Homebuyers' report on first house: lots of reds but job estimates undervalued

anxiousbuyer

Hi all
Have been looking over forums for a long while and have found excellent advice and many helpful people.

Just got my Homebuyers' back. I know that these things should be taken with a pinch of salt but there is something there that doesn't compute for me. There are a number of defects with the house but the surveyor has valued the property at much higher than asking price and £25,000 more than mortgage valuation (this is in London mind)

Our offer was at 12% over asking price (sealed bids) The surveyor has suggested a price only 7,000 down from our offer for the following red lights: (I have been looking at estimated costs for e.g. flat roof replacement with felt for the dimensions of the extension and the price of £1000 given by the surveyor is way way under what it is likely to cost in London. What is going on, I thought that surveyors usually exaggerate the repairs and cost involved?)

replacement of all windows of the property as casements and frames are disintegrating - including external frames (10 windows) estimate £5000 (really??!!)
replacement of old large patio door to kitchen
cutting down of 2 trees
replacement of flat felt roof to 20sq metre extension and to 1x.05metre tiny flat roof to upper storey
a 'full programme of external redecoration'; whatever that means

We are now worried that the vendor will not want to renegotiate at all, or might give £2000 off and we will be saddled with at least £10,000 on top for the works.

What do people think?

kingstreet

Surveyors normally suggest amounts and suggest you obtain reports and estimates from the specialists who deal with such issues.

Trying to renegotiate on the basis of a surveyor's best guess is likely to be difficult. Get your specialists in and get written reports, then do your renegotiation.

vectistim

Those numbers don't seem too unreasonable to me (provided you avoid the large glazing companies).
Before you rip all the windows out, how bad are they really? It's quite impressive what can be done with a knife, some polyfiller and lots of coats of paint.
If the upper floor flat roof can be reached via a ladder on the lower flat roof, I'd be inclined to do that myself - the surveyor won't know what it's actually like unless there was a window overlooking it.

anxiousbuyer

Thanks for these

kingstreet, yes we are aware of this but was hoping to avoid getting quotes etc etc and delaying the process even further. Perhaps we are super cautious but in the current London frenzy we are afraid of hte seller pulling out etc In my ideal world, the seller would agree to a reduction of say £5000 and we could move on

vectistim, the windows look pretty bad but I am aware they can be repaired - they are beautiful sash windows and we do not want to replace them with double glazing. However looking at people's costs on this forum I have seen a price of at least £600 per window for sash renovations (excl frames) which is the main reason I am worried. As for doing them myself, well, I am the opposite of handy
Ditto with roof - it is ancient, way older that the 15 years that felt roofs last and has already been patched up

Road_Hog

anxiousbuyer wrote: »

We are now worried that the vendor will not want to renegotiate at all, or might give £2000 off and we will be saddled with at least £10,000 on top for the works.

What do people think?

Why do people think that they can make an offer, then await for a survey, to get the offer reduced.


Sure, if there are some major costs, but any house is going to require work, no property ever sails through that needs nothing doing.


If you don't want to delay the purchase, the don't play games, just proceed.

kingstreet

anxiousbuyer wrote: »

kingstreet, yes we are aware of this but was hoping to avoid getting quotes etc etc and delaying the process even further

As a vendor, or advising a vendor, I would not entertain any renegotiation without evidence from those who specialise in the areas highlighted.

I'd also ask for a copy of the valuation, to see the value in present condition and after any essential repairs.

It's then easy to see what is essential and what is being requested which will actually improve the property and give the purchaser added value.

anxiousbuyer

Yes, kingstreet we are going to show the valuation and everything else. I think people misunderstood me - I am not trying to pull a fast one: the thing about avoiding specialist advice was because I am afraid that hte vendor might pull out if further delays are suggested - otherwise, we know what the correct procedure is and we are happy to take as long as it takes and be absolutely above board.

Road Hog, again the offer was substantially above asking price - the reason we made it is because of sealed bids. One makes an offer having seen the property for all of 10 mins usually with 5-10 other people milling around, having spend the entire day looking at properties, no second chances. WE panicked and had no advice. Now, if substantial work is required then I think this needs to be taken into account. If not of course we'll pay what we are meant to pay

lincroft1710

anxiousbuyer wrote: »

Our offer was at 12% over asking price (sealed bids)

No wonder London house prices are escalating!

anxiousbuyer

Believe me this was far less than the offers we saw in all other comparable properties. I know it is really bad and I wish we were not participating in this