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Surveyor doesn't think the property i was going to buy is good value

63 replies

Sofia109 · 23/09/2022 21:07

Do surveyors often pick apart a house you're planning to buy or are they overly cautious? There were no structural issues, just some snagging, but due to the small plot of land with a very small garden, he thinks the 3 bed detached will be hard to sell. Its a good size inside, but usually families would want a good size garden and this one is really the size of a balcony and with a very small third bedroom. It sat empty for quite a while before i purchased it and the seller had a family member living there for a while too.

I know its not my forever home, and I'd probably be looking to move on in 5 years or less if i meet someone, but im concerned now i might have trouble selling it and there's also a real risk developers may build another house in the space right next to it, extremely close like this one is the the neighbours next door. (roofs are only around a foot apart!!)

Literally have no idea what to do now!

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Samara26 · 24/09/2022 18:14

He told me everything he knows, we spoke on the other home. There are no damning secrets

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Samara26 · 24/09/2022 18:15

We spoke on the phone at length that should say

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Tomorrowisalatterday · 24/09/2022 18:24

A lot of people do seem to want a big garden but there are people who don't, it just might take longer to sell.

I don't like gardening and would have loved a house with the right amount of internal space for our family but a small garden. Some older people feel the same way.

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TooMuchToDoTooLittleInclination · 24/09/2022 18:42

@Samara26 (it would make it easier if your reported your first post and asked MNHQ to please put all your posts on this thread into the same name, so your posts show up as OP posts)

IF, for any reason, this sale fell through, would you be able to borrow the same amount of money or do you think the bank would offer you less due to affordability (now rates have gone up & are expected to go up twice more fairly shortly)?

What is in the market that you could afford to buy??

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Samara26 · 24/09/2022 18:47

The mortgage broker is trying to scare me a bit as he obviously wants the sale to go through for self-interest, but I'd have to put a larger deposit down or borrow less. I'm stomach a fairly good position in terms of affordability but certainly I have to be mindful of increasing costs and what is reasonable for me to pay towards a mortgage and bills every month. I'd probably have to go to a cheaper area and perhaps even buy a smaller property

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Samara26 · 01/10/2022 06:18

So the seller pulled out just before contract signing and said he wants another 20k cause it's taken so long šŸ˜‚

I said I can't pay that and so he withdrew it from the market and said he's giving it to his daughter lol.

You couldn't make it up šŸ¤¦šŸ¼ā€ā™€ļø

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ChampagneCamping · 01/10/2022 07:19

Houseplantophile · 24/09/2022 06:17

Hi-
Surveyor here.. our job is to be objective on your behalf. We don't want to put you off a property for the sake of it, but we see A LOT of properties and you really do get to know their value based on many tangible and intangible elements.
Our job is to make sure you know what you're buying and the issues, whether they be aesthetic or structural, that you're likely to encounter...
you can't do anything about the garden size so it's a pretty big deal... please don't gamble on being able to buy a portion of someone else's garden.. not only is it highly unlikely to happen you should know that it's a very expensive process.. the land will be expensive (because what other incentive is there for the neighbour to sell if?!) plus you will need a land surveyor to measure up the two plots, mark out the agreed space to transfer and then draw up plans of each garden. Your solicitor will then be doing a conveyance of the lans- ie much the same job as they'll do for your purchase of the house- and then they will need to register the purchase on Land Registry to ensure it is properly recorded and formalised. You'll likely find yourself paying the neighbour's legal fees too... is the house really worth it?!?! Because the value of the new section of land need added to the garden need to be far greater than the costs associated with the purchase... it's risky and unlikely to have the desired outcome.


5 years is a short turnaround time on a property investment, especially at a time when the country's economy is in a poor state and will take years to recover... when you want to sell you need the widest market possible to sell quickly...
the fact that the property has been on the market for 2 years during what has been an incredibly busy time for property sales is a huge red flag and suggests no one wants the property for reasons other than the price... that garden is too small against the size of the house and you will have the same problems selling it as the current vendors.

