Mortgage valuation report

Stan_Butler

I'm in the process of buying a house and have just received a copy of the valuation report from my proposed lender.

It is pretty standard stuff apart from two issues of concern.

1. Probable asbestos in the garage roof (property was constructed in 1932).

2. I had an offer accepted for £250,000, but the report values the property at £225,000.

I'm more concerned with the second point, to be honest.

Not being an expert on these things, I wonder if it is normal for a valuation report to value the property at less than has been offered, particularly when it is £25,000 less. It seems a lot.

Are my concerns justified?

Any advice appreciated.

TonyMMM

1) Don't worry about the "asbestos" garage roof .....perfectly normal for a property of that age and may only be an issue if you were demolishing the garage. Surveyor is covering themselves.

2) Valuation is a problem depending on your mortgage and LTV ratio (how much deposit do you have and how much are you borrowing ?) - might be time to go back and reduce your offer (and save yourself £25k).

Mrs_Bumble

Quite often a difference between what the property was up for sale for and the actual valuation at present and that is because of the general market. Sometimes can be down valued by more than that!

Definitely go back and reduce your offer!