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Survey Report / Property Valuation & Insurance
babylonfree
Posts: 76
Forumite
I'm in the process of buying a property built in the 50's. The mortgage lenders carried out a valuation and valued the property at £157,000 rising to £161,000 on completion of their suggested works, I had originally offered £160,000.
They said that there was cracking and suspected movement to the bays and that this and other doors and windows would need checking to see if they offered the correct support. They also said the electrics would also need checking and and bringing in line with regulations.
They also said that to get any insurance on the property I would need to forward them or the insurance company I was choosing a full report on the suspected movement for inspection.
In the mean time I had my own independent homebuyers survey done (their valuation was free so thought I may as well). My report said the same about the electrics, it said the cracking on the bays was probably caused when the replacement windows were put in years back.
They did say cracking was observed in another part of the house that could be caused by movement and suggested this was checked out. Along with a few other bits and bobs. If I followed what they said to the letter i'd need to get A structural engineer, roofing specialist, drainage specialist, gas specialist and electrician to check all the bits and bobs.
We were already planning and doing the electrics and getting a new gas fire. So we're not fussed about those, the roofing guy was suggested to just check the felt roof was ok. It was replayed about 6 years ago, so again we aren't too fussed about that as there are no signs of anything being wrong.
The movement obviously needs checking out, the drains also.... I suppose i'm looking for any advice, the property is showing signs of ageing so other running repairs will also be needed.
What do I do...
run for the hills?
Ask for a reduction in price?
Get the movement checked and go from there?
We do really like the house, area etc and would be sad to walk away, but everything seems a little ominous.
I know there have been lots of these threads going around, I needed to download all of the crap somewhere though!!
They said that there was cracking and suspected movement to the bays and that this and other doors and windows would need checking to see if they offered the correct support. They also said the electrics would also need checking and and bringing in line with regulations.
They also said that to get any insurance on the property I would need to forward them or the insurance company I was choosing a full report on the suspected movement for inspection.
In the mean time I had my own independent homebuyers survey done (their valuation was free so thought I may as well). My report said the same about the electrics, it said the cracking on the bays was probably caused when the replacement windows were put in years back.
They did say cracking was observed in another part of the house that could be caused by movement and suggested this was checked out. Along with a few other bits and bobs. If I followed what they said to the letter i'd need to get A structural engineer, roofing specialist, drainage specialist, gas specialist and electrician to check all the bits and bobs.
We were already planning and doing the electrics and getting a new gas fire. So we're not fussed about those, the roofing guy was suggested to just check the felt roof was ok. It was replayed about 6 years ago, so again we aren't too fussed about that as there are no signs of anything being wrong.
The movement obviously needs checking out, the drains also.... I suppose i'm looking for any advice, the property is showing signs of ageing so other running repairs will also be needed.
What do I do...
run for the hills?
Ask for a reduction in price?
Get the movement checked and go from there?
We do really like the house, area etc and would be sad to walk away, but everything seems a little ominous.
I know there have been lots of these threads going around, I needed to download all of the crap somewhere though!!
0
Comments
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Ps. the property was originally up for £166.
Pps. the surveyor that did my homebuyer survey said they couldn't value the house until all the things they suggested had been checked.0 -
bump bump bump0
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Well the first thing if you really want the house is to get a Structural Surveyor's report done then decide on the pricing from there- I guess your offer was made subject to survey?0
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