Valued at 20k lower than offer... Options?

iB1

Some of the things that your surveyor has picked up on are the standard things that they say nowadays. It pretty much seems par for the course to say:

* Get a specialist to look at the electrics
* Get a specialist to look at the boiler
* Get a specialist to look at damp/building issues

The electro-magnetic radiation thing is just silly. I can't believe he put that in - BUT - surveyors do have to cover their backsides nowadays, so that's why every silly little detail gets mentioned.

Have you got a number for the surveyor? If so, ring them up and try and talk to him to find out what his reasoning is. Maybe he may even mention something off the record. For a £140k house, 20k off is a lot of money.

LisaLou1982

DRP wrote: »

that's the whole point - the OP has has no other option other than accept this professional's opinion (yes, opinion) if they want to use that particular lender.

We're not talking about the optional homebuyer's report here.

Yes, thats why i stated later down my post that their other option would be to go to a different lender.

...as far as i read, the homebuyers report was done by the same surveyor? Or have i got that wrong?

LisaLou1982

hanvyj wrote: »

If he can see a genuine reason for saying the sub-floor needs looking at, fine. But we have no visibility of why he is saying these things.

you wont have visibility whilst the carpets are down! is there bounce in the floors that he has noticed? maybe the flooring has come up in places and there was some damage noted?

Does he think the sub-floor might need looking at for a particular reason, or just because. If he can't see a reason then you'd have to do this for any of the 100,000 terrace houses in Portsmouth - so we'd never be able to get a mortgage on any of them unless their buyers knocked off 20k because of some speculation. That's were I'm getting from.

agree completely with your point there but my point is have you ASKED why it needed looking at in particular?

Sure, the roof tiles are falling off and the joists look a bit dodgey - that argument is valid because you can see there is a problem. With the sub-floor, he can't see anything. If I try purchase the house next door am I going to get the same thing? How will I ever get a house :S

If the electronics are dangerous, fine - but there has to be a reason for saying that, which at the moment we don't have. Why do they need replacing? I'm saying: every time you re-morgage a house do you have to get your electrics up to current regulations? No, that would be silly! If they genuinley need replacing because there is a fault or something then I'm happy, the survay picked up something I should know about.

every home buyers survey will advise for an electrical report. you are under no legal obligation to get one. but you have been advised to. If the surveyor has noted that there quite clerly hasnt been any updates to the wiring in the last 50 years then hes is quite right to advise that it will probably want doing and bringing up to current standard. That is not the same as saying it is dangerous.

Obviously I'm going to try to negotiate with the seller - but If this valuation makers me dubious then I don't think they are going to think its very reasonable.

And if I pay £400 for a professional to come look at the sub-floor and say "That's fine" can I then get a mortgage on this house? Does "re-plaster" mean "re-plaster that small 1m patch in the ceiling where someone put their foot through (about £100 or so? I could do that myself) or does it mean tear down all walls and ceilings and re-plaster the whole house? (completely unneeded)

I think based on your response to the survey and how it is clearly upsetting you the best course of action would be to contact the surveyor in the first instance and ask why it has been downvalued so much. Ask if the valuation will be changed if you get a report and there appears to be no problems and the third and most important point would be to be as polite and professional as possible. If you have an attitude then he is not going to change his mind or report in any way shape or form. And yes, i have seen this many times so can comment.

There is another house down the road that is very similar and going for £156, it needs a little less work (ie, isn't so tatty). There is a 2 bed, mid terrace (no garrage) that is in perfect condition for £150 - but the sub-floor could be in identical condition!

Are those sold or up for sale?

hanvyj

LisaLou1982 wrote: »

Are those sold or up for sale?

You are right, I certainly need to talk to the surveyor. I was hoping for a more detailed report, it may be that I haven't got the full report - this being attached to the back of the mortgage papers.

hanvyj

LisaLou1982 wrote: »

Yes, thats why i stated later down my post that their other option would be to go to a different lender.

...as far as i read, the homebuyers report was done by the same surveyor? Or have i got that wrong?

Yes, we are considering another lender.

To clarify, we upgraded the free survey (Santander) to a home buyers report. So yes, the home-buyers report was done by the same survayor as the mortgage valuation.

hanvyj

iB1 wrote: »

Some of the things that your surveyor has picked up on are the standard things that they say nowadays. It pretty much seems par for the course to say:

* Get a specialist to look at the electrics
* Get a specialist to look at the boiler
* Get a specialist to look at damp/building issues

The electro-magnetic radiation thing is just silly. I can't believe he put that in - BUT - surveyors do have to cover their backsides nowadays, so that's why every silly little detail gets mentioned.

Have you got a number for the surveyor? If so, ring them up and try and talk to him to find out what his reasoning is. Maybe he may even mention something off the record. For a £140k house, 20k off is a lot of money.

Yeah, I was expecting a lot of back-side-covering "Get a specalist to look at this" but not as a contractual obligation of the mortgage (to be done within 6 months, and we are required to perform all work advised) while funds are withdrawn

I'm sure a home-buyers advises an electrician to look around on pretty much all the houses that haven't just been renovated - but I was expecting that a risk for us to take. Maybe I'm just being an idiot :S

LisaLou1982

hanvyj wrote: »

Yes, we are considering another lender.

To clarify, we upgraded the free survey (Santander) to a home buyers report. So yes, the home-buyers report was done by the same survayor as the mortgage valuation.

How many pages was your survey?

a homebuyers is usually around 15-25 pages. give or take depending on the size of the house of course

hanvyj

LisaLou1982 wrote: »

How many pages was your survey?

a homebuyers is usually around 15-25 pages. give or take depending on the size of the house of course

Oh wow, well we haven't got that! It was a few pages at best. I'll wait for that then, maybe it goes into more detail on some of the things suggested!

LisaLou1982

hanvyj wrote: »

Oh wow, well we haven't got that! It was a few pages at best. I'll wait for that then, maybe it goes into more detail on some of the things suggested!

Ah! Well in which case i have perhaps been a little harsh

Give them a call and ask for the full report. A standard mortgage valuation is 1-3 pages so you should expect a full write up for a home buyers. Sometimes it can take longer to come through as it'll have to be dictated etc but id have thought within the week

hanvyj

Still waiting on full report...

Contacted the bank, they were happy to have the seller get a builder around and come up with quotes/have a look at everything.

The estate agent didn't seem surprised, seems like this happens to most terraces in the area? Though the substation thing sounds like it's new to her lol. I found it on google maps, about 4 houses down the terrace, maybe 50-60m away.

I'm hoping the quotes will come back at something reasonable and we can negotiate the price down.