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!
Join our Property forum for renovation, DIY, and house selling advice.
Property/DIY
Surveyor doesn't think the property i was going to buy is good value
Sofia109 · 23/09/2022 21:07
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 £300,000 and your deposit is £50,000, the bank ONLY cares that the property is worth more than £250,000... they are only protecting their investment, not yours! They don't care if you lose £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! 😬
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!
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?
To comment on this thread you need to create a Mumsnet account.