Seller refuses to renegotiate after bad building survey

Allimac25

Im a first time buyer whose had an offer accepted on a 108 year old house for £140,000 asking price of £145,000. The house was described as needing renovation, and was very dated as the owners are elderly and have not had anything done for about 45 years. It needed a new bathroom, kitchen, Central Heating, DG, Gas connected etc etc.

The house was only on the market for about a week and had lots of viewings before my offer was accepted, but I believe I was the only person who put an offer in.

The homebuyers report valued the house at what i'd paid but mentioned possible damp, previous movement and insect infestation I thought prudent to get a full structural survey done.

This has now opened up a can of worms! as i'm a first time buyer, i'm really not sure how 'bad' it all is.

Heres the summary from the report:

The property is little changed since it was built. Consequently it is in need of renovation, repairs are needed to the roof cladding, chimney stacks (rebuild) and flashings.

There is movement in the front bay window and on the rear North Western corner at the property which will need to be monitored. It is possible that leakage from the drains has contributed to the movement and this needs to be established. Some re pointing has been done but movement is still continuing.

Some repairs are required to the external joinery. The rear timber porch is in poor condition. The interior of the external WC is also in poor condition.

Internally there is rising dampness and woodworm infestation which needs to be dealt with. The floor of the kitchen is damp and needs to be excavated and relaid on a damp proof membrane.

Replastering will be required where dampness has been carried out and in areas that have been subject to penetrating dampness. The flues to disused fireplaces need to be capped and vented.

The kitchen and bathroom need to be refitted, the hot water storage tank needs to be properly insulated. There is no access to the roof space, and access needs to be provided and the roof properly insulated. If there is no party wall in the roof I will need to be provided. The electrical wiring system needs to be tested.


What most worries me is the movement, i'm not sure if this is OK for a property of this age, or whether I should just walk away no questions asked. I went back to the seller and told them the building survey had uncovered substantial further issues with the structural integrity that indicate additional costs over and above what could reasonably be reflected through my previous offer.

However, they are not willing to renegotiate even by a penny. The houses on this street go for about 160-170 once done up to to high standard - but then again they likely haven't been let to drift for almost half a century! I put in a revised offer of 131, but seller will not budge at all.


Many thanks in advance.

arbrighton

Walk away then

Guest101

seems to be priced to sell. if houses typically sell for 170-180, and they selling 30-40k undervalue.

saveallmymoney

I wouldn't take on a house needing that much work, but it doesn't sound that bad if thats the kind of thing you are into.

Have you had any quotes for fixing the worst of it, maybe that would let you determine the true value?

A 108 year old house will be cold and draughty even when renovated unless you start super insulating, even then you might be fighting damp - are you OK with that?

kingstreet

Allimac25 wrote: »

The homebuyers report valued the house at what i'd paid

Which means anything you do to the property will add value for you.

It sounds like a good project, but for someone with more experience, more cash and probably not a first time buyer.

Allimac25

Apologies, I meant the sold houses prices are 160-170. Basically the majority of houses on the street haven't been sold since around 1995 and so I cant really see how much they are going for now. The 2 which have sold went in 2012 for 170 and 2013 for 168. Thanks

fairy_lights

If you did buy the house, have you got the money spare to spend on renovation costs?

Allimac25

I would have a spare 12k initially then would have to do work as I earned.

Do you all think the movement isn't too worrying then? This is what puts me off primarily.

nubbins

I would definately be getting this checked out, you do not want to buy a property that ould have possible subsidence

"There is movement in the front bay window and on the rear North Western corner at the property which will need to be monitored. It is possible that leakage from the drains has contributed to the movement and this needs to be established. Some re pointing has been done but movement is still continuing."

Guest101

The house has moved in 108 years, some work was done to rememdy this.

Yes id get it checked out, but no i wouldnt be awfully worried until i received a full report.

bris

The valuation comes back as what your paying so it's priced to sell with the existing problems. If it's to much work for you it's time to walk away.