What to do if the Homebuyers report shows an issue

Homebuyers reports are an essential part of the house purchase process. Their purpose is to provide us with an idea of the property that we are going to purchase and that it is ok. Sadly it does not always come back with good news. At least you can keep up with developments through Conveyancing News like that provided by https://www.samconveyancing.co.uk/news. The first thing to do is not panic. Whilst it will seem very disappointing the situation can be turned to your advantage. Above all else be assured that the report has done its job and told you there is a problem that could have been very costly later on. 

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These issues usually occur when purchasing an older property (circa 1920/30’s or older) and it is a good idea to raise any concerns that you have with the valuer first before they go in. The surveyor is always happy to discuss the issue, it’s what you are paying them for! They can give you advice on what kind of costs are involved and what work needs to be done.They will also provide you with a report. Don’t be afraid to ask them. 

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The most common faults are usually with the electrics or cases of damp. Central heating can also be suspect if the system is old. Structural problems are not unknown and should be swiftly dealt with.

After you’ve got the report together it is time to approach the seller about a possible price reduction or if they are willing to pay for repairs. A fair deal would be to suggest that the purchase price is reduced by the quote you have obtained. In some cases the lender will need to have the issue fixed before they will release the funds for the purchase.