Homebuyers Survey- Valuation nil. Further investigations required

pepperpot2k

Hello,

I received our HBS late last night and they can't give a valuation until we have further investigations/reports. Basically, a full structural survey and damp and timber report.

I'm just looking for advice as to whether anyone else has been in this position. I'm going to ring the surveyor to talk it through with him.

We're trying to weigh up whether to pay for these reports/how expensive they will be and the impact they would have on another valuation.

Tbh it looks like walking away may be the best option.

Thanks

silvercar

Why would you walk away when there could be nothing wrong?

If you run shy every time further information is required you would be better off only looking at new (or nearly new) properties.

pepperpot2k

Thanks for your response.

You're right and on reflection we will go for further reports. I was in a bit of a panic when I saw it this morning .

However, what I am wondering is, does this often happen a valuation of nil subject to further reports?

dragonsoup

I've bought several houses in the past and I've never had a survey that doesn't suggest further reports! The one on my current property was the size of a small book. It recommended damp, electrical, woodworm and specialist roof surveys as well as drains and goodness knows what else.

However I have never had one give a nil value. Even with all the above, the house was valued at its purchase price. Can you have an off the record chat with the surveyor to see what he thinks? I've always found them quite willing to be more free with their opinions when they are not in writing!.

Unless you really love the house I'd be inclined to move on though. It sounds like there is a lot potentially wrong and you may spend a small fortune on reports and then still not want to go ahead

stator

It's not usual for a nill valuation unless there is the risk of something serious. Has your surveyor given any information as to why he thinks there might be problems?

eddddy

You need to read through the report to find out the precise reason.

For example, if they're requiring a full structural survey - it may be because of cracks.

The structural survey will determine whether the cause of the cracks is something trivial or something serious.

Once you know what the problem is, you may be able to do some more research about it, before deciding whether or not to go ahead with a structural survey.

(The damp and timber report is often just 'covering your back'. But again see what it says in the report.)

Doozergirl

Have you got a link to the property details? A nil value is a bit of a surprise, but they must be hedging their bets.

We have had a full retention on a mortgage before but the house was clearly 'broken'.

pepperpot2k

I spoke to the surveyor who was really helpful.

He said that he often has 1 or 2 properties a week which are valued at nil due to further reports being necessary.

I said that we were happy to have the survey but didn't want to spend more money if it was pointless. He said he didn't feel it was one to walk away from but some work was needed and we need things looked at for cost etc.

eddddy

Just to reiterate - you really need to read the report (or ask the surveyor) to find out why he valued the property at nil.

Surveyors don't just do that on a whim, he will have good reasons, and I'm sure he must have explained them in the report.

You're making a very big purchase, you need to understand what you are buying into.

pepperpot2k

Sorry, as I've reread the thread, I realised I had missed some earlier comments.

These are the main risks:

The location of the tree(at the front of the property on the pavement) and the bulging to the front retaining walls are a potential risk and it is likely that repairs will be necessary.

We noted cracking and movement to the walls and we would recommend a structural report prior to exchange of contracts.

Dampness was located within the property and this should be investigated with a full timber and damp report.

Localised movement was noted to the roof and this could also be causing some of the movement to the walls and a report on the roof should also be obtained.