Richmond, in terms of reapplying you are correct, that is the whole problem - I cannot really borrow on a stipend. It may be possible to self-certify but you are still dependent on the number of questions the lender will ask. If they smell a student they probably won't lend.

That's very true and is a situation the vendor faces no matter who buys the property. At the moment, I don't know the issues but, as you say, one approach is to get the vendor to pay for the structural survey and then either they get the work done and we pick up from there, or I get quotes for the work needed and knock the cost off the price of the purchase. The former is better because it is no risk to me, the latter presumes that no further costs issues arise.

I'm waiting for my copy of the valuation and the Homebuyers report I requested (which will provide more detail on what's wrong with it, but is not a substitute for the full structural survey my lendor is now requiring).

I guess the best thing to do is not to panic and have a few days to decide the best thing to do.

Anyone got any more good ideas (all comments received so far very useful).

but what about the 2 islands?

My mortgage is taken on my current salary (I just borrow as much as is sensible to pay each month within a stipend). This is approved, for now, but I'm fighting against the clock in terms of the PhD start date and the possibility of having to redo the mortgage paperwork if I don't find somewhere quick.

As you say, I can only get a mortgage whilst I'm still working, so I buy now or otherwise I cannot buy for 3-4 years.

Zanti/Zakynthos on a Young at Heart?

Corfu on an 18-30

Staying in property market is crucial. Current estimates are that the market will rise 50% in the next 5 years. If I put the equity from my sale in the bank I only earn interest on that at, say 3-4% per year, whereas if I own a house I'll get, say, 10% per year on the whole value of the house. Put another way, putting the money in the bank would need to have interest of approx 40% per year for me to maintain my position in the property market. So I have to stay in. One possibility is to live in a B&B or caravan for a week or two whilst I complete the purchase of the new house.

So I need to go up and find somewhere else. I suspect a sicky from work is likely to happen in the next few days!

does it have the same name as a film (and musical) starring John Travolta and Olivia Neutron Bomb?

I think I agree. The house is a high risk and if I'm forced to sell quickly (which could very well happen), I may have a house that is difficult to sell. I haven't got the budget to put right the maintenance items anyway so when I come to sell I inherit the current problems. Hard decision to make (I liked the house) but a prudent one I guess.

Macedonia?

Israel? They compete in European football and the Eurovision song contest.

….Oh yes, and the surveyor has said that I need to have full inspections of the heating system, the electrics, the plumbing, the double glazing and the gas before exchange of contracts. So imagine how much each of these will cost….

I’d appreciate any thoughts on this but as I see it I have 2 choices, pull out and delay the start of the PhD whilst I find somewhere else to live or get all of the surveys and inspections done at the expense of the seller (who quite frankly has no escape as any other buyer’s survey will bring up the same issue) and take a view from there.

I should be upset but actually I’m not as this is what you pay surveyors to do anyway – to protect the buyer from buying a house that has problems.

Great, hey?

As regulars on here will no doubt know, I’m leaving the big city for a small town uni in the autumn to do my PhD. The master plan was to sell my current house (which without my ex-partner’s income I can no longer afford anyway) and buy a place up there. I’d then sublet one or two rooms to help pay the mortgage. Well, that was the plan.

Just received back the surveyors report on the place I’m supposed to be buying and even the valuation (a very basic survey done for the lender to make sure that their loan is safe) has indicated that there may be major structural issues. So much so, in fact, that the surveyor has told the lender not to release any money unless the house passes a full structural survey. This is the most detailed and most expensive survey a house can possibly have. Guess who has to pay for this survey? Yes, me at £1,000 with no certainty over the outcome....

Australia?

Whoa there Golfpro, what are you saying? I wasn't intending slavishly writing a mini-essay every day, but rather something I write as and when the mood takes me.

In terms of coming on here, I guess you are suggesting I spend too much time here. Maybe, but then I'm currently serving out a long protracted notice period which began in April so I spend my days at work having very little interest in it whilst counting the days to do the thing i really want todo. That's why I end up here. Sorry!