Surveyor Undervalued property

kayley.m

This is going to sound daft and i probably already know the answer but I just after some clarification...

I had my lenders valuation and home buyers done on Friday and rang today just to get a quick update and was advised that the info that the lender received from the survayor is that the property was worth less than price im paying.

They mention that there is damp on 1 of the walls and wood work, i have had a cert from my solicitor saying that a damp proof course was carried out and its still within warranty. If this is the case whatever work the contractor did hasn't resolved the issue. Should the vendor be shorting this out?

They also mentions about the boiler and the electrics But i knew this was going to be an issue.

They valued the property at 4.5k less than what im paying, i know i can try to come to some sort of negotiation with the vendor... but I have pulled out all the stops and will have no spare cash after having to pay 10% deposit rather than 5% would it be a case of getting a loan to get the repairs done?

If I can't renegotiate im just going to have to walk away.

Rich833421

Hi,

If you already knew that it needs a rewire and new central heating system then you wouldn't get much change from 4.5k for this work alone (obviously size of property has a bearing on this as it may be a lot cheaper if it's a small house).

In my experience you need to way up your desire for the house versus the survey results. If it's an old house then it is not uncommon to have slight damp or some old rotten floorboards but you need to assure yourself that you are not letting your heart lead you into what could be a money pit. On the face of it in monitary terms 4.5k is not a lot when house buying so it wouldn't appear like they have no major concerns if they are still willing to lend albeit at a lower value ( it's well worth clarifying their position on this)

If you want the house you are well within your rights to flag this to the seller and ask for a suitable reduction in price to cover the work required or request that they do it and provide evidence and local building control sign off if required to confirm the works are satisfactory.

Am I right to assume that the house is oldish. I live in a house built in the 1900's as I love the character but it has the normal problems that a house of this age does. It's cold, has no damp proof course but as its been here for over 100 years it's not going anywhere. I knew all this and I still bought it. !

You could get your own survey carried out independently.

Firstly ask for the report and speak to the seller and exaggerate the cost to give you a risk pot just in case.

Thrugelmir

kayley.m wrote: »

If I can't renegotiate im just going to have to walk away.

If money is tight perhaps this is the best option.

AnotherJoe

Thrugelmir wrote: »

If money is tight perhaps this is the best option.

Agreed, it sounds like a money pit and you don't have any money. Find somewhere else within your means.

kingstreet

You've got the value now, what is the valuation post-repair?

Canary_Yellow

Watch out for damp guarantees. There are lots of things that could have invalidated it without you knowing about it until you try and claim. Also, it is not uncommon for there to be a £300 plus inspection fee, which is refundable if the issue has arisen because the previous work was faulty.


I would get the vendor to rectify something like that or be prepared for the cost (rather than relying on the guarantee I mean).


As others have said, if money is too tight then this may not be the right one for you as it sounds like its going to consume some cash.