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At minimum, get the deliverables and boundaries in writing. The agreement should say what form the valuation takes, whether an inspection is included, what evidence supports the figure, when it will be delivered, and how corrections are handled. If negotiation and coordination are included, name...

I wouldn’t automatically reserve 20% just because multiple rooms are involved. A flat percentage can obscure which risks are actually unresolved. List them separately: consumer unit and wiring, pipe routes, subfloor condition, moisture source, ventilation changes and possible approval timing...

I’d challenge the idea that 109 days automatically proves the initial price was wrong. Condition, new-listing volume and whether buyers can finance a particular unit may all affect time on market. A patient seller might also rationally test a higher figure. The missing fact is your own...

With several rooms being opened up, I would provisionally hold 15–20% outside the quoted works rather than burying it in allowances. On £157,200 that is £23,580–£31,440. Whether you need all of it depends on how much can be inspected before work starts. Ask each contractor to state what happens...