If it's for a Bank/Building Society, you will require the survey to be completed by a qualified surveyor - either RICS or CIOB.
You are best to arrange for the Bank/Building Society to do a basic valuation survey (on some mortgages this can be free) and then arrange for a proper survey to be carried out yourself.
You wouldn't pay hundreds of thousands of pounds for a car without it being checked over by a professional, so don't do the same when you buy a house. You never know, they may even get some money off the purchase price.
I would never, ever buy a house without a full structural survey. They're expensive but there's a good chance they will pick up on something before you spend tens of thousands of pounds and commit to 25 years of mortgage payments.
Basically i've had a structural survey done which has picked up a few remedial works needed to be done. What i need is a builder to go and quote the works that need to be done so i can then arrange a reduction in the amount i'm paying for the house.
Just go back to the sellers Estate Agent, show them survey and tell them you now want to reduce your offer by (say) £20k due to the amount of work needed. You could always tell them the Bank/Building Society will hold back a proportion of the mortgage unless this work is done.
Leave it with them. They won't want to lose a sale and the chances are any other buyer will find the same problems. The seller could always arrange the work themselves.
Just gone through this, and need a load of damp work doing. Got the cost lobbed off the price, but the alternative was the seller pay for the work before the sale
Usually a house is priced accordingly...re condition and that it may need a 'bit' of work, most surveys will throw up the odd problem, if it's a major one then fair enough move on or re-negotiate, but for a few grand it would hardly be worth losing out on a place that you really like.
Usually a house is priced accordingly...re condition and that it may need a 'bit' of work, most surveys will throw up the odd problem, if it's a major one then fair enough move on or re-negotiate, but for a few grand it would hardly be worth losing out on a place that you really like.
Especially if it has been on the market a few weeks...... Agents seem to give you a 'price region', because it is not an exact science. Of course they will call it a price adjustment, but unless it is a particularly unique house, and over £400,000. £20,000 seems a lot for a few cracks, and £2,000 seems more the mark. Of course it all depends on the sellers position, but I think most people get a few estimates, and go somewhere in the middle. otherwise the house stays on the market for months?. If you do your homework, you generally will know the value, and if it needs 'updating' estate agents words for new kitchen and bathroom, it will probably need new electrics, repainting, the roof checked over etc........
Comments
You are best to arrange for the Bank/Building Society to do a basic valuation survey (on some mortgages this can be free) and then arrange for a proper survey to be carried out yourself.
You wouldn't pay hundreds of thousands of pounds for a car without it being checked over by a professional, so don't do the same when you buy a house. You never know, they may even get some money off the purchase price.
Just go back to the sellers Estate Agent, show them survey and tell them you now want to reduce your offer by (say) £20k due to the amount of work needed. You could always tell them the Bank/Building Society will hold back a proportion of the mortgage unless this work is done.
Leave it with them. They won't want to lose a sale and the chances are any other buyer will find the same problems. The seller could always arrange the work themselves.
At least it's a negotiating point.
Agents seem to give you a 'price region', because it is not an exact science.
Of course they will call it a price adjustment, but unless it is a particularly unique house, and over £400,000.
£20,000 seems a lot for a few cracks, and £2,000 seems more the mark.
Of course it all depends on the sellers position, but I think most people get a few estimates, and go somewhere in the middle.
otherwise the house stays on the market for months?.
If you do your homework, you generally will know the value, and if it needs 'updating' estate agents words for new kitchen and bathroom, it will probably need new electrics, repainting, the roof checked over etc........