Also... re your mortgage valuation saying it's 'ok'- bear in mind they are no confirming the market value of the property, they're confirming that the value of the property exceeds what they are lending on it... so if the property is Ā£300,000 and your deposit is Ā£50,000, the bank ONLY cares that the property is worth more than Ā£250,000... they are only protecting their investment, not yours! They don't care if you lose Ā£50,000.. they just need to know that in the event that the property is repossessed they can immediately put the property back on the market and get their money back. Your mortgage valuation is not a survey and it is not for your benefit...! So tread carefully when taking their advice over another surveyor's who is working for you and looking out for you...

Honestly I think your surveyor has done you a favour by making you aware of this.

Either renegotiate the price WAY way down or walk away... if it was me, I'd walk away. If the current vendors haven't been able to sell easily in the market we're just coming out then this property will never sell easily.

Sorry if that's all a bit blunt! šŸ˜¬

Very knowledgable and I would follow this advice to the letter. Offer less in light of the worsening political and financial situation which is predicted to effect the housing market. Iā€™d read that prices are to drop as landlords and second home owners sell and families lose their homes .

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Samara26 · 01/10/2022 07:24

Can someone explain how it makes sense to wait till the market crashes to buy, when by that point interest rates will have hit at least 6%, so although you'll be borrowing a bit less, your repayments will still be way way higher than if you had bought the house full price on a lower interest rate? Affordability criteria will also have changed so it will be much harder to get a mortgage šŸ¤·ā€ā™‚ļø

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DeadHouseBounce · 01/10/2022 16:45

Sofia109 · 23/09/2022 21:07

Do surveyors often pick apart a house you're planning to buy or are they overly cautious? There were no structural issues, just some snagging, but due to the small plot of land with a very small garden, he thinks the 3 bed detached will be hard to sell. Its a good size inside, but usually families would want a good size garden and this one is really the size of a balcony and with a very small third bedroom. It sat empty for quite a while before i purchased it and the seller had a family member living there for a while too.

I know its not my forever home, and I'd probably be looking to move on in 5 years or less if i meet someone, but im concerned now i might have trouble selling it and there's also a real risk developers may build another house in the space right next to it, extremely close like this one is the the neighbours next door. (roofs are only around a foot apart!!)

Literally have no idea what to do now!

This is the peak of a massive property bubble, and within a few weeks basically all the conditions needed to pop that bubble have turned up like buses running late, of course it is not going to sell for the price you paid!

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Samara26 · 01/10/2022 16:50

But with interest rates so high, how can anyone take advantage of the reduced prices?

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anderosonnmj · 01/10/2022 17:05

So, how wide is the garden? 3 to 4 metres long sounds very, very small. Are there fences surrounding it?

Personally, I'd love a house with a small courtyard-type garden, but I'd need enough space for some planters and borders, our bbq stuff, and seating. And a small shed. Is the garden big enough for this?

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Samara26 · 01/10/2022 17:09

anderosonnmj · 01/10/2022 17:05

So, how wide is the garden? 3 to 4 metres long sounds very, very small. Are there fences surrounding it?

Personally, I'd love a house with a small courtyard-type garden, but I'd need enough space for some planters and borders, our bbq stuff, and seating. And a small shed. Is the garden big enough for this?

It's about 4 x 10 meters I'd say

A shed would fit but it would take up a lot of space and seating again would definitely fit but all those things would make it look very busy!

As above, sale fell through. Seller asked for an extra 20k cause he said it's take too long and then when I refused he withdrew it from the market and said he's giving it to his daughter instead. What an a**hole lol!

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Schoolchoicesucks · 01/10/2022 18:20

OP, sorry that the vendor pulled that on you at the last moment - but try to see the bright side. You had doubts about resale and potential new building next door. Yes, you'll have lost the lower interest rate, but may also have had a lucky escape being tied in with an unsaleable property.

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