Surveyor report not favourable

[Woolyback]

Sorry another unfavourable surveyor report for you kind people to decipher. Im a first time buyer found what I thought was a great place for only £55k but the surveyor report says it is only worth £45k. The main findings are inspect roofing and carry out repairs and instruct specialist contractor to inspect whole property and report on internal dampness and condition of all timbers including sub floor and roof void. Help what do I do next?

[VivaLeBeaver]

I would be wanting the seller to get the specialist report done. If they wouldn't id walk away. Unless it's a real bargain, Ie other houses are priced £1000s more and this is priced to reflect the condition.

[ScoopyDoo]

Surveyor's instructions for further survey on roof/timber is fairly common, and may not necessarily indicate there is a real problem. Does it say anything specific in your survey report? You could phone the surveyor, usually they are very happy to talk it through and are often more reassuring over the phone than they are willing to be in person.
The £10K difference is more of a worry, and it might also help to ask him what this is based on - the state of the property, or comparison to other similar properties in the area.

Have also to say, I am at either price though realise I don't know your location/property type!

[Woolyback]

Thanks for replies. Im in the north east and properties are quite cheap even so it is a huge house for the price and I really like it. I think I'll go back to the seller and take it from there.

[VivaLeBeaver]

What level of report did you have done? If it was the base level which is just a mortgage valuation level then they dont look at damp, etc so maybe they'd recommend as standard that this is done to emphasise they haven't done it?

I've only had the mid level done but have never had a report telling me to get more specialist surveys.

[ScoopyDoo]

I've had a couple tell me this after a homebuyer report. I think it's fairly common to ask a roofer to check out the state of it and estimate costs of repairs. I recently got the specialist timber one done at the surveyor's suggestion which cost around £200 which confirmed there were problems but usefully, that they were fixable and how to do it. The vendors also got their own timber survey done (their EA organised one for them) and I didn't trust it. I think if you need further surveys, you should commission them so the surveyor works for you, not the vendor.

But if the 10K difference is going to prevent you getting finance, there may be little point in any of this. I reckon speaking to your surveyor should be your first step to understanding why, and whether or not you should walk away.

[Woolyback]

The finance won't be a problem with it been so cheap but I must admit I'm surprised at the difference in price. Is have thought if it was that bad that it would be noticeable. I'll wait until Tuesday and see what the surveyors have to say.

[morethanpotatoprints]

We had this in our first house.
The extra survey cost £200 so now would probably be about £500 and we had to have some work done that was about 2k, so not worth missing out on house if you love it.
Also, as valuation has come in under asking price you negotiate from that price.
So you'll get it for 45k at the most, i'd maybe offer 42.500 and if they don't take your arm off, walk away.