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CG77
Posts: 1,210 Forumite
Hi all,
Looking for some advice. A property we’ve had an offer accepted on has had a survey come back with the above statement which has drastically reduced the valuation.
In your experience what does this mean? Is there any way forward here? Could this just mean the lender doesn’t have the necessary certificates or does it suggest a problem with the property and the way it’s been converted?
The valuation report says no structural engineers report is required and that there are no repairs or specialist reports required but that the cellar space can not be counted as inhabitable space as it does not comply with building regs.
Any words of wisdom?
Thank you
Looking for some advice. A property we’ve had an offer accepted on has had a survey come back with the above statement which has drastically reduced the valuation.
In your experience what does this mean? Is there any way forward here? Could this just mean the lender doesn’t have the necessary certificates or does it suggest a problem with the property and the way it’s been converted?
The valuation report says no structural engineers report is required and that there are no repairs or specialist reports required but that the cellar space can not be counted as inhabitable space as it does not comply with building regs.
Any words of wisdom?
Thank you
New Year, New Me!!!
Weight loss mission 2012 has officially begun!!
:jLoss so far: 3 stone 4lbs:j
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Comments
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It means the cellar cannot be counted as a habitable room/ bedroom. Just for storage.0
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When was the work done? In what way does it not comply? What is it used as?0
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It's interesting that the survey came back with that statement.
Building regulations change all of the time, and the surveyor would have to have known when the cellar was converted in order to accurately claim that it does not comply with building regs.
Normally there would be a statement within the survey asking the conveyancer to verify relevant building regs had been obtained.
What is the cellar currently used as?
When was it converted into habitable space?
What is the cellar marketed as on the property particulars?
How much less than the agreed purchase price has the surveyor valued the property at?0 -
It means the cellar cannot be counted as a habitable room/ bedroom. Just for storage.
Thank you. Yes I understand that, but wonder what it might mean if we decide to go ahead anyway. Are there potentially safety issues/damp problems? I know you can’t know that here but wondered if anyone in the know about building regs might know if, considering the surveyor says no improvements are necessary, it might just be a case of getting certificates for the work?
It’s a minefield!New Year, New Me!!!Weight loss mission 2012 has officially begun!!:jLoss so far: 3 stone 4lbs:j0 -
£30k!It's interesting that the survey came back with that statement.
Building regulations change all of the time, and the surveyor would have to have known when the cellar was converted in order to accurately claim that it does not comply with building regs.
Normally there would be a statement within the survey asking the conveyancer to verify relevant building regs had been obtained.
What is the cellar currently used as? It’s just been done so is just two rooms and a shower room/wc.
When was it converted into habitable space? Within the last few months I believe.
What is the cellar marketed as on the property particulars? It just says ‘two converted cellar rooms and shower room’
How much less than the agreed purchase price has the surveyor valued the property at?
Answered above. Thank you for your helpNew Year, New Me!!!Weight loss mission 2012 has officially begun!!:jLoss so far: 3 stone 4lbs:j0 -
Impossible to say without more information.Thank you. Yes I understand that, but wonder what it might mean if we decide to go ahead anyway. Are there potentially safety issues/damp problems? I know you can’t know that here but wondered if anyone in the know about building regs might know if, considering the surveyor says no improvements are necessary, it might just be a case of getting certificates for the work?
It’s a minefield!
Is it a muddy damp pit, with spiders and rats or is it all carpeted out nicely painted walls tv sofas etc.
Does it appear converted, I'm going to assume the answer is yes
Have you got a rightmove link with pictures to show the basement, what have the owners said on the TA6, check your local planning portal to see if there is a building regs application.
As for whether there may be issues, then the answer again is possibly, if it was done years ago and is showing no signs then probably less chance than if it has been done very recently as these problems may not have shown up yet.
Has the surveyor said no improvements are necessary?0 -
david! That gave me a much needed smile today!
The conversion is very good quality with a fire door at the top of the stairs, fire escape in one of the rooms, a really nicely done shower room and wc, and two carpeted and painted rooms with spotlights in the ceiling and plug sockets etc-seems to be done to a good standard to my (totally amateur!) eye.
The survey said no repairs are necessary but then it was just the basic mortgage valuation survey so i’m not sure whether it would go into that much detail anyway?New Year, New Me!!!Weight loss mission 2012 has officially begun!!:jLoss so far: 3 stone 4lbs:j0 -
david! That gave me a much needed smile today!
The conversion is very good quality with a fire door at the top of the stairs, fire escape in one of the rooms, a really nicely done shower room and wc, and two carpeted and painted rooms with spotlights in the ceiling and plug sockets etc-seems to be done to a good standard to my (totally amateur!) eye.
The survey said no repairs are necessary but then it was just the basic mortgage valuation survey so i’m not sure whether it would go into that much detail anyway?
Any natural light and ventilation? These are normally the problem for habitable BR approval in a cellar conversion.0 -
If it's been so recently converted does it just mean that it hasn't got building regs approval, as in it was never applied for or it was applied for and turned down?
If it's not been applied for, why not? Can the vendor not do that now?
If it was turned down, then for what reason?
You need to get your solicitor to ask those questions.
What will the implications to you be? - you need to find the difference between the mortgage offer and purchase price, you won't be able to sell it on as those being habitable rooms if you don't get building regs approval, this will affect the resale potential and price. Whether you use them as 'habitable rooms' is up to you!0
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