At this stage, you have probably received your survey but you might have discovered that there are a few more issues than you had previously anticipated. First things first, don’t worry. The following options are some things you might want to consider now that you have this information. In other words, step back and review the situation.
– The survey may list current and potential structural deficiencies in the property. The most common are: damp, window rot, subsidence, Japanese knotweed, asbestos and roofing issues.
– Your surveyor: Any good surveyor will gladly help you with the following steps recommended to take after receiving a negative survey. Your surveyor will likely help you with the cost of the repairs and contacts of people who can help with the reparations.
– The estate agent: Can give you an impartial opinion on what to do next. Getting a mix of opinions can help you in your decision for your next move.
– Your conveyancer: Similar to the estate agent, they should give you another opinion and further strengthen your knowledge on the matter.
– Renegotiate price: By working out how much these uncovered issues will cost to fix, you can use this information to take to the property seller and consequently renegotiate the original quoted price. Finally deducting this amount off the sale price.
– Ask seller to fix: Alternatively from the above, the seller could address these issues themselves and save you the hassle.
– Reconsider: If the cost of the fixes are too high, the vendor isn’t playing ball or you are just having second thoughts you may want to reconsider buying this property but without a survey, you likely would never have come across these issues until it was too late.