Homebuyers Report—what now?

CHlHlRO

So we offered the asking price on the house and the mortgage lender agreed on that valuation, although I was told they only did a ‘remote’ valuation meaning nobody actually went out to the property. I therefore obtained a Homebuyers Report, which has thrown up a handful of minor issues and two rated 3 (red). Their valuation is £4K lower.

The worst minor issue recommends fitting an extractor to a bathroom. I have no idea how much that might cost! The step major issues relate to electrics and the boiler, and recommend the boiler is tested by a gas safe engineer (surveyor didn’t think it has been, at least not recently) and an electrical installation report. The house was only built 4 years ago. FTB so I’m just not sure what to do with this information!

martinthebandit

Homebuyer reports always say get the electrics and gas checked by someone qualified as the person who does the homebuyers report is not, basically they are covering their backside.

Extractor fan may simply be a case of it not complying with current building regs although it did at the time the house was built.

If you want more detailed advice post exactly what the report says that you are concerned about.

Although to be frank homebuyers reports are generally not worth the paper they are written on IMHO

CHlHlRO

The extractor is recommended as the surveyor found black mould around the shower seal in one bathroom. I didn!!!8217;t spot it when we went to view. It!!!8217;s because there!!!8217;s no windows or ventilation in that room, I suspect.

I!!!8217;m not concerned as such, I just don!!!8217;t know whether I need to renegotiate price or just be mindful that these issues will need attention in due course?

davidmcn

CHlHlRO wrote: »

FTB so I’m just not sure what to do with this information!

Ignore it and buy the house - unless you think there's actually something wrong with the gas and/or electrics, which seems unlikely for a 4 year old house.

juniordoc

Having a homebuyers report valuing it at 4k less could be good evidence to renegotiate the price, but it depends on their selling position. Had the house been on the market long? Did they have much other interest?
Are you in a good selling position? If these things are in your favour you might be able to negotiate 1 or 2k off.
If not then they may simply want to put it back on the market.

AlexMac

That's a really positive Homebuyers report; nothing to worry about.

You were happy with the price; your lender is too, so take a judgement about wheter you are a sufficiently savvy and sophisticated negotiator to tough it out for a price cut...? I wouldn't bother and frankly, maybe neither you have the grit so to do?

The mould is trivial in the extreme; it will cost you three quid to fix as a DIY job, maybe an extra two quid if you have no tools and have to buy a craft knife to cut out the old stuff and a "gun" to apply the silicon.

An extractor, if you really want this optional extra will cost a couple of hundred quid at most and isn't something the vendor will think it reasonable to re-negotiate price on.

Or you could open the bathroom window and occasionally clean the bathroom including the new silicon after showering?...?

I hope you enjoy your new home

Rambosmum

If the issues are an axtractor fans and a need to check the electrics and gas (which all surveys in the history of surveys say) then I'd say crack on and buy the place.

kirtondm

The issues are a sideshow.

A surveryor has advised you you are paying 4k to much for the property. That is the real issue.

I would personally not want to be overpaying for a property so would look for a 4k reduction or look elsewhere.

I would imagine you are obliged to infrom the mortgage company a surveryor has downvalued it?

economic

kirtondm wrote: »

The issues are a sideshow.

A surveryor has advised you you are paying 4k to much for the property. That is the real issue.

I would personally not want to be overpaying for a property so would look for a 4k reduction or look elsewhere.

I would imagine you are obliged to infrom the mortgage company a surveryor has downvalued it?

This is poor advice. 4k is nothing, how can these surveyors be so precise in such an illiquid market?

Why should OP have to inform the lender? Lender already had got a survey done, why should OP inform lender for something the lender didnt require int he first place?

OP - ask why exactly its down-valued by 4k and there's no harm in renegotiating the price but prepared from them to say no in which case only you can decide whether it is worth buying.

Smodlet

CHlHlRO wrote: »

The extractor is recommended as the surveyor found black mould around the shower seal in one bathroom. I didn!!!8217;t spot it when we went to view. It!!!8217;s because there!!!8217;s no windows or ventilation in that room, I suspect.

I!!!8217;m not concerned as such, I just don!!!8217;t know whether I need to renegotiate price or just be mindful that these issues will need attention in due course?

AlexMac wrote: »

The mould is trivial in the extreme; it will cost you three quid to fix as a DIY job, maybe an extra two quid if you have no tools and have to buy a craft knife to cut out the old stuff and a "gun" to apply the silicon.

An extractor, if you really want this optional extra? will cost a couple of hundred quid at most and isn't something the vendor will think it reasonable to re-negotiate price on.

Or you could open the bathroom window How?and occasionally clean the bathroom including the new silicon after showering?...?

I hope you enjoy your new home

I think an extractor fan is essential but maybe that's just because I don't like mould. Other than that I agree there seem to be no real issues. All the best for your move, OP.

G_M

The problem we see see here time and again is understanding the purpose of a survey, and its interpretation.

Buyers (and FTBs in particular) assume that any 'issue' it shows is a problem that must be dealt with pre-sale; either by

* being fixed by the seller or
* resulting in a price reduction, or
* pulling out of the purchase

Certainly the latter two are options, but there is a also more useful appoach - to use the survey report for your own information.

My current house (admitedly old - 1850s) had a list of issues as long as my arm. Mostly minor, some more significant. I simply used the survey to compile a 'to do' list when in moved in. Prioritised between

* urgent Vs can wait 6 months
* DIY Vs need a contractor

There are very few properties which when sold don't need some touching up, improvement or repair. Even New Builds...!

In this case I'd put the extractor into that catagory ie a not very costly improvement that will solve the mould/damp isssue in the bathroom.