Is a valuation house survey to be believed? | Money | guardian.co.uk

Is a valuation house survey to be believed? | Money | guardian.co.uk

Q My husband and I have just had an offer accepted on a house for £395,000. We've had the survey done, and while the house is structurally sound it does need a lot of cosmetic work.

What really worries us is that the survey has valued the property at £325,000. It was carried out through the building society so the surveyors will not talk to myself or my husband about it as we are not their clients. The building society are still willing to lend us the money as we are taking a sizeable chunk of equity into the property (£175,000).

The estate agent is claiming the valuation is wrong and the owners will not budge on the price. What we don't want is to be paying over the odds for a house that already needs a lot spending on it. At this point we don't know whether to believe the surveyor or the estate agent.

How accurate are surveyor valuation reports? Are we right in thinking we shouldn't be entertaining paying more than the valuation? Is it worth getting a second opinion and instructing a second survey? Any advice would be greatly appreciated.

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