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Unfavourable Survey
Woolyback
Posts: 4 Newbie
I'm a first time buyer have found a property that I really like and had
mortgage approved etc. However the survey is not very favourable. Due to several mix ups I ended up with the basic valuation survey.
It says instruct roofing contractor to inspect roof coverings and carry out any necessary repair/ renewal. Instruct specialist contractor to inspect whole property and report on internal dampness and condition of all timbers including sub floor and roof void. All necessary works to be carried out. Inspection to be carried out irrespective of existing guarantees invoices or estimates.
The market value is £55k but they have said at present it is worth £45k but this will rise to £55k when work is done.
What do I do next? I really like the property as it has character but I don't want it falling down after six months?
mortgage approved etc. However the survey is not very favourable. Due to several mix ups I ended up with the basic valuation survey.
It says instruct roofing contractor to inspect roof coverings and carry out any necessary repair/ renewal. Instruct specialist contractor to inspect whole property and report on internal dampness and condition of all timbers including sub floor and roof void. All necessary works to be carried out. Inspection to be carried out irrespective of existing guarantees invoices or estimates.
The market value is £55k but they have said at present it is worth £45k but this will rise to £55k when work is done.
What do I do next? I really like the property as it has character but I don't want it falling down after six months?
0
Comments
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Next you get some reputable contractors round to quote for the necessary repairs (at least two of each).
Once you've got those figures in hand, you consider whether you are happy to swallow the cost of the repairs for the sake of keeping the seller happy, or whether you want want to negotiate a lower price to take into account the the necessary repairs.0
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