House valuation - help!

davidjames_96

Hi everyone,

Great news - we have been accepted for a mortgage and the lender has adreed the valuation, yay :j!!

Bad new - the ‘matters affecting value’ are as follows;

‘The property has suffered previous movement but I saw no evidence to suggest this is ongoing.

Trees close to the property could cause damage and specialist advice is recommended.

Internal walls have been removed and remaining sections may be inadequately supported. You may need to specialist advice to ensure compliance with statutory requirements.

There is evidence of dampness to ground floor walls and timbers in contact may be defective. You should instruct a damp and timber treatment contractor to investigate the full extent and carry out any necessary repair work.

Aspects of the plumbing installation give cause for concern and you should obtain specialist advice .

The property is thought to contain asbestos material which may represent a health hazard. You should instruct a licensed specialist to check the property, as remedial work may be required and will have to comply with legal requirements.’

What do you make of this? We are gutted as it’s our dream home but the deposit and legal fees have crippled us and we are only paying the asking price for this property because we thought it looked ready to move in to with no problems - we absolutely can’t afford to fix any of these - are these just warnings that everyone receives or does this sound serious?? Sorry I have no one else to ask!

We are getting a full building survey done next week, any thoughts on this?

Thank you very much!!

Pixie5740

davidjames_96 wrote: »

Hi everyone,

Great news - we have been accepted for a mortgage and the lender has adreed the valuation, yay :j!!

Bad new - the ‘matters affecting value’ are as follows;

‘The property has suffered previous movement but I saw no evidence to suggest this is ongoing.

Trees close to the property could cause damage and specialist advice is recommended.

Internal walls have been removed and remaining sections may be inadequately supported. You may need to specialist advice to ensure compliance with statutory requirements.

There is evidence of dampness to ground floor walls and timbers in contact may be defective. You should instruct a damp and timber treatment contractor to investigate the full extent and carry out any necessary repair work.

Aspects of the plumbing installation give cause for concern and you should obtain specialist advice .

The property is thought to contain asbestos material which may represent a health hazard. You should instruct a licensed specialist to check the property, as remedial work may be required and will have to comply with legal requirements.’

What do you make of this? We are gutted as it’s our dream home but the deposit and legal fees have crippled us and we are only paying the asking price for this property because we thought it looked ready to move in to with no problems - we absolutely can’t afford to fix any of these - are these just warnings that everyone receives or does this sound serious?? Sorry I have no one else to ask!

We are getting a full building survey done next week, any thoughts on this?

Thank you very much!!

What type of survey is this? A HomeBuyer Report? Those have lots of !!!! covering in them especially with older properties and always recommend you get this, that and the other checked out. The important thing is the valuation on the survey, is it the same as what you have offered?

davidjames_96

Hi, this was a homebuyer report yes, along with the banks valuation. We offered £182k and they valued it at 182k - what do you make of this? Thank you!

Pixie5740

davidjames_96 wrote: »

Hi, this was a homebuyer report yes, along with the banks valuation. We offered £182k and they valued it at 182k - what do you make of this? Thank you!

I think it means you have little to no room for renegotiation. The property has been priced in accordance with its current condition.

Wait and see what the full building survey comes back with.

TamsinC

davidjames_96 wrote: »

Hi everyone,

Great news - we have been accepted for a mortgage and the lender has adreed the valuation, yay :j!!

Bad new - the ‘matters affecting value’ are as follows;

‘The property has suffered previous movement but I saw no evidence to suggest this is ongoing. So there is no issue - all houses, even new ones, will 'settle', no evidence of movement now, means nothing to worry about.

Trees close to the property could cause damage and specialist advice is recommended. Are there trees nearby? The important word here is COULD. !!!! covering again.

Internal walls have been removed and remaining sections may be inadequately supported. You may need to specialist advice to ensure compliance with statutory requirements. Again the important word is MAY, when were the walls removed, how long have the walls stood? There probability is that they do not need any work.

There is evidence of dampness to ground floor walls and timbers in contact may be defective. You should instruct a damp and timber treatment contractor to investigate the full extent and carry out any necessary repair work. Again MAY - there is probably a very simple reason for the damp, lack of ventilation, overrunning gutters etc. A damp and timber specialist will probably recommend a damp course that will probably not be necessary. Research the myth of rising damp.

Aspects of the plumbing installation give cause for concern and you should obtain specialist advice . Which aspects, they must have given details?

The property is thought to contain asbestos material which may represent a health hazard. You should instruct a licensed specialist to check the property, as remedial work may be required and will have to comply with legal requirements.’ Many many houses have asbestos in, and as long as you don't disturb it you are fine. Again this is !!!! covering. Do you have artex ceilings?

What do you make of this? We are gutted as it’s our dream home but the deposit and legal fees have crippled us and we are only paying the asking price for this property because we thought it looked ready to move in to with no problems - we absolutely can’t afford to fix any of these - are these just warnings that everyone receives or does this sound serious?? Sorry I have no one else to ask!

We are getting a full building survey done next week, any thoughts on this?

Thank you very much!!

It seems like a normal survey where they basically say nothing of import and suggest more surveys. Nothing too bad. The value is the same as the offer - it is priced right.

davidjames_96

Fantastic response, thank you very much!

There are some tall trees but nothing I would have worried about myself.

I will ask about the walls, great point, something to look in to.

No forther info was given re plumbing but I will point this out to the person doing the building survey.

I’m not sure about the ceilings, another question!

Thank you!