Last Monday, Habito contacted me to advise that Nationwide had agreed our mortgage in principle – subject to valuation. Progress!
The valuation was scheduled for last Thursday (Valentine’s Day) and was being done at the same time as a RICS HomeBuyer Report that I had commissioned. We weren’t expecting to hear anything until this week, but the surveyor called me shortly after his inspection. It was not good news.
Although he liked the property in general, there were a number of issues he wanted to advise me of. Things to do with the external condition of the building, lack of parking space and kerb appeal, the poor state of the windows and a few other issues. His general feeling was that the price we had agreed to pay (£225K) was too high and that he would have expected the property to be in immaculate condition for that sort of money. When I asked him what he thought it was worth, he suggested in the region of £200-£210K. Oh dear.Continue reading →