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Valuation returned with some issues...
jibbyboo
Posts: 262 Forumite
Got my valuation report back today - pleased that it had some comments on it, as there was a suggestion that the statement would literally be "yes mortgage lender, this property is worth X".
However, the comments were:
The Property is considered to be a reasonable proposition for purchase at a price of £x provided that you are prepared to accept the cost of the various repairs/ improvements required and any associated inconvenience. Such work is quite common in properties of this age (1965) and type. Provided the necessary works are carried out to a satisfactory standard there is no reason why there should be any special difficulty on resale, under normal market conditions.
The general condition of the property appears consistent with its age and type of construction, but some works of repair and maintenance are required. Elements of the property are aging and likely to require attention.
Evidence of movement was observed in the form of cracking to walls. this appears long-standing and non-progressive and the likelihood of further significant movement seems remote.
The roof coverings could not be seen due to site constraints. The roof coverings are assumed to green mineral felt. Roof coverings of this type have a limited life, and are particularly prone to leaking without warning. They require periodic renewal.
Pretty vague, so I'm awaiting a call from the surveyor to clarify what he was referring to. Does this sound particularly alarming to anybody that knows about properties? Or something that would allow for re-negotiation?
I'm aware I'm jumping the gun a little as there's not much info to go off, but experts out there may be able to shed some light before (and in fact IF) I receive the call.
However, the comments were:
The Property is considered to be a reasonable proposition for purchase at a price of £x provided that you are prepared to accept the cost of the various repairs/ improvements required and any associated inconvenience. Such work is quite common in properties of this age (1965) and type. Provided the necessary works are carried out to a satisfactory standard there is no reason why there should be any special difficulty on resale, under normal market conditions.
The general condition of the property appears consistent with its age and type of construction, but some works of repair and maintenance are required. Elements of the property are aging and likely to require attention.
Evidence of movement was observed in the form of cracking to walls. this appears long-standing and non-progressive and the likelihood of further significant movement seems remote.
The roof coverings could not be seen due to site constraints. The roof coverings are assumed to green mineral felt. Roof coverings of this type have a limited life, and are particularly prone to leaking without warning. They require periodic renewal.
Pretty vague, so I'm awaiting a call from the surveyor to clarify what he was referring to. Does this sound particularly alarming to anybody that knows about properties? Or something that would allow for re-negotiation?
I'm aware I'm jumping the gun a little as there's not much info to go off, but experts out there may be able to shed some light before (and in fact IF) I receive the call.
Please respond to mine and others' posts with courtesy and kindness- and I will not deliberately disrespect you. Down with the trolls!
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sounds fine to me...he's just pointing out what most would realise, buying an older house, that it does and will need ongoing maintenance...0
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wannahouse wrote: »sounds fine to me...he's just pointing out what most would realise, buying an older house, that it does and will need ongoing maintenance...
So do you reckon it's good that nothing specific was mentioned? Or that they were just being non-specific because I didn't pay for a homebuyers report?Please respond to mine and others' posts with courtesy and kindness- and I will not deliberately disrespect you. Down with the trolls!0 -
So do you reckon it's good that nothing specific was mentioned? Or that they were just being non-specific because I didn't pay for a homebuyers report?
probably both!
the bank won't lend if they feel there is something obvious that is defective and threatening the structure...
i wouldn't be fussed by that at all...
you can order a building survey for piece of mind, but ANY home you buy, even if in good condition will have something or another that needs attention soon enough!0 -
That looks pretty much like the valuation section of my Homebuyers Report (some places almost word for word, as if standard phrases). I can't see them giving you the detail I got in the rest of the report if you haven't paid for it ...0
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I think that all sounds pretty standard, my impression of surveyors is the spend a lot of time wording reports so as to cover their own backs. On the other hand I have never bought a house (and I've bought three so far) without a full survey so I don't know how much they could be missing out.Earn £2015 in 2015: £13:33/20150
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Is it valued at the purchase price in its current condition? Is there a higher value after any essential repairs?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Very good question - I have no idea! No mention of that in the report, only that the mortgage amount I requested was appropriate based on my being aware of maintenance required.kingstreet wrote: »Is it valued at the purchase price in its current condition? Is there a higher value after any essential repairs?
I've spoken with the surveyor now, and he provided the following issues:- electrics and fuse box are old
- roofing should be checked (organised this already with my roofer friend for Thursday)
- boiler is "by no means new" and should be gas safety checked etc
- tree out the front could disrupt foundations in a few years' time, and should only be carried out by a tree surgeon
- exterior cracks due to subsidence that aren't concerning
Please respond to mine and others' posts with courtesy and kindness- and I will not deliberately disrespect you. Down with the trolls!0
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