RICS Homebuyer Survey / Report - Serious Defects

[Zoori]

When we bought our house we had the bare minimum valuation report done that's compulsory by the mortgage lender.

We then instructed a local building surveyor to carry out a full building report, costing £500.

Knowing the property required some work, we thought we'd cover our backs for anything substantially wrong.

The building surveyor found a structural issue with a flat roof. Something I hadn't seen.

After receiving 3 independent quotes from builders we successfully managed to renegotiate our offer down by £2000.

I would never consider allowing the current owner to address the issues. As what has previously been said, they will do it at a bare minimum of cost.

In our situation, for an initial outlay of £500 and then a saving of £2000. By the time you consider the interest saved on the mortage, we are quids in.

Thank you Benjy. I will get some quotes and ask for a reduction in price and get the work done myself. It is definitely better to get it done myself than get the vendors to do a cheapie job.

The were quite difficult to negotiate with the first time around.... and we ended up with the asking price which is the top end of the market value (maybe I'm not a good negotiator!). I am definitely going to knock down the entire cost of the repairs. If they don't agree then I'll have to let it go and move on.

 

[benjy_b]

I'd say it's a buyers market out there. We certainly had decent ammunition after the survey.

Our example:

Asking price - £215k
Our offer - £200k
After survey - £198k

Your property sounds like it's in similar condition to ours. A bit neglected and requiring some money spent on it.

We were quite vocal about the property needing some money spent on it during our viewings and then again when it came to our offer.

It helps if you're in a chain and they've seen their "dream property". Puts a bit more weight on them accepting the offer post survey.

 

[endecotp]

The answers to many of your questions are in the report; just to quote a couple:

A Roofing Contractor's report should be obtained with all necessary upgrading undertaken.

It doesn't state the whole roof needs replacing so am I right in thinking it's repairs to existing tiles etc?

It's saying that you need to get a roofing contractor to look at it and then do what they say is necessary.

A full assessment by a competent Electrician will be required with all necessary upgrading and improvement works undertaken.

Does the above mean the fuse box needs replacing as well as entire electric upgrading i.e. rewiring? Or just upgrade the fuse box?

It means that you need to get an electrician to look at it and then do what they say is necessary.