homebuyers survey - valuation #20k less than offer price

Merrie

HI all
Again asking for advice/thoughts.
We have just received the homebuyers survey report - it has highlighted several problems, such as the missing guttering to the side, the entire guttering in bad repair and in need of replacing,damp course covered by rendering, though no damp issues seen, extension not finished properly, poor quality dormer window and check the electrics All with a 3. He has valued it at £20k less than we have offered (which was less than the asking price)
We like the house and the area,
Ive sent the report to the solicitor.
Do I renegotiate, get a builder in or try again elsewhere. Any thoughts?

davidmcn

Would help if you told us what the price is! £20k could be 20% of the price or 2%.
Some of that though sounds like stuff you should have been able to figure out for yourself before making an offer.

00ec25

are you a first time buyer?

you have correctly identified your 3 available options, how you expect anyone on the internet to assist you in picking one of them is less clear

- missing gutter should have been obvious at the time of viewing and factored into your offer price
- gutter repair/replacement: renegotiate, get a builder in or try again elsewhere
- damp proof course: how long has it been like that? Pebble dash put up decades ago, Victorian stucco put up when the place was built 110+ years ago? renegotiate, get a builder in or try again elsewhere (I'll add a 4th potion: DIY)
- extension: what needs finishing "properly"?
- dormer: what is poor quality about it? why does that matter?
- electrics: all surveys tell you to get them checked, surveyors are not electricians and cannot comment on electrics other than tell you to get them checked

Crashy_Time

Merrie wrote: »

HI all
Again asking for advice/thoughts.
We have just received the homebuyers survey report - it has highlighted several problems, such as the missing guttering to the side, the entire guttering in bad repair and in need of replacing,damp course covered by rendering, though no damp issues seen, extension not finished properly, poor quality dormer window and check the electrics All with a 3. He has valued it at £20k less than we have offered (which was less than the asking price)
We like the house and the area,
Ive sent the report to the solicitor.
Do I renegotiate, get a builder in or try again elsewhere. Any thoughts?

Just put in a new lower offer and tell them the reason.

Merrie

Thanks - i don't expect anyone here to have all the answers without all the facts - just some thoughts. This is the first homebuyer's survey I've seen and was wondering what was normal/frequently seen - for example is it unusual for the surveyors valuation to be less than the offer price?
Also to see if anyone else has come across any of this themselves and have an answer I have not thought of.
It is helpful to know that an electrical survey is always recommended for example.
The other points are for a builder to see how much it will cost to rectify, Solicitor to see if the extension has all the legal paperwork, Estate agent to see if the vendor will negotiate etc.
I guess I am disappointed as we really like the area and the house. We would be sad to walk away now, but have to weigh it all up gathering as much info as we can to make an informed decision

Rambosmum

I have to say that nothing you've written would put me off, but I am happy to do a certain amount of work. It would be really helpful to know what % 20k is though, as that makes a huge difference.

Replacing guttering could be a DIY job if you are so inclined.

The electrical survey is a standard survey thing

The damp proof, is there's no evidence of damp I'd just leave.

The extension would be my concern - what isn't 'finished' about it. Could be something, could be nothing.

I doubt you'll find a house with less wrong with it.

Merrie

Thanks - the 2 paragraphs that concern me are:
The two single storey extensions to the rear of the property have double pitched roofs clad
with concrete plain tiles. These have been very poorly sealed to the main house walls with
a flashband material. This is inadequate and requires replacement with more durable lead
flashings. It is unlikely that a Completion Certificate would have been provided without
flashings having been installed, and this should be investigated.
The rainwater disposal system comprises mainly of plastic guttering and downpipes,
although there is a single cast iron downpipe to the rear. The entire system is very
defective, although I understand that some works are to be carried out by the Vendor prior
to completion. The majority of the system requires replacement. There are missing
sections of guttering and downpipe particularly to the rear of the main property and 2 storey extension, and no rainwater goods have been provided to the left hand side of the single
storey extension. This is another reason why it is unlikely that a Completion Certificate
would have been provided, or at least should not have been provided without these works
having been completed.
It should also be confirmed that the downpipes provided to the rear extensions have been
connected into a soakaway in the rear garden.
The remaining cast iron downpipe requires replacement.

Am i worrying over nothing? We do expect to do some work after we move in. We need to see how much work the vendor is going to do before completion.

DumbMuscle

The surveyor is saying that, in his opinion, the extension was not made to a standard that the council would have approved of - and as such it is likely that the proper permissions were not obtained for the building work (building regs, no comment on planning permission). Talk to your solicitor and flag up this potential issue - you should be able to get a discount for the amount it would cost to repair, or to have the vendors make the work good before completion (and do the proper paperwork on it). The other option would normally be to have the vendors take out an indemnity policy for any faults - but given you have a surveyors opinion that the work is inadequate, this is unlikely to be a good option even if it's possible.