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?
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