Lender has taken Valuation fee?

NASA_2

Ok, the Valuation was done yesterday, and I got the report this morning.

The valuation came in at exactly what I agreed to pay. Which I assume is an ok thing to happen.

Some comments of note:

There were some isolated areas of damp. Which the valuation survey says should be looked at by an expert. I didnt see any of that when I first looked at the house but am going back on Friday for another look.

The electrics are of varying age and should be inspected by an electrician. No actual areas of concern other than the fact that some of the electrics are old.

There is a shed in the back garden which I have no intention of using. The survey says that there might be asbestos sheeting in the shed which would need to be taken care of in the right way should I choose to destroy the shed. I have no intention of using it but neither do I have any problem with just letting it sit where it is for the forseeable future. My plans for the house are pretty restrained.

Are any of these things really something for me to get overly worked up about?

If I should be worked up, given that I already agreed a price lower than the advertised, would it be reasonable to ask the seller to take care of it?

Also, !!!!!! is leasehold as opposed to freehold, does it really matter to me at all?

Senior_Paper_Monitor

Nothing there that should cause you major concern.

Note that electrical, gas and mains sewerage are nearly (inserted just in case there is an odd exception out there) always excluded from valuation, homebuyers anmd even structural surveys because the RICs qualification does not include these areas.

Most of the warnings there are pretty standard to cover the back (PI) of the surveyor.

Asbestos constructions are not normally a problem unless demonstrated to be deteriorating (i.e crumbling/breaking up) or until you want to dismantle.

Leasehold - someone else owns the 'freehold', to whom you will probably pay ground rent/maintenance or similar and there may be covenants on future use. What is the remaining leasehold period - this affects value (which the surveyor should have taken into account) and can have an impact on resale/remortage once it gets down under 70 years or less (depends on lender for mortage policy). Leasehold can be topped up and/or freehold obtained in many cases (quite a complicated subject though -depends on overall circumstances). Leasehold is not necessarily a problem.

NASA_2

Senior_Paper_Monitor wrote: »

Nothing there that should cause you major concern.

Note that electrical, gas and mains sewerage are nearly (inserted just in case there is an odd exception out there) always excluded from valuation, homebuyers anmd even structural surveys because the RICs qualification does not include these areas.

Most of the warnings there are pretty standard to cover the back (PI) of the surveyor.

Asbestos constructions are not normally a problem unless demonstrated to be deteriorating (i.e crumbling/breaking up) or until you want to dismantle.

Leasehold - someone else owns the 'freehold', to whom you will probably pay ground rent/maintenance or similar and there may be covenants on future use. What is the remaining leasehold period - this affects value (which the surveyor should have taken into account) and can have an impact on resale/remortage once it gets down under 70 years or less (depends on lender for mortage policy). Leasehold can be topped up and/or freehold obtained in many cases (quite a complicated subject though -depends on overall circumstances). Leasehold is not necessarily a problem.

Good to hear that none of it is to be too worried about.

There is 800 years left on the leasehold. So nothing is changing in the near future.

NASA_2

Rang Alliance and Leicester this morning - they needed more evidence of how I am going to pay the deposit.

Kind of resent that I had rang them and got told this rather than my broker ringing them and then ringing me to let me know. Though at least I was able to use their fax machine to fax what I hope will satisfy them.