Valuation Questions

beckstas-money

Hi,

we’ve just had a valuation done on a property we are buying and would like to know;

1. Is it standard for the surveyor to ask how much we are purchasing for and put that exact amount on the report? E.g we offered £335k (£10k over asking price) and report shows property value £335k.

2. The report shows estimated works to be done at £150k. How are these estimated because there was no breakdown? It consists of following advisories; windows, repair to chimney stack, floors, stair banister, modernise kitchen and bathroom
etc.

P.s. Full mortgage offer has been receieved by Natwest

thank you,

FTB 🥳

AdrianC

beckstas-money said:

we’ve just had a valuation done on a property we are buying and would like to know;

1. Is it standard for the surveyor to ask how much we are purchasing for and put that exact amount on the report? E.g we offered £335k (£10k over asking price) and report shows property value £335k.

Yes.

He's basically agreeing it's worth that value, in the condition it's in.

2. The report shows estimated works to be done at £150k. How are these estimated because there was no breakdown? It consists of following advisories; windows, repair to chimney stack, floors, stair banister, modernise kitchen and bathroom
etc.

P.s. Full mortgage offer has been receieved by Natwest

A hundred and fifty grand? Yet it's still worth the £335k you offered...?

anselld

beckstas-money said:

2. The report shows estimated works to be done at £150k.

Is that a typo with an extra zero?

ukri

Repair to chimney stack would have me worried especially when the work totals up to 150k. There must be a few biggies in there.

Weathergirl_76

Are you able to call the surveyor and ask what if any are the main things that need addressing from a safety prospective.  Modernising a bathroom and kitchen is personal preference (to an extent), is the figure to including a new kitchen and bathroom? What is the issue with the chimney stack? Does it need re-pointing? Or does it need re-building. 

I would establish what items need addressing quickly (ie as soon as you move in) and what can wait. See if you can get quotes for whatever the surveyor says is urgent to get an idea of cost. £150K sounds a lot. 

julicorn

Is the £150k definitely the sum of all the work needed, or is it the cost of rebuilding (for insurance purposes)? It doesn't sound right. 

beckstas-money

Thanks all. Not a typo. £150k

The report states;

The property has a brick chimney stack. The stack is shared with the adjoining property. This is surmounted by three chimney pots. The junction between the stack and the roof coverings is sealed with metal flashings.

The stack is in poor, unstable and dangerous structural condition with a few bricks missing from the upper course. The stack is badly weathered. The mortar pointing is also in poor condition. Several more bricks are possibly loose. The mortar pointing is also badly weathered and has fallen away in places.

Condition Rating 3

This is a risk to the building and to persons, and we refer you to our comments in section J.

It is advisable that you obtain quotations for this work before exchange of contracts so that all costs are known before you commit to the purchase. You should follow the advice given in the page in this report entitled 'What to do now'.

When the remedial work is done it would be prudent to check the condition of all hidden parts to ensure no other disrepair has taken place. As the work will mean some disturbance to the building, further disrepair may well be discovered which could increase costs. Until the work is carried out, regular checks should be made internally for any possible water leakage.

The open chimney pots can lead to rainwater entering the property. You should consider fitting some form of ventilating cap or cowl.

3

I will call surveyor tomorrow to discuss as we received the report and offer after 6pm on Friday evening.