survey valuation query

bubblesmoney

edited by me to remove personal details. apologies for any inconvenience caused.

bubblesmoney

edited by me to remove personal details. apologies for any inconvenience caused.

neverdespairgirl

bubblesmoney wrote: »

1) does this mean that the valuation range is from 120-135k and i am paying at the top end of the valuation or am i overpaying by 15k or is this 120,000 the rebuilding cost??

Ask them to be sure, but as I understand it, reinstatement value is the cost of clearing the land and rebuilding if the whole lot falls / gets burnt down.

poppysarah

Ask trading standards if you really want BUT you have to ask what discount you would want if it turned out the boiler was on its last legs and the electrics needed redoing.

Either ask for a service history of the gas and then visually inspect the electrics (more than 3 types of switches or sockets and you probably need it doing - any brown frayed wired and it's a immediate concern) - have a look at the meters. Are they old? Does it have a modern fuse board?

bubblesmoney

edited by me to remove personal details. apologies for any inconvenience caused.

poppysarah

Surveyors initial surveys say "probably damp and get additional surveyors in"

I should have said ask trading standards for trade safe traders list.

6.5yr old I would assume it's fine electricially unless they've monkeyed around with it. I'd assume the boiler would be ok if it's been looked after.

Ask the people there for service history. If they've not got one then it's probably not been done so might be a bit broken.

I think it's reasonable to ask to see if it all works before you exchange contracts *feel each radiator and make sure they get hot and that the system doesn't make a huge noise. If they say NO then see it as a red double underliner.
If they object to you having another visit they'll object to a corgi man and electrician.

TomsMom

Reinstatement value is the cost of totally rebuilding your home should it be destroyed. Any insurance you get for the property must cover a rebuilding cost at least equal to the reinstatement value of the property. And by the way, you are not obliged to obtain your buildings insurance through your mortgage lender, you may find it cheaper to arrange your own.

GDB2222

I have a feeling that every survey I have ever seen had a statement in about getting the services checked by a contractor. Standard !!!-protecting stuff.

If the gas and electricity are no longer connected, there is not much a contractor can do until they are reconnected.

Doozergirl

I've replied in green

bubblesmoney wrote: »

i have a FTB survey valuation query. got a copy of the home buyers report over the weekend and have a few queries, i cant call the surveyor as it is a weekend, maybe will call tomorrow to ask these queries.

survey valuation has come same as my purchase price 135,000.

also home buyers survey mention another 'Reinstatement value' of 120,000.

1) does this mean that the valuation range is from 120-135k and i am paying at the top end of the valuation or am i overpaying by 15k or is this 120,000 the rebuilding cost??
I think that's been answered already. It's the difference between the value of the property plus land and the cost of rebuilding the property.

2) is the reinstatement value the same as the rebuilding cost??? if so then is a difference of 15k normal (i mean ok) between purchase price and reinstatement value
Completely normal. If you take into account the cost of the land which will never have to be replaced, unlike the building, then rebuild is usually more. In cheaper areas, houses can be cheaper than their rebuild cost.

3) for buildings insurance do i need to use the 135000 i am paying or do i use the 120000 reinstatement valuation
For buildings insurance, you use the reinstatement value.

4) homebuyers report mentions at the end - "as the property is vacant it is recommended that all services, including the gas central heating system and appliances in the property, are tested by appropriate contractors prior to purchase". does this mean that i wont get the mortgage till i get these tested.
No, you will still get the mortgage if the surveyor thinks the property is worth what you are paying without having those tested. Every survey will say that, even on a 6 month old property.
the gas, electricity, water etc have been cut off since the property is vacant, how do i get these tested without the mains supply being there and i cant get the connections till i buy the property??? any suggestions anyone on how i can get around this chicken and egg situation.
Services are usually only disconnected if it is a repossession.
also since the surveyor has recommended getting these tested before purchase, will i not be insured if i buy the property and then get it tested.
You wil be insured. Not that many people would have safety checks carried out before buying. If the surveyor felt it was a real issue, then they would state as an issue rather than a recommendation.

Doozergirl

bubblesmoney wrote: »

surveyor suggested getting plumbing/boiler gas central heating getting tested by a corgi heating engineer and getting the electrical appliances tested by NECEIC registered electrician before exchanging contracts

any suggestions anyone about where i can find corgi registered heating engineer and NICEIC registered electrician for the needed checks and ?? certificates that they are ok and how much such things normally cost.

Broadly speaking, we're just talking about what you and I would call a 'plumber' and an 'electrician' that you would find in the yellow pages. You just needto check that they are each registered with the relevant body.

The trouble is trying to find one to come out and do it for you - they don't often like lo ticket value work. If it's a newish build, they mightn't see much value in coming over. A gas safety cert is normally about £50 +VAT, a full electrical test I'd put at £150 ish? It will take longer than gas checks.

bubblesmoney wrote: »

are these usually done for 6.5y old properties?? maybe the surveyor suggested doing them as a precaution as the supplies are disconnected for a while in the property and to check for leaks etc.

The surveyor mentioned it because they always do, they weren't tailoring the report to your circumstances. Unless they were carrying out additional electricial work you'd expect the electtrics to be fine. Boilers should be checked by landlords every year so really, I guess that means that we should all do that. You'd expect a boiler to last a lot longer than 6.5 years but it's worth having it looked at.

Debt_Free_Chick

In Plain English, what the surveyor is telling you is this ...

I am not qualified to inspect and test the boiler

I am not qualified to inspect and test the electrics

I probably know no more about these things than you do. So if you want the boiler and the electrics surveyed, you need to call out the people who are qualified to do this.

It's little harsh to write this off as simple !!!!! covering tactics - the surveyor is simply not in a position to assess the condition of the boiler or the electrics. It's not what he's qualified to do.

You wouldn't ask a CORGI or NICEIC bloke to give you a report on the condition of the property, so why expect the surveyor to report on the condition of a boiler or the electrics?