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Category: Law
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Experience:  Barrister at Self Employed Barrister
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I have recently offered on a property in Scotland.

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Hello,
I have recently offered on a property in Scotland. The property had a survey/home report done in April 2015. The property was valued at £300,000. As the property is in need of major modernisation and had been on the market 5 months, we settled on £240,000 recently. I was thinking I got a very good deal considering what it was valued at and I thought fantastic £60,000 going towards renovations. This was 1 week ago, misives are under way and all of a sudden the company that did the survey has sent my solicitor an amended survey which now values the property at £260,000 and is now stating there is a timber issue.
How can a property drop in value by £40,000? I'm really confused this is the first time we have purchased a property.
Please advice.
Have you spoken with the surveyor?
Customer: replied 2 years ago.

No I got the last email at 5pm this evening so could not contact them. Is this normal procedure?

It is not usually the normal procedure unless he had concerns about the timber and took some for testing - hence the significant drop. There are no market conditions which would bring about such a drop in valuation. As such he has either reflected on his original opinion or has taken a cautionary approach not to significantly over value the property from the price agreed.
I hope that this helps. Please can you rate positive - thanks
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