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Survey has revealed £17K worth of urgent work
KafkaKicking
Posts: 5 Forumite
Hello,
I have had an offer of £200,000 accepted on a property. I've just received the full structural survey and it has revealed £17K of urgent work to be carried out in year one with a further £15K worth of work required in years 6-10.
I'd be grateful for any advice here as I'm a first time buyer. I'm a cash buyer so no mortgage is required for the purchase.
Regards
I have had an offer of £200,000 accepted on a property. I've just received the full structural survey and it has revealed £17K of urgent work to be carried out in year one with a further £15K worth of work required in years 6-10.
I'd be grateful for any advice here as I'm a first time buyer. I'm a cash buyer so no mortgage is required for the purchase.
Regards
0
Comments
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What has the survey valued the house at?
When we moved last year we got 10k knocked off our offer as that"s what surveyor valued house at.
We had no mortgage either.0 -
Did the surveyor value the property for you too?
Is the condition of the property factored into the price?0 -
Many thanks for your replies. The surveyor hasn't provided his own valuation, but I will mail him tomorrow and ask about this.0
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It's all relative to the agreed price, if it surveys at the agreed price the works required are factored in, if it's not then you have some negotiating to do.
Take the surveyors estimated costs with a pinch of salt, they always over inflate the prices.0 -
Work required in years 6 to 10 will be applicable to almost all houses unless new builds. The urgent work I would knock off the asking price. Unless you already took work into account with your original offer?0
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As others have pointed out, what is important for a cash purchaser is the valuation amount.
Also, surveyors survey, they don't normally give indication of costs for works do they? Or did you get the quote for 17k for the urgent works?0 -
Thanks for the latest replies. The required work only came to light through the survey. It is the surveyor who has provided the estimates for the work.0
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KafkaKicking wrote: »Thanks for the latest replies. The required work only came to light through the survey. It is the surveyor who has provided the estimates for the work.
Mmmmm,
There might be an element of vested interest here on the part of the surveyor. I'm not saying there is, just that there could be
Taking the works out of the equation, what did he decide was the value of the property?0 -
KafkaKicking wrote: »Many thanks for your replies. The surveyor hasn't provided his own valuation, but I will mail him tomorrow and ask about this.
Sorry, Just read the above after my last post.
He really should have provided the valuation first, followed by a report on defects and future works.
That would have been a more 'professional' way of providing you with a formal valuation/survey.0 -
what are the works that need doing?0
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