very bad survey on old house

happypie

Hi guys,
I am in dilemma and would prefer some guidance, suggestions.

i am in process of buying a house, it is 100 years old, was advertised for x amount which is 50k less than the similar house sold last year. i offered 25k less than asking price and it was accepted.

the other house was in very good condition when it was sold (have seen pictures on zoopla), gas central heating installed, wooden flooring throughout, re-plastered and repainted walls, working kitchen with appliances, finished bathroom and conservatory.

this house is in quite poor condition compare to other one, no kitchen, very old bathroom, carpet torn at few places, old wall papers, old ceilings, no conservatory. i knew of these things when i gave an offer.

since the day my offer accepted i had been confused if i got it at right price considering condition of property but convinced myself as price is within my budget and carried on with process.
house doesn't have parking (neither other houses on that road) and it is a big compromise we are making. location is neither great nor bad for us.

Now that i got my full structure survey report back, there are many issues in house and some of which we didn't know, i will just list down big items but there are many with cost estimated in hundreds.

electric rewiring
gas central heating - we knew about it
extensive rising damp
insulation on walls from outside (current energy rating is G)
replace doors and windows as they are not energy efficient and doesn't comply with current standard (also with insurer's standard)
refit kitchen - we knew about it
refit bathroom - we thought we could use existing as we didn't really see bathroom that much at the time of viewing
dispose of storage heaters which likely have asbestos
hard landscaping
replace polystyrene from walls and ceilings - we knew material looks old but survey says this material is file hazardous and should be removed completely

there are many minor things as well.

overall survey assessed expenses in range of 90k to fix these issues/items. i have done some research on internet for each item and survey cost is more or less inline with what it would actually cost. not yet added cost of living in rented property until work is finished.

i went back to EA for 20k reduction mentioning these expenses from survey. EA is obviously not happy about it and says that house was priced low knowing these issues. From his response it looks like only damp is serious issue and can be considered for reduction.

from my point of view i am comparing it with other similar property sold last year and market has only fallen since then, not improved.

Please help how shall i proceed on this. what should be my tactics for negotiation.

Thanks.

davidmcn

happypie wrote: »

From his response it looks like only damp is serious issue and can be considered for reduction.

I would be inclined to agree with that, given that the other points are ones which ought to be obvious (as far as I can guess). Why for example does your surveyor think the bathroom needs replaced, if you're happy with it? I've never heard of insurance requirements forcing you to replace doors or windows. Adding insulation is (for the meantime) optional.

SmashedAvacado

your survey is a good thing. anything you do will improve the property and that's much better than buying somewhere and then finding loads of things need doing.

Damp is something you cant have been aware of when offering - so legitimate to raise this for a further discount if you think they will bite.

I would find out how much the heaters will cost to remove - it might not be as much as you'd think or it could be a lot more. it cost me £12k to remove some asbestos lagging in a loft

Ozzuk

Are you paying cash? If not,what has your lender said? They may not lend if no kitchen, or at least put a large retention on.

G_M

happypie wrote: »

...... was advertised for 450k which is 50k less than the similar house sold last year. i offered 25k less than asking price and it was accepted.

........

this house is in quite poor condition compare to other one, no kitchen, very old bathroom, carpet torn at few places, old wall papers, old ceilings, no conservatory. i knew of these things when i gave an offer.

The house needs renovation.
You knew it needed renovation.
It was priced for renovation.
You got it well below the price advertised.


You should consider the survey as a good guide for you as to exactly what renovation is needed- this will help you once you own it.


End of!

Doozergirl

Agree with above.

Many items are quite obvious and your decision as to whether you change them or not. The surveyor can't tell you to change something that isn't a structural issue as if it's mandatory.

Some of us make a decision that we want everything to be mint and make a decision to do everything all at once, and some will decide to do some things over time, some people won't do that much at all.

Fact is, houses are rarely priced for the work that actually needs doing to them. If you want a fairly priced house then you're probably better off buying one that is already done.

Rising damp is a myth. There will be some maintenance issue causing damp. Something that you've probably filed in the 'minor' list.

I'm going through it with a client now. The market is fierce and the work that needs doing to the house is pretty extensive, but I know that people will buy the house either not realising what needs doing or they'll be happy with the original features. So my client will wind up spending more than it is worth to have it perfect.

Thrugelmir

davidmcn wrote: »

I've never heard of insurance requirements forcing you to replace doors or windows.

Claims simply aren't paid.

Security Requirements
Loss by theft or attempted theft from the home is not covered unless the following security measures are in operation when the property is left unattended. All external doors and windows must be closed and locked and keys must not be visible from outside.

The final exit door....

i is fitted with a mortice deadlock with at least 5 levers; or

ii is fitted with a lock conforming to BS3621: 1998 or to a higher specification

In addition, where the final exit door is double-leaf, the first closing leaf must be fitted with top and bottom key-operated security bolts. Bolts must be positioned vertically so as to enter the framework of the door, not the opposing leaf.

All other single external doors....

i are fitted with key-operated security bolts at the top and bottom; or

ii are fitted with a mortice deadlock with at least 5 levers; or

iii are fitted with a lock conforming to BS3621: 1998 or to a higher specification

All French or double doors (other than final exit doors)....

Are fitted with two key operated security bolts at the top and bottom of the final closing door or, if not rebated, to both doors. The bolts must be positioned vertically, so as to enter the top and bottom of the door frame, not the opposing leaf

Sliding patio doors....

Are fitted with an anti-lift device to prevent the doors from being lifted off their running tracks when closed and are either:

i fitted with two key-operated patio door locks on the inside of the doors at the top and bottom of the frame; or

ii are fitted with a key-operated multiple locking system having at least two locking points

Windows

All opening ground floor and basement windows, and all windows which are accessible from roofs, walls, fences, balconies, landings, porches, soil pipes, drainpipes, trees or shrubs must be fitted with at least one key-operated metal lock

Alternatively, these windows are permanently fixed shut by means of non-return or defaced head screws angled through the window frame into the timber or metal surround.

Louvre windows

All ground floor, basement and other louvre windows accessible by the means described in [Windows] have their panes secured to the frames by epoxy or glass bonding adhesive to prevent their easy removal.

Double-glazed PVC-U, Metal or timber doors

Key-operated multiple-point locking devices on double glazed PVC-U, metal or timber doors are an acceptable alternative for the security measures detailed for doors above.

davidmcn

Thrugelmir wrote: »

Claims simply aren't paid.

Yes, upgrading the locks might be a good idea, but replacing the doors/windows themselves?

G_M

Different insurers have different requirements.



You may find a cheaper policy if you have the full range of security requirements, but many policies will cover doors without "key-operated security bolts at the top and bottom" etc.

KiKi

What would you have to pay for an equivalent house that was completely up to standard? Would it be £550kish? If so, and you're prepared to do the work, then you're probably still quids in.

How much do you actually want THIS house, rather than a different one (fixes aside)?

happypie

SmashedAvacado wrote: »

your survey is a good thing. anything you do will improve the property and that's much better than buying somewhere and then finding loads of things need doing.

Damp is something you cant have been aware of when offering - so legitimate to raise this for a further discount if you think they will bite.

I would find out how much the heaters will cost to remove - it might not be as much as you'd think or it could be a lot more. it cost me £12k to remove some asbestos lagging in a loft

surveyor estimated 1500 pounds.

should i speak to council for cost?