New roof vs Repair for sale

david171

Hi all,

We are in the process of selling our house and dont know what do next. The house is vacant and costing around £700 a month to keep going (although we get £300 back as we pay this off mortgage). It has been under offer twice - FIrst offer in the first 2 weeks at the full asking price- Withdrew because of Brexit. 2nd and current offer came within 2 days of re-marketing the property (7 weeks ago).

We accepted the offer from the 2nd buyer 10k (approx 8.5%) below asking price, with the understanding that we would have a quick sale and that the house needed work - which they said they were happy to undertake.

The buyers survey came back saying it needed a partial new DPC injection treatment - (cost to fix £1500 with national chain + 30 year guarantee) and that the flat roof extension needs replacing and the main roof could benefit from re-slating but at present this is not necessary and only needs minor repairs - chimney pointing, re-fit loose tiles etc (cost to repair £900 with 35 year guarantee for flat roof).

The buyer has been dragging their feet now for some time and said they couldn't afford this level of repairs. To secure the sale we agreed to undertake them. They initially said once the DPC was done they would instruct the searches, which we agreed once put into motion we would repair the roof.

The DPC has now been done and they are happy with the work. However they have now said they wont do the searches etc. until the roof is done.

They are "happy" if the flat roof is replaced and the main roof repaired.

My wife now wants to withdraw and look for a different buyer!

However my wife feels that rather repairing the main roof we should do a full re-slate. Work which is not necessary as the roof is watertight. This will cost a further £3000. Total of £5000 with all the works. She thinks this will motivate any future potential buyer.

Whereas I feel we should just do the repairs and flat roof and re-market, with the view of discounting the price for replacing the roof for any new buyer - as a bargaining tool or going back to the 2nd buyer and see if they are still happy to proceed. Starting again from scratch will take a minimum 3 months to complete - thats another £2100 in wasted mortgage/ council tax / water for a vacant house! Plus winter is coming and buyers go into hibernation from november onwards.


Any advice would be appreciated - sorry for long winded story

AnotherJoe

I would dump the current buyer, reroof and put it back on at original price.
You'll have selling points compared to competition of a new roof, new DPC, and can still drop £5k and be back where you were without these "buyers" coming up with yet another reason to drop the price. You can advertise it now with the new roof with exchange taking place once its done, so as to save time and get the buyers who are looking now.
Fact is, if it costs £3k for a new roof most buyers will want £5k off minimum anyway, for the hassle and the risk it will be more be £3k so by not spending that £3k you are likely costing yourself an extra £2k anyway.

Davesnave

£3k is very cheap for a re-slate, and if you're changing from real slate to modern fabricated stuff and its in any way period style, you'll lose some of the charm too.

jimbog

Ask, nicely, for a copy of the buyer's survey.

Repair the flat roof and repair the main one. Re-point the chimney too.
Offer it as it then would stand to the buyer.

If they are still dragging their feet dump the buyer, put it back on the market and leave a copy of the buyer's survey with the agent

G_M

david171 wrote: »

Hi all,

The buyers survey came back saying it needed a partial new DPC injection treatment - (cost to fix £1500 with national chain + 30 year guarantee)
Ask to see the report. If the 'survey' was conducted by the national chain that is now quoting £1500, then it was not a survey, it was a sales evaluation. VERY different. Tell the buyer to instruct an independant damp surveyor with no incentive to find damp, not use a salesman.

* is your property damp?
* does it really need a DPC (I doubt it)?
* If really damp - is there another (probobly simpler) cause?


and that the flat roof extension needs replacing
* does it leak?
* if so, how come you've not fixed it? And what damage has the leak done internally?
* or is it water-tight but just old?

and the main roof could benefit from re-slating but at present this is not necessary and only needs minor repair - chimney pointing, re-fit loose tiles etc (cost to repair £900 with 35 year guarantee for flat roof).
* needs re-slating why?
* a man with a ladder will replace a few loose tiles (or slates?) and re-point chimney in half a day

The buyer has been dragging their feet now for some time and said they couldn't afford this level of repairs. To secure the sale we agreed to undertake them.
Hmmmm.... why?
They initially said once the DPC was done they would instruct the searches, which we agreed once put into motion we would repair the roof.
Oh dear.

The DPC has now been done and they are happy with the work. However they have now said they wont do the searches etc. until the roof is done.
Dump them.

