Next steps after a failed home survey

      No Comments on Next steps after a failed home survey

If a homebuyers report or any kind of survey of the property you are looking to buy comes back with fail points, it can be a stressful time. However, there are simple steps to get through this phase, and the help of noted Conveyancing Solicitors like Sam Conveyancing can be a great start. So let’s look at what can be done if these unfortunate things happen.

Image credit

The first thing to remember is that it is not the end of the world. The survey is designed to highlight these issues. So you have to keep in mind that if there is an issue with the property, do you really want to purchase it in the first place? It’s certainly not something that the lender will consider investing in until the issues have been resolved.

Image credit

You need to discuss the situation with the seller. It may be that they will be happy to repair whatever has caused an issue on the survey. For their part, it is usually for the lender to want the purchase reduced to reflect what has been found. They will say that it’s clear the property is not worth the asking price, and they will adjust the amount they will lend to you accordingly.

The best way to look at a survey that fails is to realise that you would have had to pay for them yourself if the issues had not been brought up. There is enough expense already with a house purchase and subsequently owing one. So, the last thing you want is to have even more items to find the money for.

Leave a Reply

Your email address will not be published.