Mortgage Survey - Do I have any comeback?

Hi, we bought a house 3 months ago. We offered �120000 for the house and it was accepted. We got our morgage through the Abbey and they arranged the survey. The survey came back with no problems highlighted and it confirmed that the value of the house was �120000. However, since we have moved in we have found out that a) the chimney stack is unsafe and could fall down at any moment - cost to repair �2000. b) there was a major damp problem under the bay window in the front room cost to repair - �500. But the most worrying thing we have found is that the electrics are totally unsafe. We were having a new kitchen installed and called in an electrician to put in some sockets, but when he came around and inspected the wiring he condemned it and took out the main fuse He said that the wiring was that unsafe the house could have caught fire at any moment! We are now left with the prospect of having to totally rewire the house at a cost of in excess of �2000. My question is should the survey have picked this up? I know a basic survey doesn't give details on any structural work needed but surely it should have picked up the wiring? We went up in the loft with the electrician and he pointed out that the casing on the wiring is just crumbling away leaving bare wires. How can a surveyor say a house is worth �120000 when we cant even live in it as it is a potential death trap? How can it be worth �120000 if it burns to the ground? Do we have an recourse on the surveyor? Any help/advice gratefully received.