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Thomas Judge
Thomas Judge, Lawyer
Category: Law
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Experience:  Over 25 years experience in law
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I have recently offered on a property in Scotland.

Resolved Question:

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.
Submitted: 1 year ago.
Category: Law
Expert:  Thomas Judge replied 1 year ago.
Have you spoken with the surveyor?
Customer: replied 1 year ago.

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

Expert:  Thomas Judge replied 1 year ago.
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.
Expert:  Thomas Judge replied 1 year ago.
I hope that this helps. Please can you rate positive - thanks
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