Bank requires £6000 of work on the property we are buying,but won’t set this condition in writingMy partner and I are in the process of buying a house, and we applied to Tesco Bank for a mortgage. All has been going well until the valuation report came back. This requested that around £6000 of work be undertaken on the property, and prior to a decision to lend. The problem is it won’t set these conditions of the offer in writing,meaning that I have no leverage in discussions with the estate agent. It is leaving us in a catch-22 position as it won’t lend without the work being done, but won’t give me the evidence I need to prove to the agent this is the case. Nor will it allow me to negotiate the price down to cover the works. EB, or LondonTesco Bank says that when it makes an “offer in principle” it is subject to a number of requirements,which include the condition of the property. “If these conditions are met we do a formal offer,” a spokesperson says. “However, and in this case the property didnt meet the requirements and therefore an offer could not be issued.”Continue reading...
Source: theguardian.com