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We made an offer of £210 k ( Original was 240K) on a house which has been accepted. The survey has come back with quite a few problems and the cost given by the surveyor to bring the house to its original state is £158 K. First I am not sure what this amount represents and secondly what offer should I make after the survey. Can anyone help? I will grateful for some expert advice. I can send a copy of the survey if anyone is willing to read it. Thanks. Kritan

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We made an offer of £210 k ( Original was 240K) on a house which has been accepted. The survey has come back with quite a few problems and the cost given by the surveyor to bring the house to its original state is £158 K. First I am not sure what this amount represents and secondly what offer should I make after the survey. Can anyone help? I will grateful for some expert advice. I can send a copy of the survey if anyone is willing to read it. Thanks. Kritan

158k sounds like a lot of problems! I suspect you may have read the report and seen the term reinstatement value - this is the value to rebuild the house in case it ever burns down or similar for insurance purposes. I would be happy to take a look if you send me a pm with more info. I could let you know my views, but don't rely on them without further verification. I have bought and sold a number of times.

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We made an offer of £210 k ( Original was 240K) on a house which has been accepted. The survey has come back with quite a few problems and the cost given by the surveyor to bring the house to its original state is £158 K. First I am not sure what this amount represents and secondly what offer should I make after the survey. Can anyone help? I will grateful for some expert advice. I can send a copy of the survey if anyone is willing to read it. Thanks. Kritan

I think you are looking at the cost of re-building (and clearing site). I've receive a report today, valuation 200k rebuilding cost 150k...

Incidentally, I think think this is quite high, leaving "only" 50k for the price of land when I would have thought land was a lot more pricey (I am in South West BTW)

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£158k ?? If that is their estimate of the cost of remedial works then the house must have some pretty major foundation/structural issues! What problems did the survey list? It is hard to imagine that even a full rebuild from the ground up would cost that much!

I would be interested to read it.

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158k sounds like a lot of problems! I suspect you may have read the report and seen the term reinstatement value - this is the value to rebuild the house in case it ever burns down or similar for insurance purposes. I would be happy to take a look if you send me a pm with more info. I could let you know my views, but don't rely on them without further verification. I have bought and sold a number of times.

Many thanks for all your reply

I have asked for clarifications from the surveyor and he said that the £158 k is the reinstatement cost that is to build it up again. A builder has quoted me 85-90 k from reading the survey. I will PM you if you prefer and I can email you the report.Cheers

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£158k ?? If that is their estimate of the cost of remedial works then the house must have some pretty major foundation/structural issues! What problems did the survey list? It is hard to imagine that even a full rebuild from the ground up would cost that much!

I would be interested to read it.

thank you for your help.

Surveyor has clarified that it is the reinstatement cost i.e. cost to build the house again. I can send you the survey if you like.

Kritan

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Many thanks for all your reply

I have asked for clarifications from the surveyor and he said that the £158 k is the reinstatement cost that is to build it up again. A builder has quoted me 85-90 k from reading the survey. I will PM you if you prefer and I can email you the report.Cheers

That's still a huge amount, given we're talking about a £210k house.

Could you give us the main areas of concern? Is it roof, electrics, plumbing, damp? If a builder is quoting that much I'm guessing all of those, plus a few more for good measure. I'm taking it you realised it was something of a project when you made your offer, so it can't have come as too much of a surprise?

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thank you for your help.

Surveyor has clarified that it is the reinstatement cost i.e. cost to build the house again. I can send you the survey if you like.

Kritan

I'd be interested to read the survey sure, send me a pm/email.

I would definately get another couple of estimates from other builders, I know of people being quoted £30k for a new roof on a small semi, when really it should be less than £5k!

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I don't know what you guys are getting bothered here.

The only thing that this number does is tell you how much you should insure the property for.

It does nothing else.

tim

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I'd be interested to read the survey sure, send me a pm/email.

I would definately get another couple of estimates from other builders, I know of people being quoted £30k for a new roof on a small semi, when really it should be less than £5k!

Sorry. But I do not know hoe to PM on this site?

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Just an update people.

We have viewed the house again on Friday. After telling the estate agent that a buildiner has quoted us about 85-90 k for repairs we have made a revised offer of 190K. We have not heard from them yet. A comparable property in the area that does not require anything done to it is valued at 250K.

What do you all think?

Are we being unreasnabale?

Comments welcome.

Below is an oipinion of a surveyor friend who read the report. May be it will you a an idea.

Hi Kritan, I have studied the surveyors report and would point out the following : As the report states there are lots of areas of the property that were not inspected owing to lack of access, such as condition of floors. The single storey addition is sub standard having only 100mm wall thickness. This would need to be insulated internally with kingspan or similar insulation positioned within a studwork construction and then plasterboarded. This would neccesitate removal and refixing of the kitchen units. The roof to the addition is an flat felted roof which is probably not insulated. Felt roofing is a not a suitable choice for houses and has low life expectancy. If it is to be replaced it should be carried out with a superior material and incorporate slab insulation. The report indicates wall dampness in certain areas. The question is, what is the cause of the dampness ? Is it a failure of the the damproof course which would be expensive to rectify and involve partial replastering of the walls. Or is it that the damproof course has been bridged by high external ground levels which would be an easy thing to rectify The windows and external doors are PVC surrounded with timber frames. timber surrounds are not used these days as they tend to decay before the PVC itself. One must ascertain the condition of the PVC windows, Will they need renewal in the near future. It would be worth getting a quotation for this work from a reputable installer if there is time. External joinery such as soffits and fascias sound as if they need renewal. and the rainwater goods overhauled. This work would require scaffold which should be taken into consideration. The presence of asbestos presents a problem if it is in an area where it could be disturbed by occupants thereby allowing fibres to disperse. asbestos removal is a licensed specialist activity and therefore expensive. The electrical installation sounds as if it is the original installation that has been extended and modified over the years.If it is tested for safety it will suffice for a while but bearing in mind the fact that it is nearing fifty years old and probably insufficient as far as power points are concerned I would

think about renewing it prior to decorating the property. It would have to be renewed in the rear addition if the insulation of the walls were to be carried out. The boiler and central heating system again sounds old. What is the make and model of the boiler? The system needs to be tested and seen to operate.If it needs renewal then quotations should be sought. It is clear that the house needs lots of attention and indeed the report mentions a figure o £158,000 to bring it up to standard. This figure is probably on the high side to cover every possible occurance but you must consider the current market price of the house compared with a similar house in excellent condition in the same area. Is there sufficient difference between the two extremes to cover the cost of the works ? Kritan,I hope this has not worried you too much but building work unless you are able to do a lot yourself is very expensive. Do get in touch if you need any further help. Regards, James

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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