Reworded thread re HB report and lower valuation

Full_of_angst

:)Rewritten this thread to shorten it and be more specific. Really would appreciate some advice regarding the best way to approach this.

In short, the surveyor has valued the house I want to buy at £3500 below the agreed offer. I purposely chose an independent chartered surveyor who was local to the area I am buying in.

There are many issues (quite a few 3's) highlighted in the survey but I won't go in to them here. The house was built in 1906, so I was expecting there to be issues highlighted (although there were a few things I wasn't expecting).

What I am hoping for advice on is the best way to approach the vendor to see if he will reduce the price down to the lower valued figure. I have never been in this position before so really would appreciate some tips on the best approach. I am also selling a property (one that is 300 years old) so I do understand from a vendor's perspective how annoying this will be. I'm hoping he will be sensible and realise that the issues will come up with each potential buyer.

Many thanks in advance.

Full_of_angst

Sorry to bump. Obviously I'll speak to surveyor tomorrow, and also estate agent for vendor, but would really like some advice on how to go about it with the EA and vendor (I'm only asking because I am not particularly good at bartering or being assertive and need to put a sort of 'mask' on but also want to know how best to come across as reasonable yet determined!

thelem

Do you need a mortgage? Will they allow you to buy it for less than the surveyor's valuation even if you wanted to? Has he put a value on the repairs that were required (obviously your original offer didn't take these into account...).

Full_of_angst

thelem wrote: »

Do you need a mortgage? Will they allow you to buy it for less than the surveyor's valuation even if you wanted to? Has he put a value on the repairs that were required (obviously your original offer didn't take these into account...).

Hi, thank you for the response.

I don't need a mortgage. He hasn't put a value on the repairs. My original offer was about 2% below the marketed price. I offered £240,000 and it was on the market at £245,000. Surveyor has valued it a £236,500. However, part of the report for the legal adviser states this:

'The property has been subject to extension and improvement work. The report is based on the assumption that this has been carried out in compliance with all necessary statutory approvals. If further checks reveal that all approvals are not in place then this should be referred back to the surveyors as it could alter the advice that has been given, including the valuation figure.'

dimbo61

Tell the vendor/ estate agent your local surveyor has valued the property at £236,500 and ask for all the planning permissions, building regs, approvals for the extension.
You can check on the council planning portal what and been approved.
We had to go to appeal and win, we now have FENSA certificate for windows, electrical certificate for minor electrics, building extension plans, structural plans from structural engineer re steels with calculations , sign off from buildings regs people who inspected work during construction. Gas safe certificate as boiler was moved and extra radiators installed. Receipts from builders with his registration as qualified builder etc
File full of info on building works never mind all the photos we took

thelem

Full_of_angst wrote: »

My original offer was about 2% below the marketed price. I offered £240,000 and it was on the market at £245,000.

You mean you offered 2% below the asking price, which is just the vendor's opinion of what the property is worth.
The surveyor has given their opinion about the market price, and to get your own opinion you need to look at recently sold property, not asking prices.

Full_of_angst

thelem wrote: »

You mean you offered 2% below the asking price, which is just the vendor's opinion of what the property is worth.
The surveyor has given their opinion about the market price, and to get your own opinion you need to look at recently sold property, not asking prices.

I did say 'marketed' not 'market'; in that the house was marketed at 245,000.

I've spoke to the surveyor and have contacted his recommended damp and wall tie specialist. Spoke to EA and she is talking to the specialist and vendor about going in to look at the issues that were rated a '3' in the report. He is also going to take a roofer along with him to look at the chimney which was also rated a 3.

Once the work is estimated then I guess the real work of negotiation on the sale price takes place. Not looking forward to that as according to the surveyor the vendor greeted him with 'Don't know why she's have this done as we're only weeks away from exchange, you'd better not find anything' !! Not the best opening line to greet someone who is surveying your house.

The fact is, that he could dig his heels in (which I know is his prerogative) but then find himself in exactly the same position with the next person who comes along to buy it.

dimbo61

First sign that he is going to be difficult then walk away