Costs and more costs seems to be the thing with applying for a mortgage and buying a house. It doesn’t end when the mortgage loan is agreed sadly. There is still the knotty problem of the need for a Building Survey and whilst this might seem like more money for nothing you could not be further from the truth. When buying a home a Latin phrase is still used. In fact you might have seen it before on other contracts etc and it is this Caveat Emptor. It means “let the buyer beware” and although it’s not an indication that there is something wrong with what you are buying it is making you aware that you should check it out thoroughly first.
The thing to remember is that when buying a home you really cannot be too careful. The last thing that you want to do is find that there is damp or damage somewhere that means you will be shelling out a load of cash to fix it. This is where the Building survey comes in and can tell you of any potential issues that need to be redressed.
It might stop the house sale but consider this, just because the house sale falls through the mortgage offer will remain in place it might just need a bit of tweaking for a different property that you find so it won’t be lost. It remains open for 6 months but can be updated.