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Valuation came back significantly lower than agreed price. Need help with negotiating techniques.
Comments
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Albermarle said:grumpy_codger said:maxxpayne said:....
The mortgage has also been approved. The lender did a desktop valuation only.Here's the main headline: the surveyor puts down the value to 775k.The surveyor also found major issues with windows, roof structure, fireplaces, chimney breasts and flues and recommended remedial work urgently and I assume it'll be another 15-20k extra work needed. Plus some additional recommendation for CCTV drainage inspection, roof inspection etc.
If it's your own surveyor, valuation isn't his job.
It was a Level 2 surveyor commissioned by the OP, and the surveyor has decided to make comment about the valuation. You are right that this is not really what he is employed for, but he has made comment on the valuation anyway.
You could say it is beyond his remit and he should have kept quiet, or you could say he was trying to do his client a favour. Either way the deed is done.
OP - Valuing property is not an exact science and +/- 5% is not so unusual
The surveyor also found major issues with windows, roof structure, fireplaces, chimney breasts and flues and recommended remedial work urgently and I assume it'll be another 15-20k extra work needed. Plus some additional recommendation for CCTV drainage inspection, roof inspection etc.
Some of this is standard 'cut and paste' stuff about CCTV drain and roof inspections.
Regarding the other stuff the key point is what is really meant by 'major' .? One persons 'major' is somebody else's a DIY job can that can wait a couple of years. So some detail about these 'major' problems would be useful.Some could be cut and paste but there’s photographic evidence of issue with roof and windows so I have complete faith in the report.0 -
I have to rush to get some things done but I’ll update with relevant details. Thanks.0
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maxxpayne said:MeteredOut said:OP, what was the mortgage valuation (desktop survey)?
Have you checked the RICS surveyors valuation wasn't, for example, rebuild cost?The reinstate cost is 325k1 -
Albermarle said:grumpy_codger said:maxxpayne said:....
The mortgage has also been approved. The lender did a desktop valuation only.Here's the main headline: the surveyor puts down the value to 775k.The surveyor also found major issues with windows, roof structure, fireplaces, chimney breasts and flues and recommended remedial work urgently and I assume it'll be another 15-20k extra work needed. Plus some additional recommendation for CCTV drainage inspection, roof inspection etc.
If it's your own surveyor, valuation isn't his job.
It was a Level 2 surveyor commissioned by the OP, and the surveyor has decided to make comment about the valuation. You are right that this is not really what he is employed for, but he has made comment on the valuation anyway.
You could say it is beyond his remit and he should have kept quiet, or you could say he was trying to do his client a favour. Either way the deed is done.
OP - Valuing property is not an exact science and +/- 5% is not so unusual
The surveyor also found major issues with windows, roof structure, fireplaces, chimney breasts and flues and recommended remedial work urgently and I assume it'll be another 15-20k extra work needed. Plus some additional recommendation for CCTV drainage inspection, roof inspection etc.
Some of this is standard 'cut and paste' stuff about CCTV drain and roof inspections.
Regarding the other stuff the key point is what is really meant by 'major' .? One persons 'major' is somebody else's a DIY job can that can wait a couple of years. So some detail about these 'major' problems would be useful.Some more details:- Windows exhibit condensation and misting between panes, confirming failed double-glazed units. This results from the breakdown of the perimeter seal, leading to internal moisture. Bedroom window shows scattered desiccant beads within the spacer bar area, further indicating unit failure
- A specialist invasive plant survey is strongly recommended, ideally carried out in the summer, when Japanese knotweed is in active growth and more readily identifiable.
- There are visible white mould deposits on a number of timber members, particularly rafters and purlins. This is typically indicative of elevated humidity levels and poor ventilation within the loft space. While the mould appears to be surface-level at present and not affecting the structural integrity of the wood, it is advised that ventilation be improved.
- There is no modern breathable membrane or roofing felt beneath the roof tiles etc. etc.
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That last post all sounds like relatively trivial stuff (especially the bit which translates as “I didn’t see any Japanese knotweed”!).3
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Dg window panel replacement only is a few hundred, a dehumidifier a few hundred, knotweed that the surveyor hasn’t seen but just suspects, nothing, so where you get 15k of work from I don’t know?The recommendation stuff is standard for every survey to cover their !!!!!!, surprised they didn’t recommend a doc specialist survey 😂1
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MeteredOut said:maxxpayne said:MeteredOut said:OP, what was the mortgage valuation (desktop survey)?
Have you checked the RICS surveyors valuation wasn't, for example, rebuild cost?The reinstate cost is 325k0 -
Badboi said:Dg window panel replacement only is a few hundred, a dehumidifier a few hundred, knotweed that the surveyor hasn’t seen but just suspects, nothing, so where you get 15k of work from I don’t know?The recommendation stuff is standard for every survey to cover their !!!!!!, surprised they didn’t recommend a doc specialist survey 😂0
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maxxpayne said:Badboi said:Dg window panel replacement only is a few hundred, a dehumidifier a few hundred, knotweed that the surveyor hasn’t seen but just suspects, nothing, so where you get 15k of work from I don’t know?The recommendation stuff is standard for every survey to cover their !!!!!!, surprised they didn’t recommend a doc specialist survey 😂
If you are worried about the roof, why don't you get a roofer in to look at it rather than jumping to conclusions? The surveyor has said it's probably nothing.
I don't think anything you have said requires a reduction on the scale you are asking for.2 -
“Background we agreed to purchase the house for 825k originally. It's a 3 bed semi detached in north London, close to tube and good schools.”Sounds like the important areas are covered. Bottom line is do you love the property. 3 bed semis are all over north London, but if I found one in an area I wanted to be in, that I was getting at 825 when it was on at 900, I’d be happy. It’s an area that usually does well, so I wouldn’t want to miss an opportunity to buy. These sort of properties don’t hang around for long.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.2
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