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Survey results are in
emslondon
Posts: 14 Forumite
Hello, I'm quite new here, but hoped you could share some of your useful advice!
We are in the process of buying our first property for £192k. We were outbid on an identical property a few doors down which went for somewhere over £225k. Our property has only 63 years remaining on the lease, and an extension will cost approx. £15k. The property also needs a lot of work - replastering, new kitchen, complete redecoration just for starters. We think we can do all this work, plus pay stamp duty and other costs, for £15k, bringing our total spend on the property to £222k or so.
We've just had the results of our homebuyer's survey. The property has been valued at £191k, which is fine. I just can't quite work out whether this is taking into account the short lease remaining? Is this standard? It does mention in the report that the lease is short so I hope it does.
I just don't know what things the survey is flagging up as standard, to cover their backs, and which things we should worry more about. The two things it mentions as conditions for the mortgage are;
1. Instruct an electrician to inspect the electrical installation and carry out recommended works
2. Instruct a specialist to inspect the whole property and report on internal dampness and the condition of all timbers etc.
The survey does say that the electrics look relatively modern, but the one thing I didn't understand was where it said to note "The extent of necessary earth crossbonding to the various service outlets and appliances is limited". Does this sound like something to worry about?
There are 2 patches of damp - one by the front door, which might be a bit worrying, especially as it's on an internal wall between us and the next house, and one under a window upstairs which is probably pointing or a leaky seal somewhere to blame.
Other things the survey mentions is that the roof covering is 'aged' and will require renewal within the near future - we thought it looked in pretty good nick.
We also probably need to get a new combi boiler, ventilate chimney shafts, replace the front and back doors, etc etc. Are we crazy to take all this on as FTBs?
Any advice would be very welcome! Sorry for the long post.
We are in the process of buying our first property for £192k. We were outbid on an identical property a few doors down which went for somewhere over £225k. Our property has only 63 years remaining on the lease, and an extension will cost approx. £15k. The property also needs a lot of work - replastering, new kitchen, complete redecoration just for starters. We think we can do all this work, plus pay stamp duty and other costs, for £15k, bringing our total spend on the property to £222k or so.
We've just had the results of our homebuyer's survey. The property has been valued at £191k, which is fine. I just can't quite work out whether this is taking into account the short lease remaining? Is this standard? It does mention in the report that the lease is short so I hope it does.
I just don't know what things the survey is flagging up as standard, to cover their backs, and which things we should worry more about. The two things it mentions as conditions for the mortgage are;
1. Instruct an electrician to inspect the electrical installation and carry out recommended works
2. Instruct a specialist to inspect the whole property and report on internal dampness and the condition of all timbers etc.
The survey does say that the electrics look relatively modern, but the one thing I didn't understand was where it said to note "The extent of necessary earth crossbonding to the various service outlets and appliances is limited". Does this sound like something to worry about?
There are 2 patches of damp - one by the front door, which might be a bit worrying, especially as it's on an internal wall between us and the next house, and one under a window upstairs which is probably pointing or a leaky seal somewhere to blame.
Other things the survey mentions is that the roof covering is 'aged' and will require renewal within the near future - we thought it looked in pretty good nick.
We also probably need to get a new combi boiler, ventilate chimney shafts, replace the front and back doors, etc etc. Are we crazy to take all this on as FTBs?
Any advice would be very welcome! Sorry for the long post.
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