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  • Property-a-holics

    Issue with valuation should I buy or not?

    Hi All,

    Its really nice to be member of this community, learning a lot. I am on the way to buy my another property. As per my calculation I am getting this property about 10% below the market rate.  however got a concern in valuation survey. Below is the exact lines mentioned by the surveyor sent by Halifax Bank however bank is ready to give the monies.

    "MATTER AFFECTING THE VALUE

    This property has suffered previous movement but I saw no evidence to suggest this is ongoing. Parts of the property are thought to contain asbestos material. You should take care when carrying out repairs maintenance or renewal. The property is in acceptable condition for the lending purposes. My valuation reflects the fact there is wear and tear to some items and that maintenance, repair or upgrading will be required. I was unable to inspect inside the garage due to stored items."

    Waiting for your valuable suggestions/opinions

    FYI property was extended recently (may be couple of years back).

    Detailed building survey may be one thing, but it will cost me and if I can think before spending that money.

    Thanks and regards,

    Sanjay

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    I'd be very wary if there has been previous movement. If the surveyor is referring to subsidence then it may be a moo to sell in future.

    The questionnaire sent by your solicitor to vendor asks about any subsidence. I'd ask your solicitor to report on this.

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    Surveyor covering his back

    I would get a structure engineers report

    see what they say

    then act on there findings

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Agreed DL, you can't rely on vendor's honesty in answering questions about movement, but an independent surveyors report would be money well spent. The cost of this could be negotiated with the vendor if he's keen not to lose the sale.

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    It all dependent on the age of the house.

    A movement in 100+ years old house is not usually as worrying to a house that was built later one.

    I would consider getting an established local firm for the structural survey. They will know the area inside out. They might have surveyed the house before. They can make a comparison and conclude accordingly.

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    Good that the lender is keen to lend, they are often reluctant if there is a suggestion of building movement. As above, getting a structural survey is sensible so they can establish the degree and causes of any movement and whether it is a legacy issue. If active or recent movement is diagnosed that has not been rectified and certificated then I would get a costing for taking the corrective action and then seek a deduction in the purchase price accordingly. Another side effect if there is a history of movement is it can dramatically increase insurance premiums. In some cases movement may be caused for instance by a large tree being too close to the house. If it's a more fundamental problem such as inadequate foundations for the ground conditions then it will be more costly to rectify.

    Best,

    Guy

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    Guy Brown
    Blue Infinity Property Group
    M 07791-661491 | T 0118 3360366 | E guy@blueinfinityproperty.com<script data-cfhash='f9e31' type="text/javascript">/* http://www.blueinfinityproperty.com

    * New build residential developments and flat conversions in the Home Counties
    * High end HMOs in Reading and Bracknell