Surveyor wont value our property!

sparkle_berry

We are in the process of buying a property for £249k, we had a full structural survey done on the house last week. Ive spoken to the surveyor and he says he values the property at £240k but wont put this on the survey report. He says the mortgage company only need to know if the value is within 10% of the purchase price, which it is. But for negociating the price down with the vendor I think we would need to provide a copy of the survey showing the value. What do you think I should do now?

Thanks for reading this.

Susie

Doozergirl

Has the survey highlighted significant work that you didn't know needed doing? This would normally be the reason for undervaluing and subsequently renegotiating on price.

If the mortgage company simply wants to know if the surveyor's valuation is within 10% of yours, I suspect he has erred on the side of caution and gone a little lower with his valuation in order to cover his back should the property ever be repossessed. It's probably not a undervaluation in the true sense of the word, maybe why he is reticent for you to try and renegotiate using his valuation.

£9000 difference is pretty subjective at that price level.

PoorDave

Perhaps consider getting this surveyor or another to provide written documentation of the value, at your own cost. Might cost a few hundred quid, but might save you, say, £4500. Having said that, the vendor might want to know exactly what it is that knocks the value down, so you'd need evidence of that too.