surveyor report on house we're buying - highlighting problems

curlyboy

Good Mornign all

We have agreed to purchase a house from a family blood relative they agreed to sell it to us for £95,000

The Estate agaents value it at £110,000

the survey / valuer has valued it at £100,000

the survey has highted some issues saying

Urgent attention needed to the Central Heating and Electrical system, please appoint specialist to inspect

The flat roof could fail at any time
Possible aspestos in the eaves of the roof please be careful when carrying out repairs.

Allthough the reports says the property is in acceptable condition - Do I show this to the seller ( our uncle ) ask him to review and knock off further money from the agreed price of £95K on the basis of the report ?????

Will my Mortgage provider also state this work needs to be done ?? or are they just saying this as a safety net for lending purposes.

It was only the basic survey £315


Many thanks look forward to a reply:j

curlyboy

any advice would be great thanks

ACG

Your buying the property for below its current valuation anyway?

Seems strange that the valuation has come back for more than the purchase price??? It usually comes back for less or on the nose.

curlyboy

thanks for the reply

2 different estate agents valued ot at around £110,000 give and take

It does needed updating throughout so our uncle agreed a price of £95,000.

but the valuer and survey has said to value it at £100,000 due to condition and the problems highlighted so were not getting that good a deal. And also the fact the average price ( zoopla is only £100k in the area )

Are we within our rights to ask for a further orice reduction ?????due to the report ??????


Thanks

ACG

You can ask for whatever you like, its then down to the vendor to accept it or not.

It still seems wrong that the valuation has come back for more than offer - i have never seen that, no matter what estate agents value it at. The fact that the valuation has come back for more than house value means you are infact getting a good deal as your purchasing something for less than its worth... if you went into tesco and got to the checkout and your shopping was 5% less than the price on the shelf im sure you would be over the moon?

curlyboy

many thanks

the house directly across the road is the same size house, allthough it has a nice kitchen and fully decorated to a good standard it has sold for £119,000 so yes, we wont loose out

Once I put a new bathroom in and kitchen decorate throughout I expect the my house im buying to be valued at a lot more than £100 k - would you agree

Poppy9

ACG wrote: »

It still seems wrong that the valuation has come back for more than offer - i have never seen that,

My current house was valued at more than we were paying.

kingstreet

Is this a family purchase at undervalue, where there's a price reduction being treated as part or all of your deposit?

What is the value after essential repairs have been carried out?

cattie

Surveyors will always highlight possible problems with gas & electrical installations purely to cover themselves. It is pretty much standard for them to make some such comment & to advise calling in specialist. Surveyors are not experts or trained to give advice on condition of electrics, boilers etc. & if you read the small print, it will tell you this somewhere.

It's the same for flat roofs. They will always be very cautious when a property has a flat roof. In fact, many flat roofs if well maintained can give a life of 25+ years.

Again, the majority of surveyors looking at older properties will put something in regarding the possibility of asbestos.

It seems you are getting a bit of a bargain with the house & I certainly wouldn't find the points raised in your surveyor's report enough to expect your uncle to reduce his selling price even lower. You can try, but if he is quite experienced at buying & selling property, he will realise that these are not what could be termed actual issues.

Perhaps for your own peace of mind, get gas boiler, ch & electrics looked at by proper trained professionals in their respective trades & if faults are found, then try to negotiate the price down.

bigadaj

The only issue here I can think of is that the OP has no deposit and is looking for undervalue purchase not to exceed 90%, in which case he answer might be to save a bit more for. A deposit. Money needs to be spent anyway, and the OP needs to commiserate the costs of owning a house and make provision for this.

holly_hobby

Yes I have seen many surveys in my yrs, where the property has been valued at more than the agreed pch price - so its not a complete twilight zone experience.

With regards to the comments re boiler, asbestos (only an issue if broken or damaged, with removing and disposal to be conducted by a suitable practioner) , elecs (rule of thumb being rewired/checked for safety every 20 yrs or so), and a flat roof (rule of thumb should be completely re-felted with new ballast every 10 yrs) - the surveyor as noted is neither a qualified electrician, heating engr, roofer etc, hence their comments.

UNLESS there is a retention its not affecting the mge offer, so whether you try and utilise the comments (which upon examination by an expert may be dismissed), to try and obtain a further reduction from the vendor (family member or not) is up to you - but be prepared that they may quite naturally insist on expert reports before they agree to any price mediation.

Hope this helps

Holly