suggestions please on survey outcome

ghazala_2

I am a ftb, i have put in an offer for 117k for a house that was on the market for 130k in bham.

It has been accepted, i have just recently had the mortgage valuation done, however it has highlighted some matters affecting value

The valuation reports states the following -

The propert is in acceptable condition for lending purposes

The valuation reflects that there is wear and tear to some items and rhat maintenance, repair or upgrading might be required.

Internal walls have been removed and remaining sections may be inadequately supported. you may need specialist advice to ensure compliance with statutory requirements.

Aspects of the electrical installation and gas central heating system gives cause for concern and you should obtain specialist advice.

There is evidence of dampness to ground floor walls and timbers in contact may be defected. you should instruct a damp and timber treatment contractor to investigate the full extent and carry out necessary repair work.

please help as im not sure what to do next,
are these major problems that i should be worried about ?

Also would i need to get estimates myself for the above or would the solicitor be able to help with these ?

many thanks in advance

Doozergirl

You need to organise quotes for yourself! Your solicitor doesn't do any of that stuff I'm afraid.

You've only had a mortgage valution done but tbh it probably says the same as a homebuyers would in elongated form.

I can recommend a damp & timber specialist based in Kings Heath

Wings

You need to get a surveyor to carry out a full property survey, together with estimated costs of all remedial repairs. Once you have the same go back to the seller and renegotiated the price of the property.

Obtaining the above places the buyer in a stronger position to negotiate the price, and invariably when I have been in that position, the reduction in price has more than paid for the survey and the remedial works. If the seller should pull out of the sale, he will know that he has to disclose to any future prospective buyer the remedial works required as shown up by your survey.

marybishop

If internal walls have been removed you need proof that if these were load bearing walls the vendors have got Building Regs approval for this and so should provide the relevant paperwork. If they can't then be very wary as this could (a) cost you money and (b) be dangerous!

Doozergirl

Wings wrote: »

If the seller should pull out of the sale, he will know that he has to disclose to any future prospective buyer the remedial works required as shown up by your survey.

Not true. It's still "caveat emptor"

olly300

Do a viewing with a builder, if you know one, to get a full advice on the costs of repairs. Otherwise get a full structural survey by using a local surveyor. This you have to sort out yourself. Put everything on hold until you do this then renegotiate the price.

By the way nearly all properties that are less than 10 years old or not had major work done on them in the past 10 years have problems with aspects of the heating and electrics. This is because regulations change all the time.

Mozette

As with what everyone else says, but can I just add, the first house I bought, I got the homebuyers report and nearly fainted - it sounded like the house was about to fall down! However, it had managed to stand for 80 odd years up 'til then, and though I did have some work done over the years, it is still there and hasn't collapsed yet. So don't be too put off, all older houses have some 'issues', it's just a matter of finding out what they are and how much they'll cost to rectify, and you can always negotiate over anything serious. When I bought my second house I was a lot less bothered by the survey. It is scary when you're a FTB, but get all the information you can, and lots of luck to you.

courtjester

I second that - all of the comments appear to be 'typical' disclaimer type comments that are usual in valuation and homebuyer surveys to cover them against potential future liability if they failed to advise you.

Normally, you would expect that the asking price already reflects the age and condition of a property - as compared with similar but completely refurbished property in the area. You have made a substantial reduction in the asking price so it is likely that your offer covers any works which might be required.

No survey covers gas & electric - this always needs a specialist inspection - your only real concern is if the property might need complete re-wiring. If it is an old property or one which has had a lot of 'DIY' done on it, it may be worthwhile having the installations checked before you go further.

Surveyors always find damp in old properties, particularly Victorian ones, this is common and doesn't necessarily mean that it needs work.

Even removal of a load bearing wall is not necessarily cause for concern - clearly this needs to be checked and to ensure that the upper parts are not collapsing as a result (which frankly would be pretty obvious), but again, remedial work if required for this is not likely to break the bank.

robby-01

the property is acceptable for lending purposes.
If I were selling it I would not knock you a penny off.If the lender is happy to lend then that should be enough.