Survey back- lower valuation and recommending lots of extra reports

[rabbitparsley]

We have had our survey back through and the valuation has come back as 5k less than the agreed price (mortgage application is 7k lower but just a tabletop valuation). As a % of the sale price it's not loads but we don't want to overpay as there is probably more work that needs doing than we expected as well, also what happens longer term with house prices is obviously very uncertain at the moment so we are wary of overpaying in the current market then the house losing a lot of value over the next year or two. What is the norm in these circumstances? To ask if we can reduce the offer to bring it in line with the survey valuation? Should we get additional reports and quotes done first or just base the rationale for the reduction on the valuation?

The surveyor is recommending we get several further specialist reports done, all at quite a high cost. I'm not sure which we actually need to get done and which they just recommend as standard as if we get all done it will be very expensive and that's not taking into account the cost of actually putting things right. The reports recommended are:

-Specialist damp and timber report
-Drains survey due
-Electrics and gas to be inspected

Thank you for any advice.

All those things are the surveyor justifying their existence! Does the survey mention damp anywhere? Did you notice any when you viewed?

Posted too soon! The boiler should be serviced before exchange. I’ve never heard of a drains survey. Basically they’re covering their back. It’s up to you what you do about the valuation but in your shoes, I’d suck it up.

I think the surveyor always puts get those extra reports, its just back covering. Gas should be serviced every year and electrics a safety report every 10. You can ask the buyer for that - many people would have gas done but not electrics. I wouldn't bother with a drains survey. I would only get a damp report if surveyor has picked up damp and then I would get a quote or reduce by a few thousand.

Electrics check will often fail as its based on 2018 regulations and it will list remiedal action and costs. We've just paid for a check and it was £288. Up to you if you get it or not.

Re discount I would go back with the valuation and reduce your offer to that (or whatevere you want to reduce it too). I wouldn't pay more than the valuation though up to you. I would reduce if I was sellers as its likely to happen again.

I had survey back today a lot lower than the house. This far on its frustrating but ours is 45k. I have a phonecall with solicitors tomorrow regards it.