Valuation subject to specialist reports or work being undertaken

stejc

Hi

We have had a homebuyers survey done on a house by Countrywide Surveyors as part of our mortgage application with Yorkshire Building Society.

The full report hasnt come through yet but of the valuation the surveyor hold us the following:

The house needs some general repair and maintenance and as a prudent measure I have flagged up the electrics and cavity wall ties on the mortgage valuation. The electrics are old and dated and there is some unevenness in the upper side elevation which may be due to a lack of wall ties so a check is advisable.

I valued at £133,500 in present condition and at £136,000 subject to the specialist reports being satisfactory or work identified in those reports being undertaken.

The offer have on the house is already £9000 lower than the asking price so I am unsure if the vendor will accept another £2500 lower.

If they don't accept lower then what are the options - Does the specialist reports need to be done by someone approved by Yorkshire or can we find our own contractors do this?
What would an electrical report and wall-tie inspection typically cost?

If we do need to pay for the work ourselves then is this done after moving in e.g. will YBS say you need to do the work within 6 months?

FTB and after a survey on another house came in £8000 under valuation at least we are getting closer with this one but with this repairs more affordable and not as severe then hopefully we dont need to pull out again.

Do the estate agents come up with these high asking prices (this house was initially on for 150K) or the sellers themselves? Its a wonder any houses get mortgages accepted from our experience of these 2 house!

Thanks

cattie

What happens when there is a difference in the price as the house stands & as it will be when works done is mortgage company hold that amount back until you get work completed.

Your vendors might not be willing to negotiate any more, but you need to wait till you get the homebuyer's report back, what surveyor has mentioned above all sounds a bit vague, he hasn't made any of it sound urgent.

Often when a survey throws up necessary work, it's pretty usual for vendor & buyer to agree to split the cost 50/50.

What area are you buying in? Only in some areas prices are shifting upwards so quickly that surveyors & lenders must be taken by surprise in a lot of cases. Usually an ea has a reasonable idea of how much the property will fetch compared to what others they have sold & what is happening in the local market generally.

Many surveyors are not familiar with an area or the market where they might be surveying a house in, so sometimes their valuations come in unrealistically low in a buoyant market.