A survey report can make or break a property deal. Buyers often get cold feet if unexpected problems arise from a survey and it can lead to sales falling through. However a 'bad survey' doesn’t have to mean the end of a sale. Here’s what you should do next.
Speak to your surveyor
Here at DowlingDodd our surveyors are happy to discuss their report and findings with you at no extra cost. They will explain any issues highlighted, advise on the severity of any items requiring repair and recommend what to do next. They may provide an estimate of the repair works required or suggest you contact a local builder or specialist contractor for further advice on costings.
If you need to contact a specialist for a second opinion, they will also be able to advise if the work needs to be completed urgently or if it can be done over time to allow you to factor this in to your budget. We recommend contacting at least two specialists or tradesmen to obtain quotations for the work involved.
Negotiating the purchase price
After you have received costings for the work involved you can go back to the estate agent with the new information and a revised offer to match the cost of the improvements required. Alternatively, you may ask the vendor to complete the works prior to the exchange of contracts. Your conveyancing solicitor will be able to advise you further on this however you should expect the vendor to provide evidence that the work has been completed to a good standard, in line with regulations and obtain a copy of any receipts or warranties for the work.
Our surveyors are able to answer any queries you may have and provide further guidance when required.
Source: HomeOwners Alliance