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Valuation of underpinned property

I have put a offer on a property for £305,000 which was accepted. However my mortgage lender did a free survey and found the property underpinned 20 or so years ago which the seller has not disclosed:-(. The survey has now valued the house at £275,000 as long as there is original paperwork and surveys to say the underpinning has fixed the movement due to clay & tree roots, which there is and the survey states the property is sound after 10 years when a new survey had been carried out albeit 16 years ago. Do surveyors put in a low value or would the £275,000 be petty much the correct price now to offer? Also although the property had a survey 10 years after the underpinning and the property was found sound, would it be right for me to ask the seller to arrange for another survey at their cost 16 years after this survey as they did not disclose the underpinning?

Asked on Nov 3 2016, House Prices in Dorset | Report content

Answers (2)

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  • It is difficult to determine the reasoning for the valuation, usually surveyors would use comparables for this, but the lenders can restrict which comparables they can use and this can cause down valuations. Realistically the seller should have disclosed the underpinning if they had known about it, whilst it should not have a significant effect on value , assuming the work has been completed correctly, it will put some people off.

    Answered on Dec 28 2016, Report content
  • Hi, Underpinning will deter some buyers so that may be the reason for a down valuation. Personally I would have another structural survey once the price is renegotiated, if the owner is willing. Jonathan.

    Answered on Jan 16 2017, Report content

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