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Hi, we had an offer accepted on a BISF house but the survey we have just had done has uncovered problems with the roof and the extension to the extent that the surveyor has valued it at 40k less than the offer we had accepted.

We’re new to this and wondered if anyone had any advice as to what we do now? Presumably the bank would now not approve the same level of mortgage and clearly we need to pay less to have money in order to carry out the work that needs doing. Should we go through our solicitor to handle this or talk to the selling agent?

  • Admin

    Hi DannyC, Can you elaborate a little more on exactly what defects were found? A devaluation of £40k is a very substantial reduction in the valuation.
    Do you have an asbestos roof ? A replacement roof should cost around £3k so in essence we are looking at a £37k deficit in relation to the extension. It would help if you could provide further information as to the exact nature of the problems identified before suggesting your next step.

    Regards
    Marc

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Hi there, after a lengthy appeal process with the surveyor, they refused to reevaluate their position, based on the price of other properties in the area, so they said.

All looked lost, and the property was re-listed, but the vendor has since found a property of lower value to buy which means they can drop their asking price, so we are now looking likely to go ahead at a price 30k under our original offer, which will make the mortgage far more manageable.

I look forward to asking lots more questions on here once we get in and get out renovation and extension plans under way!

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I will go back over the repot tonight and come back with more detail. Thank you.

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