Any property surveyors about?

[YorkieDorkie]

My DM had an accepted offer on her house for 330k. Since the surveyor has been, the buyers have reduced the offer to 270k because of the "need" for a new loft conversion to the tune of 60k.

My dad actually built upward over thirty years ago and put in the stairs to the attic. It's never really been more than storage.

The EA advertised it as a 4 bedroom property (or with a second reception room on the second third? floor). This is not really accurate but understandable as the space is ginormous.

My question is, would a property be surveyed differently if it was advertised as a 3 bed with an attic, as opposed to a 4 bed using a loft conversion? I.e. If it was advertised differently, would it have been surveyed differently?

Thanks.

Sorry if there's any drip feeding. My first post vanished and had to start again!

I'm guessing the loft extension your dad did wasn't to building regs. If so it shouldn't have been advertised with the loft conversion as a proper room. It's bonus space for sure and does have a value, but not the same as a proper room with regs etc.

Ps am not surveyor but recently bought house with similar non-regs loft 'conversion'

Yes that's the point I mean. I don't think it should have been advertised that way either so I'm wondering if it would have been such an issue if it has been advertised differently...

But £330k was the value of the property as a 4 bed. If it was marketed as a 3 bed presumably it would only have been worth £270k.

And sorry yes, it was built in about 1980 so it's not necessary to update it.

No, the fourth bedroom would be irrelevant to the agreed price. There's only three clear bedrooms on the photos. The houses adjacent have all sold in the same region. My DMs is the largest.

If anything, had it truly been a 4 bed all up to scratch, it should have reached closer to 400k.

Did their surveyor actually value the house at 270K? Or was the valuation nearer £330K and the buyers are trying to get a new loft conversion out of your mum?

Presumably the buyers actually saw the loft area when they viewed the house? And offered £330K based on what they saw?

From what you say, 330K is a decent price for a 3 bed in the area so I'd just say no chance and remarket it.

Of course your mum can always appoint her own surveyor and get a valuation before putting it back on the market if she feels the need. Personally, I wouldn't bother. You can see the sold prices for equivalent houses in the area so if you assess that the house is decent value for a 3 bed plus attic space at £330K then so be it.

If these buyers come back after your mum says no, then you know that their surveyor did not value the house at £270K.

I'm not a surveyor either, but used to work with estate agents. It does make a big difference, having a loft conversation with full signed off building regs. The estate agent should've checked with your Mum & valued it accordingly.

Thanks kidnapped it's more like they're trying to get their loft conversion paid for!

I agree that she should just say no and be done with it but she's heartbroken.

All I wanted to know was whether the surveyor would have made such a big deal of the attic if it hadn't said "4th bedroom/2nd reception room" in the description.

The house is cheap at 330k but because it could do with some updating that she's not prepared to do, she reduced the price.

You've got no way of knowing what the surveyor said or how he valued the house.

Your mum could ask for a copy of the survey (complete with the valuation). I imagine that they won't want your mum to see it.

It's like you were the surveyor kidnapped . They aren't allowing the EA to have the survey, its ridiculous. The EA have insisted it is shared in order to proceed.

I'd just put it back on the market. She agreed 330k with them. I'd change the description to prevent the same thing happening again.

I'm a surveyor. I'm with kidnapped.

The surveyor will have said it doesn't meet building regs, therefore cannot be considered a habitable space.
It will have been valued as a three bed with extra storage space. But you don't know what that valuation is...

From what you've said, I would expect the buyers to come back to your mum if 330K is a realistic price. They've shelled out fees for nothing so far.

This happened to us a few years ago. House sale agreed at 350K. Buyers came back after survey and said the surveyor only valued it at 325K. Fine, we said, let's see it. No, they said. Bugger right off, we said.

Put it back on the market and the buyers called the agent to say that they would pay 332K as a 'goodwill gesture'. We rejected their gesture of goodwill and they came back and said that they'd pay the 350K. DP was immovable at that point and wouldn't sell to them at any price.

We agreed 350K with the next people a couple of weeks later and the sale went through no problem.

Oh, and the next house we sold the agent told us that the buyer had got the survey back and all was fine (was quite a new house) but would we consider taking £15K off the price as he wanted to refit the bathrooms to a higher standard? Erm, that will be a no.

Buying and selling is a hoot. Not.

This all confirms what I thought. Thanks. I'll make sure she amends the frankly ridiculous description of the house. I think it just goes to show what EAs will say to try and sell a property but really it's just caused no end of trouble. It's a period property which doesn't really fit the mould at all so I think they just tried every trick in their book. The original valuation of the house was 375k so I'd be very interested to see what the surveyor thinks is missing to make them offer 270k. What a joke.

Thanks funnybird the house would have been worth 330k without the attic as a habitable space. To be perfectly honest, it's a steal at that price in the area. It's one of three the same (originally belonging to the local estate land) and it's the only one with this additional space so frankly is worth more. DM is just anxious to get out without spending more on upgrades so was happy to accept 330k.