Basic Valuation question

kingstreet

sangupt wrote: »

Well the appointment was made for 2.5 hs so I'm assuming that it lasted that long! I wasn't present myself.

Last time I was selling, my buyer had a homebuyer's done on my three bed semi and he was there for just under an hour and a half.

Fire_Fox

sangupt wrote: »

I'm not sure - I'll have to check with him. But there is the additional comment on the central heating also. If I do get these checked, do you have any idea how much it might cost? It's a 4 bed mid terrace house.

Update: Just spoke to the estate agent and told him about these concerns and he started acting tough saying that he does not think I'm serious about buying the property and said I can do whatever I want and he won't chase me any more since no instructions have been received by the owner's solicitors. However, he did confirm that they had NICEIC electrician's report

If you had had a Homebuyers or Full Structural Survey it would have been easier/ more reasonable to have a chat to the surveyor to find out if they were just covering their backside or if they have genuine concerns based on something they have seen or something the vendor said.

Speak to the vendor directly and tell him that his estate agent is a nob, then ask for invoices/ certificates/ whatever he has to show who did the work and to what standard they are qualified. If all the right paperwork is available on the electrics and the plumbing you have no issue and you don't need anything checking. Why haven't you instructed your conveyancer?

sangupt

Fire_Fox wrote: »

If you had had a Homebuyers or Full Structural Survey it would have been easier/ more reasonable to have a chat to the surveyor to find out if they were just covering their backside or if they have genuine concerns based on something they have seen or something the vendor said.

Speak to the vendor directly and tell him that his estate agent is a nob, then ask for invoices/ certificates/ whatever he has to show who did the work and to what standard they are qualified. If all the right paperwork is available on the electrics and the plumbing you have no issue and you don't need anything checking. Why haven't you instructed your conveyancer?

I plan to get a building survey done next. Unfortunately the seller is an even bigger nob - quite rude and difficult to speak to - both of them have been playing tough as if they are doing me a favour:-( Imagine this - in 1 of the bedrooms, there is a fitted wardrobe but there are NO handles to open it! It's not even the push type - the seller said you have to open it by putting your finger in the little gap or at the very top which neither my wife nor son (who'll be using it ) can even reach. I told hm why they were not there and he said that's the way he wanted it and he is not going to put the handles!! When I told the agent this (in my call with him just now) he told me I was quibbling over small things!! (agreed it's a small thing but the arrogance and rudeness is galling). We really like the house and that is why I guess I'm not walking away from this nonsense

Re talking to my solicitor, don't I wait for my mortgage to be formally approved and the buidlding survey is done? Sorry this is my first buy (and the last) and I'm not very clued in.

Thanks to all for your help

propertyman

sangupt wrote: »

Update: Just spoke to the estate agent

Ignore him/her/it. I'd say

"I am spending x on a home and my qualified surveyor has expressed concerns over this and other matters. I am serious about buying as I am making enquiries about wiring and investing further money in an electrical test - you 'flaccid organ' "

The last bit is optional, but given the amateurish response, is apt even polite. The last one I dealt with in Reading in August ( a he) broke down and cried.

The paperwork from building control, and any certificate from back then, is out of date as the property has been lived in for some time and that does not mean it was perfect at that time or that adaptations have not been made since. There are several ways that electrical work post 1995 has to be/can be certified, but there is no legal obligation to show it to you.

Be sure, get a test done, it's your families home, a huge loan, and you don't want any shocks.

DRP

sangupt wrote: »

I plan to get a building survey done next. Unfortunately the seller is an even bigger nob - quite rude and difficult to speak to - both of them have been playing tough as if they are doing me a favour:-( Imagine this - in 1 of the bedrooms, there is a fitted wardrobe but there are NO handles to open it! It's not even the push type - the seller said you have to open it by putting your finger in the little gap or at the very top which neither my wife nor son (who'll be using it ) can even reach. I told hm why they were not there and he said that's the way he wanted it and he is not going to put the handles!! When I told the agent this (in my call with him just now) he told me I was quibbling over small things!! (agreed it's a small thing but the arrogance and rudeness is galling). We really like the house and that is why I guess I'm not walking away from this nonsense

Re talking to my solicitor, don't I wait for my mortgage to be formally approved and the buidlding survey is done? Sorry this is my first buy (and the last) and I'm not very clued in.

Thanks to all for your help

you have to remember you are stood in his house, essentially criticizing the way he has decorated!

i'm not surprised he is a little shirty - why were you even querying cupboard door handles!? :rotfl:

The EA is right - you were quibbling small things - keep your powder dry for the meaningful questions!

Fire_Fox

Pick your battles, you are making yourself look very silly indeed whinging about handles. They are cheap as chips in IKEA and easy for a novice to install. It's not for you to tell the vendor how to live.

Instructing your conveyancer is one of the first things you do, no you do not normally wait for the mortgage or survey! Please run an advanced search or read the stickies, it worries me you don't know something so basic.

kingstreet

The house purchase process runs like this, so I tell my clients to expect this as a rough order;-

Offer agreed
Solicitors instructed
Sales memorandum issued by agent to all parties/solicitors
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract
Vendor completes seller's enquiry forms and returns to solicitor
Valuation/survey carried out
Purchaser pays solicitor for searches
Searches requested
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
Searches returned
Responses to enquiries
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Completion takes place.

The order might be a little out in one or two places and some things can take place concurrently, rather than consecutively to save time.

sangupt

Great list Kingstreet - much appreciated.

I was under the impression that the solicitor comes in only after the survey (in my case building survey after lender's basic valuation) is completed.

However, if I instruct him to proceed before the building survey, I stand to lose £100+VAT (told by the solicitor) on top of the survey cost if I decide not to go ahead based on the survey report or if my mortgage gets declined. Agreed it is a relatively small amount but then again I'm already on a very tight budget and wouldn't want to just blow £120 away if we agree to wait for a few more days before starting the searches.

Am I being unreasonable in asking to wait for a few more days? .

Thanks a lot

propertyman

There is no hard and fast rule. Most valuations and the detailed reports take only a few days to arrange inspect and report. Many feel that survey first then solicitor is a sign that you are not fully committed, hedging your bets.

It's based on "surely you have seen enough and want to buy, rather than getting a "second opinion" before committing".

My view has always been that a well maintained modern property is unlikely to throw up issues, while older or more complicated ones, and those in poor repair are likely to contain deal breakers.

In that case why would the vendor waste money instructing their solicitors only have to start over.

leew

kingstreet wrote: »

The house purchase process runs like this, so I tell my clients to expect this as a rough order;-

Offer agreed
Solicitors instructed
Sales memorandum issued by agent to all parties/solicitors
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract
Vendor completes seller's enquiry forms and returns to solicitor
Valuation/survey carried out
Purchaser pays solicitor for searches
Searches requested
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
Searches returned
Responses to enquiries
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Completion takes place.

The order might be a little out in one or two places and some things can take place concurrently, rather than consecutively to save time.

@sangupt, hope you don't mind me asking a few questions of my own in your thread.

I've duly thanked you for this already but i'd like a few questions answered if you don't mind Kingstreet.

Here's where we're at.

Offer agreed, spoke to a Solicitor and gave details of said Solicitor to Lender and EA.

FTB Mortgage applied for - already had a AIP in place before this.

Valuation and Survey have been instructed by my Lender and a letter from Surveyors has been received which we have signed and emailed back - mentions they can't release the report until we do so (emailed them on the 21st)

Memorandum of Sale received from EA - do they pass this on to our Solicitors or do we??

That's it! do we sit back and await a phone call/letter from someone now?