Survey/valuation - how serious are these problems?

azouria

We’ve just had a building survey come back for a property we are in the process of buying. We are FTB so struggling to understand the severity/cost implications of repairs recommended, so if someone with more experience could offer some insight it would be very much appreciated. We are planning to renovate & extend the property and are fairly competent DIYers so happy to tackle things ourselves if possible. The property is 1900s so we were expecting some issues. 

A further problem is that the survey has come back at 35k below the accepted offer price. The market however is crazy where we are looking, and this property had 7 viewings and 4 offers over the two days it was on the market, and 3 were asking price. With regards to this, would it be a good idea to try and renegotiate our offer with the survey value (465k)? The EA knows we have a low LTV so we would still be able to buy the property at asking. It’s tricky as we’ve been looking for a while and found very few properties we like in the area, and the demand is very high, but equally it seems stupid to pay over the odds given the precarious climate at the moment. Any advice would be gratefully received, it’s such a learning curve! 

The issues the survey raised are as follows: 

Current repairs/actions required 

Instruct a competent timber and damp specialist to investigate the apparent rising or penetrating damp detailed in this report and to carry out any repairs/treatments found necessary*. (High moisture readings were obtained in a number of locations in the base of the ground floor walls. I recorded levels of around 40% saturated (timber relative) in the rear reception external walls to either side of the door opening and very high levels of around 90% saturated in the rear reception chimney breast walls. It appears that the damp course (DPC) may have failed here and it is also possible that rainwater may be getting into this chimney flue via an uncapped chimney pot. I recommend that a competent timber and damp specialist is instructed to investigate all structural and main joinery timbers in the property when it is completely empty of stored goods , furniture and fixed floor coverings and to carry out any repairs or timber treatments found necessary. Any works undertaken should be with the benefit of a fully transferable guarantee.)

Carry out repairs to the external walls.
Cap the disused chimney pots and repair the rear valley tiles.

Carry out support works beneath any unsupported internal chimney masonry*. Clean and repair the rainwater goods.
Secure or replace the damaged rear soil vent pipe*.

Upgrade the rear sub floor ventilation.
Fit restrictors to the first-floor windows*.

Have the electrical system tested if no recent test certificate is available. 

Have the gas installation inspected.

Have the textured ceiling finishes tested for asbestos content.

Repair the suspended timber floors.

Carry out comprehensive internal redecoration and localised re-plastering where necessary.

Upgrade the insulation in the loft space and fit additional timber struts beneath the main roof structure purlins. Ventilate the loft space.

Repair the front garden wall and rear fences.

Items required, or likely to be necessary, within the next five years 

Routine maintenance of the tiled and flat mineral felt roof coverings.

Routine redecoration of the masonry painted sections of external wall.

Routine cleaning and maintenance of the rainwater gutters, downpipes and above ground drainage and gullies.

Thank you in advance! 

hazyjo

Dupe post https://forums.moneysavingexpert.com/discussion/6178410/any-advice-on-this-survey-valuation-would-be-very-gratefully-received#latest

Slithery

Why the second thread?
https://forums.moneysavingexpert.com/discussion/6178410/any-advice-on-this-survey-valuation-would-be-very-gratefully-received

azouria

Sorry, I’m really anxious and was hoping for some advice, sadly had no luck with my last post! Feel free to delete this thread 

hazyjo

azouria said:

Sorry, I’m really anxious and was hoping for some advice, sadly had no luck with my last post! Feel free to delete this thread 

No worries. Better off to just add 'bump' or text to the other thread. It can get very confusing if people start replying to both.

It will die a death if nobody replies to this one so don't worry about deleting it. 

Or just go to advanced and edit the text to say dupe post.

Cheers.