Homebuyers Report raised Issues

maq_2

Hi,

We are in the process of buying a 1930s Semi. Mortgage is approved and lender has done their basic valuation. However, homebuyers report that we instructed, raised several issues. Surveyor explicitly mentioned that there is no structural problem and valued the property at the purchase price, but wrote this in the end of report.

The purchase price is considered to be at the top of the range of values currently applicable to this property and you may wish to renegotiate it on the basis of the cost of the necessary repairs.

We are FTB and like to know how and who we should raise these points to, Through Agent or Solicitor? Is it possible to renegotiate? Shall we ask them to Fix or ask them to reduce the price? Seller dont have any chain and wants to complete as soon as possible.

Also, are these issues really critical or deal breaker, considering fast moving market here and the property ticks lots of other boxes.

In terms of Critical issues (Type 3):

- Conservatory: build quality is low. Defects in roof flashings, roof glazing bars and the rainwater fittings. Its walls should be upgraded to modern standards.

- Electricity: Where visible, the installation has been wired in plastic covered cable and there appears to be an adequate range of power points and lighting pendants. However, some aspects of the system give cause for concern and these include poorly fixed power sockets, proximity of a power socket to the kitchen sink and exposed wiring
and loose cable noted in the roof space and stair cupboard. Further advice regarding repair and/or improvement should be obtained from a qualified electrician prior to purchase. There is no evidence that the system has been recently tested.

Gas: There is no evidence that the installation has been recently tested. Ask Qualified person to inspect

Heating: Aspects of the central heating system give cause for concern and include the siting of the boiler discharge pipe within the shower room, discharge arrangements for
the boiler condensing pipe and the location of the boiler flue close to adjacent construction. Further advice from a Gas Safe registered engineer should be obtained prior to purchase to confirm your full repair liability.

Drainage: Replacement of the rear cast iron soil and vent pipe is also recommended. Plastic pipe fixings are inadequate and need improvement to prevent displacement and related pipe joint damage and leakage

Outside: front drive, rear patio and rear garden paths, Outbuildings and greenhouse are in poor condition. Boundary walls and fences show signs of significant disrepair and instability and future expenditure on repair, reconstruction and/or replacement should be anticipated.

Then Type 2 (less urgent) issues about future repair of Windows, Roof mortar, rainwater pipes and gutters, ventilation and insulation

Bill23h

In my opinion this all sounds pretty normal for a 1930s house at this stage of its life - you would not expect the cast iron pipes / gutters to still be in A1 condition after 80 years, like wise the driveway, fencing, shed etc. You can get all these done gradually over the years - you will have maintenance to do on a house this age.
The electrics, gas and boiler issues sound like the sort of thing most surveys say, esp. on properties of this age, but none of it is expensive. Basically they are reporting on everything which isn't up to 21st C. standards - sort them at your leisure.
Not sure about the conservatory, though - don't know much about them but leaks can be frustrating and hard to fix. Any Conservatory experts out there who can advise?
Ask them to reduce the price, don't ask them to do the work as they will bodge it to make the sale, and be gone - no comeback then. It's your expensive property, so you want it done properly.
I don't know what sort of money you're talking about, but excluding the conservatory a grand and a half should surely cover everything, so if you can get 2 or 3K off, you'll be quids in.
Talk to your solicitor 1st - he's paid to advise you, but may ask you to make the offer to the EA.
Hope this helps a bit - good luck!

andypandy86

We are currently in a similar situation (house of a similar age) and our homebuyer report raised some similar issues (although no conservatory) plus some evidence of minor damp in areas

We had already knocked a fair bit off the price originally as we thought it was overpriced but we managed to get another 4k knocked off plus a couple of items of furniture left in too!

We structured our argument accordingly and broke down exactly what we'd need to get done in the next few years and how much it'd cost and then justified asking for a price reduction!

Give it a go - no harm trying

maq_2

Thanks @Bill23h and @andypandy86. Your feedback is much appreciated.

I will discuss the report with Solicitor and get her advise. I will also raise it to EA and see whats their response. Property market in Greater London is bit mad at the moment so i hope this will not annoy the seller.

I will keep you posted.