your negotiating power, or helps you qualify if you do/do not want to buy it. So it's entirely a benefit to you.
Step forward on my sale. The searches are back on my place, quick call with the solicitor to answer the raised queries and contract has been emailed over to print, sign and mail back.
Soldato
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we have a completion date. \o/
Next Wednesday, got to get cracking with the packing now.
Next Wednesday, got to get cracking with the packing now.
Soldato
We put an offer in on a house last night and it has been accepted. Selling mine to FTB, but we're in a chain 
if you pay for the survey its yours and the sellers are none the wiser to the report. You could get the report and find out that the situation isn't really all that bad, decide to revise your offer down a few quid and see if the seller wants to byte. Or it could turn out to be a complete bag of worms. I looked at a house that was on the market for £250k but it was essentially splitting right down the middle. The house insurance had agreed to an underwrite of 90k to fix the issue but it was clear it was going to cost a bit more than that. You could also just be honest and share the report with the seller and have a dialog should you wish to proceed. I often find honesty is the best policy
Also, the sellers do have a legal obligation to inform any other potentially purchasers of this issue, `caveat emptor` only goes so far.