RICS survey

[chickensouup]

I've had the RICS survey/home buyers report back today on the property I'm buying. A number of red (3) issues that will need fixing like some replacement guttering, replacing internal doors etc. Also got a red (3) on the electrics as there is no electrical inspection certificate (or whatever it's called!).

The surveyors valuation is massively lower than what I have purchased for. Is this supposed to be to allow for the repairs I would need to do? Even so, the 2 numbers are different by nearly 100k and the repairs would cost nowhere near that. I'm thoroughly confused (no surprise there!)?

The valuation will be based on the state the house is currently in.
Even if the works don't cost that much, it's how much it's worth without them done.

Have you got a mortgage sorted? As we had this issue when we came to remortgage and hasn't had the electrics done yet and was refused a mortgage by Barclays due to them not lending on properties without a electrical certificate.

@middleofthelittle Thanks for your reply. I won't be needing a mortgage, house is shared ownership so will be purchasing with the proceeds from my sale.

The survey also flagged up the possibility of asbestos as some of the ceilings have a very faint swirly pattern on them (I didn't notice when I viewed). I was hoping to extend the kitchen but I'm worried this may not be possible now.

I would be very cautious about buying it if it is shared ownership as you will have to cover 100% of the costs of repairs whilst the housing association will gain the increase in price once the works are complete. You may end up deeply out of pocket.

You can extend with asbestos, it just needs removed effectively which is again costly.