Survey Advice!

JF77

Hi,

I have received my report and valuation for Mortgage Purposes which states the following under the essential repairs section -:

"Specialist treatment of damp and timber defects as necessary. Reports/estimates not required by valuer"

What does as necessary mean? Would a homebuyers survey have gone into more detail?

It also says "total estimated cost for essential repairs: £3,000" but the value in present condition is the same as the value with essential repairs completed.

I am happy to pay for a specialist report if needs be. I should add that the house is a 1930's semi.

Any advice welcome.

Thrugelmir

JF77 wrote: »

Hi,

I have received my report and valuation for Mortgage Purposes which states the following under the essential repairs section -:

"Specialist treatment of damp and timber defects as necessary. Reports/estimates not required by valuer"

What does as necessary mean? Would a homebuyers survey have gone into more detail?

It also says "total estimated cost for essential repairs: £3,000" but the value in present condition is the same as the value with essential repairs completed.

I am happy to pay for a specialist report if needs be. I should add that the house is a 1930's semi.

Any advice welcome.

Your lender may withhold the monies until the work is completed.

Although the remedial work will cost £3,000 it adds nothing to the value of the property. As a lot of the cost will be for labour and profit for the Company performing the work.

Renegotiate the selling price. Contact the Estate Agent and advise him ofthe survey results.

BASFORDLAD

That just seems like a standard statement to cover thier own backs, i really wouldnt worry:)

JF77

Thanks!

Had my mortgage offer in the post and mortgage co are not asking for any further reports or withholding any funds.

JF77

Hi,

Does anyone else have any thoughts on this?

My only 2 replies are conflicting!

Cheers

purplebuzz

JF77 wrote: »

Thanks!

Had my mortgage offer in the post and mortgage co are not asking for any further reports or withholding any funds.

You had already said that you had your mortgage offer in the post and that they are not asking for any further reports or withholding any funds so it is your decision if you do anything further about the remedial works. Your lender isn't requiring you to do anything about it as far as I understand.

Fire_Fox

What exactly have you paid for, just the basic bank valuation?

JF77

Hi,

I have only paid for a basic valuation but, would be happy to pay for a specialist report if I felt this was needed.

I am looking for advice as to what the wording I mentioned earlier means:-

"Specialist treatment of damp and timber defects as necessary. Reports/estimates not required by valuer"

What does as necessary mean? Would a homebuyers survey have gone into more detail?

The more I read it I think it translates as a house of this age could have this type of problem and if it does this is the sort of cost you would be looking at.

Ta.

Fire_Fox

JF77 wrote: »

Hi,

I have only paid for a basic valuation but, would be happy to pay for a specialist report if I felt this was needed.

I am looking for advice as to what the wording I mentioned earlier means:-

"Specialist treatment of damp and timber defects as necessary. Reports/estimates not required by valuer"

What does as necessary mean? Would a homebuyers survey have gone into more detail?

The more I read it I think it translates as a house of this age could have this type of problem and if it does this is the sort of cost you would be looking at.

Ta.

Of course you would get more detail in a homebuyer's report, and more detail still in a full structural survey - that is why they are more expensive. You obviously do need a more detailed report since you don't understand the basic information provided in this one. I'm not going to comment on the 'as necessary' as you are taking individual sentences out of context.

Frankly a basic valuation won't tell you much more than an estate agents valuation plus your own homework and common sense. It's just a brief look to see the house isn't falling down, plus an assessment of what houses of that size in that area are worth - it's there to make sure the bank isn't lending on a complete turkey, it's not for the purchaser's benefit.

It's a 1930s house, they are usually pretty solidly built BUT owners do stupid stuff like replace the roof with heavier concrete tiles without reinforcing the structure, or replacing the original windows without ensuring the lintels can properly support the weight of the house above, or tack on extensions that aren't properly tied in or bridge the damp proof course. Surveys by and large pay for themselves as you can renegotiate the price based on their detailed findings.

JF77

eeeeee.....Thanks,

So a Homebuyers survey it is! and that will tell me all I need to know. Just wanted to check as someone had mentioned a damp/timber survey costing around £100.

I have no problem paying for anything! The mortgage co said they would sort the valuation and I could consider my options for a more in depth survey which is what I am doing now! I am not in a desperate rush.

I also wanted to make sure that this was not just a standard wording used by surveyors to cover themselves and that I could be worrying over nothing.

Always nice to get a positive response to questions on here though!:rotfl:

Thanks