They are "happy" if the flat roof is replaced and the main roof repaired.
See above. Stop wasting money to satisfy someone who is either
a) a panicky and ignorant FTB, or
b) a very astute buyer who is playing you and may withdraw at any time

My wife now wants to withdraw and look for a different buyer!
Good to hear there is at least one person in the house with her head screwed on.

However my wife feels that rather repairing the main roof we should do a full re-slate.
Obviously depends why re-slating is considered necessary. I'm sceptical - but of course I have not seen your roof, or the multiple leaks in it that are causing your internal woodwork to rot and your plaster to blow.
Work which is not necessary as the roof is watertight.
Ah! As I thought then!
This will cost a further £3000. Total of £5000 with all the works. She thinks this will motivate any future potential buyer.
OK. Now I'm reconsidering my opinion of her.....

Whereas I feel we should just do the repairs
I agree
and flat roof
I'm sceptical. Does it leak?
and re-market,
Give your current buyer and ultimatum first, but then, yes
with the view of discounting the price for replacing the roof for any new buyer
????? :eek:
- as a bargaining tool or going back to the 2nd buyer and see if they are still happy to proceed.

Starting again from scratch will take a minimum 3 months to complete - thats another £2100 in wasted mortgage/ council tax / water for a vacant house! Plus winter is coming and buyers go into hibernation from november onwards.

Your buyer needs educating (as do you). How good is your estate agent if you have one?

bxboards

If you have a slate roof then I suspect that you walls are constructed such that DPC injection will be totally pointless and a waste of money.

G_M

bxboards wrote: »

If you have a slate roof then I suspect that you walls are constructed such that DPC injection will be totally pointless and a waste of money.

Not wasted.

The Directors of the DP company will put it to good use supporting the travel and leisure industry.....

Kynthia

Get the main things done that need doing, not things that will need doing in the future or are just old. Then remarket at your full price and don't accept an offer from a ftb or anyone without a good deposit or who isn't proceedable. Then push for a quick sale.

david171

Thanks for advice guys.

The house went to survey twice and we were fortunate enough to get a copy of both reports.

DAMP was the main issue in both reports
The roof i say is the second biggest issue - its original and the house was built in 1885.

The first said the roof has no felt lining etc and they would therefore recommend a re-slate state of the roof, as it only has a current lifespan of 3-5 years and is prone to sudden failure.

The second report was more in-depth listing specific faults wrong with the roof - chimney pointing, debris in guttering, mortar reporting, replacing rear plastic guttering, evidence of leaking to flat roof. They were all pretty minor and cost around £300 in total to repair - £900 if we replaced the flat roof. But didn't mention anything about re-slating the roof,

The first buyer accepted back in May for an asking price offer and like i said withdrew the day after brexit. The second buyer offered 3 days after the first withdrew - although notably for a 10K lower offer.

Both bank valuations valued the house at the price offered in as is condition - so we are confident our current asking price is fair and we were probably too generous to this second buyer any way. Indeed when we looked to remortgage the house in April they valued the house approx 8k above our asking price, so for a quicker sale we marketed a bit lower - How stupid was that?

Do you think in doing all the repairs - DPC and New roof we could advertise house for more to re-coup the £5000 spent and £3000 spent on mortgage etc? Or do you think with the internet and buyers being more aware of the market people would see through this?

My wife is adamant that we are re-slating the roof! she is certain this will appeal as winter is coming, although like i said before we have never had any problems with roof, i think she just wants the next sale to be more smooth - but i keep trying to tell her buyers are unpredictable. How do you ensure you get your buyer to complete in 6 weeks are there any steps we can take?

bxboards

david171 wrote: »

DAMP was the main issue in both reports
The roof i say is the second biggest issue - its original and the house was built in 1885.

For an 1885 house DPC injection will not work and is completely inappropriate.

You have a solid wall and your mortar course will be all over the place.

I have seen damp specialists ('salesman') trying to get people to pay for DPC injections in rubble stone walls, or 3 feet thick stone walls with original lime mortar.

keith969

david171 wrote: »

The first said the roof has no felt lining etc and they would therefore recommend a re-slate state of the roof, as it only has a current lifespan of 3-5 years and is prone to sudden failure.

What a load of tosh. Tiles keep the rain out, not felt which does very little really and is certainly not a reason for a re-slate. And the roof will not 'suddenly fail' unless the supporting timers give way... may need the odd tile replaced but that is a morning job as pointed out.

Don't waste money on re-roofing, stick to your price as you will never please everyone, especially surveys done by people with a vested interest to have you part with your money.