Mrs Morphy's Home Buyers Survey in Bristol says £55, 000 property is worth exactly £0
Anne Morphy was considering spending her savings on a mobile home in the village of Thornbury, north of Bristol – until she ordered a Home Buyers Survey that placed the value of the property at £0.
Even though she had bought property before and used a Home Buyers Survey, Mrs Morphy was unsure she would need a Surveyor for this mobile property.
“I knew it was old, ” she said. “My family insisted [that I get a Home Buyers Survey]. ”
She contacted Fridaysmove and we advised her that any property worth buying, is worth ordering a HomeBuyer Report for.
And it was lucky she did, according to Home Buyers Survey in Bristol
The Chartered Surveyor conducted a thorough assessment of the 26-year-old property. He found it to be in a slightly dilapidated condition with rotten exterior timbers, creaky windows and weathered doors. He estimated that, in its present condition the reinstatement cost of the home would be in the range of £40, 000.
However, during the Home Buyers Survey in Bristol, he found that there was no on-going certainty about the property’s right to stay on the site. There was no lease and the current owner simply paid an on-going ground rental agreement. He said that the market value of such a property was £0.
An urgent warning from Chartered Surveyor in Bristol
The Chartered Surveyor returned a HomeBuyer Report with an urgent warning to Mrs Morphy:
“In my opinion the property is not a reasonable purchase at any price. This is because the tenure is not known and indications are that it may be a short term tenancy. I very much regret, therefore, that I must advise you that it would be most unwise to proceed. ”
The Surveyor added that Mrs Morphy could well have put her own home on the site for less money.
“You should not lose site of the fact that a park home can be purchased and delivered to site for possibly less than you are proposing to pay. I urge you to carefully consider your intentions with regard to this property. ”
He telephoned her immediately to inform her of his concerns.
“He was lovely, ” said Mrs Morphy. “He strongly advised me not to go ahead. I was very happy. He was excellent, absolutely excellent. He even sent me through a disk of photos. ”
When we contacted Mrs Morphy about her remarkable escape she was already at her computer looking at a much newer and more secure alternative.
These are the kinds of stories that warm the Fridaysmove cockles. Helping property buyers and sellers make informed choices is our business. We helped Mrs Morphy dodge a £55, 000 bullet by simply ordering a Home Buyers Survey in Bristol – this is why we do what we do.