Survey complete - Issues found and when share results with EA

dave_on_the_save

I have recently completed a full survey on a property and the results have come back with some highlighted issues. The issues include Damp in Ground Floor walls, Beetle infestations on internal timbers, Wet rot on external timbers, Survey of the roof coverings and timbers to be undertaken by specialist roofer, dated electrics and gas fired central heating to be checked.

All sounds terrible doesnt it, but it is an old house. My question is this, at what point do I point these issues out to the EA? I have passed the survey to my solicitor and a specialist builder (who is a friend) for analysis and to understand the implications and next steps.

Do I wait until the specialist has done an appraisal of the survey or go back to them to keep them in the loop now? Also what are the thoughts on these type of things affecting the current agreed sale price? Obviously the price was agreed with all these defects being unknown (assumably by both parties)

DOTS

BitterAndTwisted

Go back with an offer if you decide to proceed once you have a firm idea of what the costs will be to renovate. Then add a couple of grand on top. Sounds like it's going to be an expensive project

dave_on_the_save

BitterAndTwisted wrote: »

Go back with an offer if you decide to proceed once you have a firm idea of what the costs will be to renovate. Then add a couple of grand on top. Sounds like it's going to be an expensive project

Sorry, I must have been unclear. We have already offered on the property and the offer accepted. Should I advise the EA now of the issues or wait until I have had further assessments done to ascertain costs? Also I may need access to the property again so should I just let the EA know I need access or tell them why I need further access.

DOTS

BitterAndTwisted

Tell the agents that you withdraw your offer because of the survey results but you might make an alternative offer once you know what the costs might be. Then tell them that you will contact them later to arrange a convenient time for your builder/tradesperson to inspect the property in order to prepare a quote for the works.

Damp in walls, beetle infestations and wet rot is going to be expensive to remedy.

dave_on_the_save

BitterAndTwisted wrote: »

Tell the agents that you withdraw your offer because of the survey results but you might make an alternative offer once you know what the costs might be. Then tell them that you will contact them later to arrange a convenient time for your builder/tradesperson to inspect the property in order to prepare a quote for the works.

Damp in walls, beetle infestations and wet rot is going to be expensive to remedy.

Thanks for your input and advice, can I ask if you have any experience or knowlege of Damp, Beetle infestations and Wet Rot to know they are going to be expensive? Or is this just a hunch. I have seen elsewhere that Beetle infestations can be cured for less than £200, the wet rot is on external timbers (and could just be a rotten wndow frame) and the damp could be cured by a DPC. Sorry just being pragmatic to understand where the "withdraw the offer" comes from. Indeed you did not ask if the house had been valued at the agreed sale price even with the issues? Does this infact matter? If the issues affected the value of the house, should they be factored into the valuation?

Not trying to be arguementative but wanted to understand your experience and qualifications to give the advice you have done

DOTS

satchmeister

dave_on_the_save wrote: »

Thanks for your input and advice, can I ask if you have any experience or knowlege of Damp, Beetle infestations and Wet Rot to know they are going to be expensive? Or is this just a hunch. I have seen elsewhere that Beetle infestations can be cured for less than £200, the wet rot is on external timbers (and could just be a rotten wndow frame) and the damp could be cured by a DPC. Sorry just being pragmatic to understand where the "withdraw the offer" comes from. Indeed you did not ask if the house had been valued at the agreed sale price even with the issues? Does this infact matter? If the issues affected the value of the house, should they be factored into the valuation?

Not trying to be arguementative but wanted to understand your experience and qualifications to give the advice you have done

DOTS

the house will have been valued at whatever the seller thinks some punter will pay for it. eg it's probably 'worth' say 275k, bung it on for 310k and see if some punter will pay 300k, why not try it at 325k and they might get 310k, one down the road sold at 280k in september 2007 ...

edit to add; the EA works for the seller not you and will down play any problems so use your own figures

shimano

With such issues you have grounds easily to lower offer. I presume your value of it when you offered was on the basis that it would not have such significant problems...

BitterAndTwisted

Presumably you made your offer subject to survey. Now the survey has turned up issues which could cost thousands to remedy. Ergo, withdraw your offer until you have a good idea of what the costs will be. Then, go back with another, lower offer reflecting the expense and aggro of getting them done.

dave_on_the_save

satchmeister wrote: »

the house will have been valued at whatever the seller thinks some punter will pay for it. eg it's probably 'worth' say 275k, bung it on for 310k and see if some punter will pay 300k, why not try it at 325k and they might get 310k, one down the road sold at 280k in september 2007 ...

edit to add; the EA works for the seller not you and will down play any problems so use your own figures

I paid £1750 for a full structural survey and valuation by an independant 3rd Party, I sincerely hope they did not just ask the vendor what they thought it was worth!!!!

dave_on_the_save

BitterAndTwisted wrote: »

Presumably you made your offer subject to survey. Now the survey has turned up issues which could cost thousands to remedy. Ergo, withdraw your offer until you have a good idea of what the costs will be. Then, go back with another, lower offer reflecting the expense and aggro of getting them done.

Agreed and thanks, I will do that but I want to understand the costs first.

DOTS

satchmeister

dave_on_the_save wrote: »

I paid £1750 for a full structural survey and valuation by an independant 3rd Party, I sincerely hope they did not just ask the vendor what they thought it was worth!!!!

If you have spent that much then make sure you get the reduction to get the work done. Also the survey is yours, years ago we pulled out of a sale and the sellers asked if they could have a copy of the survey which cost £650. No, I paid for it.

Anecdote; looked at a property last week and the asking price was peak 2007 price plus 17.5% and the EA (somewhat frustrated) said they will not accept anything less than the asking price. The asking price was calculated from the price paid plus 5% for every year they had owned the property - compounded.