We have just received our survey back and it has valued the property significantly 30% less than our offer. We knew there was a bit of work to update the property, but this has really put us off. Surely the vendors won't reduce it by that much, but we don't want to buy it if it is going to be a money pit!
Well I doubt you'd get a mortgage if the value is 30% less what you have offered.
Contact your mortgage providers and get their answer on what they will give you based on the survey. Then go back to the sellers, tell them the survey results and how much you are able to offer based on your survey and mortgage provider, and see what they will do.
also don't forget to speak to the Estate Agent dealing with it. There are many reasons houses get put on the market over and above what they should be and an EA wont want to loose the prospect of a good buyer. They might be able to help you negotiate to an acceptable price. However, sometimes surveyors do like to put the fear of god into buyers and they may be down valueing based on work they think MIGHT need doing but if you get it checked out by a builder/plumber/electrician, it might not be expensive work at all. Good luck.