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To repair or not?
myhooose
Posts: 271 Forumite
Hi,
I just wanted to see what people thoughts were about the following situation.
I am about to sell my end terrace. A while ago, from the advise of a structural engineer I contacted the insurer about a crack in the end wall. Test pit was dug and lateral restraints and crack stitching were recommended as the repair. As the cost to repair did not exceed the insurance excess the insurance company are about to sign it off and it is up to myself to complete the work.
It has been suggested to me that I don't repair the cracks until I have a buyer and I offer to pay for a structural engineer of their choosing. The reason being that potential buyers are weary of repair work previously done and would trust a job more, when they have some control over it.
What are your thoughts on this? Any advise would be greatly appreciated.
Peter.
I just wanted to see what people thoughts were about the following situation.
I am about to sell my end terrace. A while ago, from the advise of a structural engineer I contacted the insurer about a crack in the end wall. Test pit was dug and lateral restraints and crack stitching were recommended as the repair. As the cost to repair did not exceed the insurance excess the insurance company are about to sign it off and it is up to myself to complete the work.
It has been suggested to me that I don't repair the cracks until I have a buyer and I offer to pay for a structural engineer of their choosing. The reason being that potential buyers are weary of repair work previously done and would trust a job more, when they have some control over it.
What are your thoughts on this? Any advise would be greatly appreciated.
Peter.
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Comments
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TBH if I was thinking of buying a house with structural problems that the vendor hadn't had repaired, alarm bells would start ringing. I'd be questioning what the reasoning behind not having such essential work done before marketing the property really was.
A house with a structural problem needing repair wouldn't attract me, whereas one that had had remedial work carried out & signed off with a certificate of adequacy would get my consideration at least.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
Sorry, maybe I haven't explained it very well
At the point of exchanging contracts I would have paid for and carried out the work to the buyers structural engineers specification, rather than carrying out the work now with buyers wondering if the repair work had been carried out properly.
I think I will have to sell the house under market value to generate some interest.0 -
Hi, I'm in a similar situation, though deciding whether to sell or fix up. Are you planning on telling the potential buyer what work needs done, or are you going to wait for their survey? If it doesn't come up on their survey then do you want to jeopardise a sale by telling them their is a potential structural problem?!0
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Sorry, maybe I haven't explained it very well
At the point of exchanging contracts I would have paid for and carried out the work to the buyers structural engineers specification, rather than carrying out the work now with buyers wondering if the repair work had been carried out properly.
I think I will have to sell the house under market value to generate some interest.
How is a buyer's specification going to exceed that from a structural engineer?
Buyers are likely to be put off by outstanding structural work when they are viewing properties. So long as it has been repaired and certified it shoudn't be an issue. Normally you get a guarantee with such repairs which should allay any potential fears.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
How is a buyer's specification going to exceed that from a structural engineer?
The suggestion is that the work is done to the requirements of the buyer's SE - but that the vendor pays for it.
Alternatively, the vendor does the work according to his SE - but the buyer then wants another SE of his/her choosing to check it.
I think Myhoose's suggestion is a good one and likely to endear confidence in a serious buyer.
My only concern is if the buyer's SE goes OTT and ends up wanting work that is far more costly
Warning ..... I'm a peri-menopausal axe-wielding maniac
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Yes its a nice suggestion that will endear confidence but what I'm saying is if a potential buyer doesn't spot a problem then why alert them to it? I probably wouldn't say owt until I knew that they were aware of it.0
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IMHO, I do not think anybody would make an offer on your house until the rectification works had been completed. Although you sound quite honest, people will always assume that you were trying to offload a dodgy house. If they do not run-away, they are likely to offer well below your asking price.
The above is my opinion only.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
elvis_girl wrote: »Yes its a nice suggestion that will endear confidence but what I'm saying is if a potential buyer doesn't spot a problem then why alert them to it? I probably wouldn't say owt until I knew that they were aware of it.
But it would be picked up by the surveyor and/or the seller's information form. Keeping quiet is likely to make a buyer suspicious, especially if the vendor says nothing about obviously recent work Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
Debt_Free_Chick wrote: »The suggestion is that the work is done to the requirements of the buyer's SE - but that the vendor pays for it.
Alternatively, the vendor does the work according to his SE - but the buyer then wants another SE of his/her choosing to check it.
I think Myhoose's suggestion is a good one and likely to endear confidence in a serious buyer.
My only concern is if the buyer's SE goes OTT and ends up wanting work that is far more costly
Having un-rectified structural faults in the house is going to complicate any potential sale. It will make the buyer more suspicious and raise 'red flags' (whether justified or not). Also, even if they are interested they will use the fault to drive the price down further - if they have any sense that is.
One reputable structural engineer is going to say the same as any other, so there's no reason to have the buyer nominate their own engineer.
Aside from the other issues I mentioned, it will hold up the whole process because after the agreement to buy is made, the engineer will have to be hired and make his recommendation before completion. Almost certainly the buyers will also want the repairs made and certified/guaranteed before they exchange too.
What the OP suggests is a totally pointless exercise with no beneficial side whatsoever. The sensible thing is to get the recommended repairs done now and when the eventual buyers send their surveyor he will pick up on the repair and note it. End of story, no further hassle.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Thanks for all your views,
I am undecided what is best to do, My next plan is to speak to an estate agent as they must have come across this before.
My biggest concern is how to get the certificare of adeqacy as I have been through the insurers. I guess I will have to get yet another engineer in (or the original one) to look at the house who can supervise the work.
My second problem is that a potential buyer will not be able to get insurance easily. I know this has been discussed at length on here before, but i just wanted to moan about it!
Peter0
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