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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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    Thanks for your input Pete.


    Regards,

    Sanjay

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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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    Thank you very much all.


    Regards,

    Sanjay

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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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