I'm thinking of backing out of my purchase. What to do?

Taffy99

Speak to your Surveyor about the £ costs to put right all the issues identified, (and other possible issues).

If it still sounds scary, you should walk away NOW.

If the costs are not scary, re-negotiate your purchase price, deducting the future repair costs. If they wont budge, walk away.

Surveys are there so you spend a little money, to save you spending a much larger amount. (good money after bad).

hcb42

ruggedtoast wrote: »

It was all about historical movement, underpinning on the adjoining semi, and problems getting buildings insurance.

That in itself would have made me run a mile in the opposite direction.

It is hard when you walk away, but you will find something better in time

Homersimpson

Doozergirl wrote: »

I think if this house has been 'renovated' and they are selling it as the main benefit, then you should expect it to be nigh on perfect. I think it's totally unfair for people to make money from apparently fixing houses if surveys are showing problems. They are trying to con you if something as simple and obvious as the electrics is a problem.

If you did continue, I'd expect all the problems to be rectified properly before you even exchanged contracts. Whether it's worth a face to face chat with the vendor or a full email and conversation to the EA to air your concerns to see if things can be rectified before you pull out, is up to you. But I'm inclined to agree that if this house is supposed to be perfect and isn't, then they've clearly tried to pull the wool over your eyes and don't deserve your sale.

I quite agree, the house i'm renovating is one of four and the one at the other end is being "renovated" for sale, they are only doing the bare minimum and leaving things like rotten windows, doors etc. I had a look through the windows the other night (being the nosey sort!) and it looks like a right lash up inside, a nice plastered wall on one side of the room with a rough wall on the other side of the room with surface cabling drops from the ceiling. Bearing in mind that they are now decorating its going to stay like that.

Ironically its taken so long for them to do it that its dropped dramatically in value! (as has mine!)

My motto is do it once and do it right but then i'm doing mine for me to live in long term.

sham63

Well done - bet it's real weight off your shoulders now!

Plus - an instant reduction of 30K !! You also know that you were paying far too much for it anyway. What a relief!

Gwhiz

Lucky (or skillful) escape!