Review of the purchase of an
for a Polish couple's first UK home
Free phone 0800 298 5424
Structural problems / Underpinning
How properties are valued and how structural problems affect value
However we would say in more recent times that Chartered Surveyors working either directly for banks, building societies or mortgage lenders or those that are on banks, building societies or mortgage lenders panels will value based upon what mortgage should be lent rather than what the open market value is and as such the price that you offer is the price that the buildings are valued at in 99.9 times out of 100.
Structural problems or building problems
The problem with this type of valuation occurs where structural problems are present you have to allow for how they affect value. There are several difficulties:
1. A valuer may not notice the problem and as such doesn't assess for the factor at all.
2. The valuer may see the problem but not understand how to solve it or indeed have ideas of how to solve it which aren't appropriate for that age, type and style of building.
3. The cost of a repair is different to the value of a repair and as such the cost of putting a structural problem right can be far different to the value.
In our experience approximately ten to twenty percent, possibly up to thirty percent is reduced from the value of a property that has had structural problems even where underpinning has taken place. The percentage value depends upon how the housing market is, which in a booming market/upward market tends to be towards ten percent or possibly even five percent. In a recession or reducing downward house price market then the percentage discount gets towards twenty to thirty percent.
Certificate of Structural Adequacy
Seventy percent of people would not buy a property with any structural problems whatever the price
We believe that approximately seventy percent of people would not buy a property that has had structural problems even if they have been repaired and even if a Certificate of Structural Adequacy is available and even if that Certificate of Structural Adequacy had been double checked as being correct by an independent chartered building surveyor.
As such we would always recommend for strong negotiations if you are buying a property that has had structural problems and expect reductions in the range of typically ten to twenty percent.
Client feedback on survey report
Halo! Jak mozemy Ci pomóc ?
If you call our office we may even be able to practice a few words of Polish with you, however we must say that our surveying is far better than our Polish!
Independent advice from an independent surveyor
If you are buying a home our surveyors can provide help and advice with regard to building surveys, structural surveys, structural reports, independent valuations, property surveys, engineers reports, specific defects report, home buyers reports or any other property matters . We can even meet you at the property whilst the survey is being carried out and we can send you examples of our survey reports.
For further information please free phone 0800 298 5424.