Bad Survey, Good valuation ?

thequant

Just had a survey back on a property, the surveyor has agreed our asking price but flagged up loads of issues that sound quite costly.


Main issues are.


Flat roof has ponding and is at the end of it's life and needs replacing.


The roof terrace is damp.


Outer walls are discoloured probably due to run off from the roof.


Damp in bathrooms, likely from leaking roof.


Gas warm system needs replacing and likely to contain asbestos due to its age.


Problems with the double glazing, they are misted up, discoloured and the keys for the locks are missing.


Garage roof is flat, has ponding and in a bad state of repair and needs replacing.


These are main things that have been flagged up which sound like they are going to cost immediate moolah.


The report goes on to state further possible problems, mainly the roof has been leaking for a while and there may be hidden damage inside the property.


Overrall the property does need updating but this was reflecting in the asking price and our offer.


However my main worry is the price, despite the valuer agreeing our price, I felt our price was quite toppy to start with.

Any ball park figures of what the above work will cost ?


Is it a problem attempting to renogiate despite the valuation coming back fine ?

phill99

I have some string here. How long do you think it is?

Kazza_Monkey

I'd suggest getting a local building firm or roofing contractor to do you some quotes as prices vary so much depending on where you are. They don't charge to quote so you will have lost nothing.

The double glazing doesn't necessarily need complete replacement if the frames are ok, you can get some firms that will just replace the sealed unit which is much much cheaper.

G_M

Sounds pricey.

Either get some quotes or walk away depending whether you are prepared to do the place up.

thequant

G_M wrote: »

Sounds pricey.

Either get some quotes or walk away depending whether you are prepared to do the place up.

Thanks, my gut instinct is that the property has a lot more further (Costly) damage which would be revealed by a full structural.


I'm puzzled by my survey, in that my homebuyers report has flagged up the work as immediate work that requires attention and looking at the photos in the report they do.


It goes on to say in the report that the property is only worth my offer on condition the work has been done.


yet the valuation agrees my offer and states there is no work required and everything has been ticked as being average "condition"


I'm no mortgage expert but I'm fairly certain if the mortgage seen the home buyers they would refuse the mortgage.

Road_Hog

Survey sounds fairly like standard stuff.


I had a survey done by a buyer on one of my properties this year, by E.Surv. According to them it sounded like the property was going to collapse any minute.


I had a structural engineer's report done, which said, piffle, property is sagging like any property of that age would and here is a couple of recommendations.


Sale feel through due to cheeky gazunder offering. New buyer survey has a survey and now problems other than mentioning that the garage has an asbestos cement roof.


Get someone in to estimate the work and go from there, but bear in mind, any property you buy will need some work doing.

thequant

Road_Hog wrote: »

Survey sounds fairly like standard stuff.


I had a survey done by a buyer on one of my properties this year, by E.Surv. According to them it sounded like the property was going to collapse any minute.


I had a structural engineer's report done, which said, piffle, property is sagging like any property of that age would and here is a couple of recommendations.


Sale feel through due to cheeky gazunder offering. New buyer survey has a survey and now problems other than mentioning that the garage has an asbestos cement roof.


Get someone in to estimate the work and go from there, but bear in mind, any property you buy will need some work doing.

Survey was done by E-surv.


I'm not one for gazundering, so will get further opinion and estimates.


We offered on the property on the basis that we could see work was required and this reflected in our offer, even with some leeway for unprojected costs.


However it is looking that the repairs are going to be far greater than we ever expected.


What sort of problems were flagged up in the initial report which weren't later ?

Road_Hog

thequant wrote: »

Survey was done by E-surv.

Say no more...

thequant wrote: »

What sort of problems were flagged up in the initial report which weren't later ?

Everything. The second surveyor's homebuyer report did not flag up anything of the E.surv surveyor report.

FR_262

Is the property a bungalow?

I looked at a 3 bed bungalow with garage. All flat roof. THe quote was £3k to replace the roof, not including the garage.

You might have rotten roof support timbers, insulation, ceilings and electrics to replace too.

Homebuyers reports don't tell you anything more than you can work out for yourself if you look carefully.

I'd get a surveyors report done, builders quotes then ask for a decent reduction in price. I'd advise against telling the estate agent what the contents of the report are as they often pass the info toother interested buyers. Naughty, naughty!

Building_Surveyor

A lot of the stuff mentioned indicates further testing/ investigation is needed. You won't know how bad these are until you get them independently assessed e.g damp survey, asbestos survey, roofer to check roof etc.... How can you renegotiate yet when you have no idea how bad the problems are or indeed how much they will cost to rectify?