Last month I agreed to purchase a 2 bed terraced house in a decent area, originally sold for £250k but came back on the market & I agreed on £242.5k
Asked why the buyer pulled out and the estate agent claimed it was to do with the stamp duty the original buyer would have to pay
Things are moving relatively quickly, lender agreed the value was appropriate and mortgage has been approvedd
Surveyor went in last week & received the report yesterday to which they have valued the house at £210k & the main areas of concern state I should:
Signs of damp at low levels interior and exterior - advice is to get a specialist damp survey done.
Recommended safety checks on electrics, gas, water heating and heating as these should be done every 8-10 years or so
Possible lead piping and possible lead paint on exterior due to age of house
less critical points relate to the guttering & removing wool insulation between rafters in the roof so these areas can be properly inspected
I'm happy to get the specialist survey & safety checks done but I'm concerned about his devaluation, does this seem reasonable based on the above points? I'm slightly confused as there is not a single property in the entire area on the market below 220k and those properties are in visibly worse condition & in the 'rougher' parts of the town. A house a few doors down sold 3 years ago for 270k albeit that was a 3 bed.
How do surveyors come to their valuation & should this be cause for concern? I know I could use this to negotiate the price down slightly but there's no chance the seller accepts a 30k reduction, even half of that seems ambitious. Unsure of whether to proceed or not