Survey and problems - likelihood they will they lower price

Housebuy12345

Firstly you aren’t the vendor so you can’t say for specific houses.

However, I did my second viewing and found a boiler flume pipe coming from the cellar and out via the living room. Lol. It’s safe, I guess, as it goes outside, I’m waiting the surveyor report etc. However I only saw this on the second viewing as there was furniture in the way.

I think the roof also needs redoing as it looks like the tiles are starting to bow in one area.

When I have my survey and valuation (which doesn’t mean to much) am I likely to get the vendor to reduce the price? I can understand they think that they should get the agreed price and at the same time she’s only making £55k on a house she’s had for 10 years (assuming she made little money on the rent).

Just getting a bit worried.

AdrianC

It all depends on what the valuation says. It may well be that any issues are already priced in.

How much money they've "made" on however much they paid for it whenever - totally and utterly irrelevant.

Lokolo

If the survey came back with the value matching the offer, with the issues, then I would tell you to do one if you wanted money off to fix them.

If the issues significantly impact the value of the house, the survey will value the house at that price.

For example:

Survey House A

The house is worth £100,000.
The roof needs replacing which will cost approximately £3,000.

Survey House B

The house is worth £100,000
The roof needs replacing which will cost approximately £3,000.
The kitchen needs replacing at a cost of approximately £5,000.
The boiler is not under current standards.


The houses are both worth £100k, in their current state. If your offer was £100k, then you have "no right" to haggle. If you had offered £110k. Then yes, you should be reducing your offer.

Housebuy12345

@adrian it’s an investment property for them. She’s been renting it out. So she will want a return on the property I’m assuming. So if I’m offering slightly more than she paid 10 years I would assume she would be happy to continue to rent until she got a better offer?

Housebuy12345

@Lokolo so it all depends on the valuation? Is that the one by my bank or my surveyor? Do they vary widely?

Thanks for all the replies.

Housebuy12345

So dies a boiler have to be up to standards for today, not when it was installed?

AdrianC

Housebuy12345 wrote: »

@adrian it’s an investment property for them. She’s been renting it out. So she will want a return on the property I’m assuming.

That doesn't affect how the value compares to other similar properties.

So if I’m offering slightly more than she paid 10 years I would assume she would be happy to continue to rent until she got a better offer?

It all depends on how she views her business. Sense would say you make the decision to sell based on the market value.

Housebuy12345 wrote: »

So dies a boiler have to be up to standards for today, not when it was installed?

No. Standards change all the time.

Mistral001

A report which list a number of defects or gives a valuation below the asking price can be used as a bargaining chip, but only that.

The vendor can ignore it and in fact usually does in the hope of getting a buyer that, either does not get a survey done, gets one done but the survey does not catch every defect, or the seller is willing to pay the asking price despite the defects.

Housebuy12345

Ok great. And how is a valuation done - by looking at the state of the roof etc it just by saying “the house at number 5 sold for X therefore this house will sell for the same”.

I feel like I’m being really dumb.

Lokolo

Depends on the type of survey

https://www.which.co.uk/money/mortgages-and-property/first-time-buyers/buying-a-home/house-surveys-akbw67f03dkx#headline_2

But most will not go on the roof anyway, they will look at what they can see and make a judgement on that.

AdrianC

The valuation is done by the surveyor looking round the entire property. How deep that look will go depends on if it's just a valuation (cursory) or if there's a survey being done as well (fairly cursory through to fairly extensive, depending on level).

Remember, this is a qualified professional specialist, a member of a respected industry body.

He won't go onto the roof, or even up a ladder, but he will comment on anything visible from ground level, using binoculars as required.