Flat Buying - Halifax Basic Valuation

kasu_78

Hi

My offer for a newly built flat (2 year old, with NHBC guarantee) was accepted and got a basic valuation done by Halifax. Today when i saw the report, it has following

MATTERS AFFECTING VALUE
The property is in acceptable condition for lending purposes.
Flat roofing has a limited life and may fail without warning.

This report making me nervous :huh: .... could anyone suggest my next action please ?

should i go for detailed valuation ? or backout from offer ?

thanks in advance

Jorgan_2

Every survey I have ever seen that has involved a property with a flat roof has the same, standard line from the surveyor, regarding the flat roof. The surveyor is covering his/her backside. I wouldn't worry about it on a two year old property.

Likewise the bit about the property is in acceptable condition for lending purposes, if the report had said it was in an unacceptable condition for lending purposes then you would have every right to be nervous.

From what you have posted, there is no need to be worried, spend more money on another valuation or backout of the deal. They are all standard clauses used by surveyors.

Has the property valued up to the figure you have offered?

kasu_78

Jorgan wrote: »

Has the property valued up to the figure you have offered?

Thanks for quick reply Jorgan. It is relieving .... Surprisingly surveyors valued the property exactly to my offered price !

mr.broderick

kasu_78 wrote: »

Thanks for quick reply Jorgan. It is relieving .... Surprisingly surveyors valued the property exactly to my offered price !

Interesting.

PasturesNew

It's worth checking where the responsibility for fixing/replacing any roofing lies. It might be, in a block, that the cost is shared between all the owners of all the flats.

Flat roofs do last quite a while but as the water has the potential to sit on them rather than run off, when they do need repair/replacement it tends to be a sudden water big stain rather than a small one that grows a bit bigger over time.

Jorgan_2

kasu_78 wrote: »

Thanks for quick reply Jorgan. It is relieving .... Surprisingly surveyors valued the property exactly to my offered price !

The surveyor won't value the property for any more than you offered. The mortgage valuation is just that, a valuation for the lender.

I have been involved with sales where a property has had a sale agreed at say £100k, valued by the surveyor at £100k and the sale has then fallen through. The property is resold for £95k and the same surveyor has gone back out and valued it at £95k.

kasu_78

thanks a lot for all the replies guyz....

SouthCoast

I live in a recent build flat that is made of cardboard glued to a steel frame.

I am convinced that the builders strategy is to build properties for the lowest possible costs, they fall down after the 10 year NHBC warranty has expired, and then they can sell us new properties.

Gangstabird

Just a very quick one, if the place is a leasehold (assuming it is) what may happen is that your lease charges may go up if there is a substantial roof repair one year.