PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Survey Report

Options
tristinh
tristinh Posts: 106 Forumite
in House buying, renting & selling
Hi there - we need some advice.

2 weeks ago we had an offer of 385k accepted on a property that was on the market for 399k. It had been on the market since October. We have had the survey results today and it is saying (amoungst other things) a replacement roof in it's entirety is essential and that the 2 chimney stacks need rebuilding too. It is a 1880ish 4 bed property, slate roof.

As with many people the Estate Agent has turned pretty nasty on us and has said if we restart negotiations they will put it back on the market. I don't think the vendors will be particularly amenable to renegotiaons (but that is just the feeling I get from the EA).

We are arranging for a quote for the work but not sure how to play this? Any advice?

Thanks guys!

Comments

  • hcb42
    hcb42 Posts: 5,962 Forumite
    Options
    what was the valuation?
  • MegaMiniMouse
    MegaMiniMouse Posts: 595 Forumite
    Options
    You really don't have to worry about Estate Agents turning nasty...

    Turn nasty yourself, f'chrissake

    MMM
  • tristinh
    tristinh Posts: 106 Forumite
    Options
    The mortgage valuation hasn't been done yet (my work paying for full survey only - very confusing). The building surveyor had a rebuild price of 330k. Will get the mortgage valuation in the next day or so.
  • hcb42
    hcb42 Posts: 5,962 Forumite
    Options
    well when you get that, it might assist with the decision....
  • TVA
    TVA Posts: 25 Forumite
    Options
    The mortgage valuation will either agree the sale price or down value it - they don't upvalue even if it is worth more. Get a quote (infact get 2 or 3), see if you can afford it, consider what else you could get on the increased cost and decide if it stacks up for you at that cost. You then know if you still want to buy it. I'd then reduce the offer if you still want it - you finances won't stretch - need to meet half way etc. Point out that it will come up on all surveys so they may have to take less and that you are ready to proceed. You can always change your mind and find the extra in a few days if they don't see it your way.
  • jamesperrett
    jamesperrett Posts: 1,009 Forumite
    First Post First Anniversary Name Dropper
    Options
    TVA wrote: »
    The mortgage valuation will either agree the sale price or down value it - they don't upvalue even if it is worth more.

    Although I've had a survey that put a higher value on the property once certain works had been carried out. If the surveyor thinks your offer is reasonable, despite the problems, he will value the house at the price you are offering.

    James.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards