Barnet surveyor reveals over pricing

A Barnet based surveyor has reported discrepancies between different modes of valuation. The HomeBuyer Report, conducted by a RICS Chartered Surveyor, did not find any major structural defects within the early 1900’s property that had been extended in the past ten years. 

When the market price of a residence is questioned by Home Buyers Reports it is usually because of such problems. However, in this case, the only defect requiring urgent action was that the render within the roof space was missing to the rear chimney breast

A specialist chimney contractor was called to inspect the front and rear chimneys and to provide a quotation for improvements before the exchange of contracts. It was said that consideration should be given to repairs to the chimney render, to the parapet walls, and to any work which is required to be carried out to the rear chimney in order to continue to use real fires.

So, how much is it worth?

Despite the decent condition of the property, the Survey in Barnet contained advice to the effect that it was over-priced. The expert, who wrote the report, said that his Surveyors’ Valuation attributed a price of £320,000 to the property. However, by using the automated valuation machine – a statistical analysis often used by major lending institutions – he arrived at a price of £350,000.

Suffice to say, he warned against the higher valuation. It is often the case that mortgage valuations exceed those of Residential Surveyors. This can be for a number of reasons but one in particular is that mortgage valuation surveys are generally less thorough whereas Home Buyers Surveys take a good look at potential repair work and other costs that a home owner may incur.

The Home Buyers Survey in Barnet should enable the client to renegotiate the price of the property. It contained the detailed proposal that the buyer should get quotations for roof repairs and then discuss these with the seller.

This Survey is one of a long list of examples where a Home Buyer has been saved from paying way above the odds for a home.