Would you give your wholeI survey to your vendor?

Catatonia

westlondonbuyer wrote: »

They also need to estimate a standard of fit and finish that is commensurate with the price of the property when work has been completed (eg it may just cost £2k to install a basic new kitchen, but 9/10 people would think spending £2k on a kitchen in a £500k house would be a false economy ). This sum is invariably substantially higher than the vendor's estimate (because the vendor may not realise the quality expectations of someone buying a £500k house are far higher than his own when he paid, say £200k for the same house).

This is a very good point, and I guess why the seller thinks the valuation is unreasonable.

I'm not a cash buyer btw - I would have been if I'd settled for the house that was over £100k cheaper than this one!

kingstreet

Catatonia wrote: »

Sorry, I don't quite understand your post, Kingstreet. Are you saying that getting more reports done will make my surveyor drop his valuation further?

At the moment I am thinking as Hazy describes - it's not so much the work as the risk of paying over the odds for somewhere in a falling market that is making me think twice.

If, for example, you have a value now and a value post any remedial works, these may depend on the cost and type of works required.

This is difficult to try to cover when you don't know what the issues are.

For example, an improvement may add to the value after it's done but you are probably not going to get the vendor to pay for it. Remedial works and repairs which are required so the property meets the value you've agreed as a purchase price could realistically be expected to be met by the vendor.

There are others which might be given as a 50/50 between the two.

As westlondonbuyer said, surveyors will make assumptions on finish etc, but they can't take into account the full implications of a needed repair to the roof, or timber treatment, or whether your second cousin twice removed might be able to do the gilt-edged kitchen job you need at half the price he's estimated.

Getting more information on the property might help you to decide if it's the right property at the right price. If you have doubts, you can pull out, get the extra info, or carry on as things are. My way is a third option you can consider to keep the purchase alive, until you decide one way or the other...

Catatonia

Thanks, Kingstreet. For the sake of not dragging it out further, I have agreed to the compromise price. Possibly not the ideal decision, but I just want to get on with the purchase and move into a new home.

SuzieSue

Catatonia wrote: »

Thanks, Kingstreet. For the sake of not dragging it out further, I have agreed to the compromise price. Possibly not the ideal decision, but I just want to get on with the purchase and move into a new home.

I think you've done the right thing. I felt I had overpaid when I bought my first property in 1997 as it was a new build and I was paying a lot for the location. I didn't know what was going to happen to house prices and I did worry about it a lot.

Even if you have overpaid slightly, it's your peace of mind that matters and if you want the property and it will make you happy, then that is all that matters.