Dilemma - Help!

Crashy_Time

jbainbridge wrote: »

You paid the surveyor for their professional advise .. listen to it.

From what you’ve said I’d be revising my offer to 110 - 115.

Do not let the vendor do any work .. you have no comeback if there are issues.

I would go lower.

Inthepines

Thanks for all the advice everyone. It’s certainly helped clear my mind and make a decision.

My lender has told me they can keep open and extend the time my mortgage offer is valid and refund the fee if I don’t take them up on it.

I checked the house on the council’s building regulations website and none of the things the vendors have done - new windows, door, new boiler and heating system are registered there and the agent was always very vague about that when I raised it.

And finally after another chat with the engineer, he said he told the vendor about the roof when they were in and explained the cost, urgency and recommended lowering the sale price to allow for repair. He was surprised they wouldn’t do that or even let give builders access to get more accurate quotes on the work. He said the issue will come back again with any future buyer.

So I’ve taken the decision to walk away. Its not nice feeling that I’ve lost money and still no where near closer to owning my first home. Especially as I got an email form the agent saying they’ve accepted a new offer on the property - though wouldn’t give me the region it’s in as even a ballpark figure is confidential apparently.

But on the other hand I don’t think I’d be all too happy living in an empty house with too many things about it that don’t add up. I don’t think I could deal with constantly worrying that the roof will become irreparable with one bad spell of weather - there was heavy rain last night. Plus knowing a new damp proof course won’t be effective until the summer so I’d have to live with those risks for a while. I guess I’ve dodged a trap.

Thanks for all the help everyone. Really appreciate it!

jackomdj

Don't not think of it as wasted money, think of it as Money well spent in discovering the issues meaning you didn't buy a property not fit for purpose.

G_M

Inthepines wrote: »

......Especially as I got an email form the agent saying they’ve accepted a new offer on the property - though wouldn’t give me the region it’s in as even a ballpark figure is confidential apparently.

and that new offer will lead to a new survey which will discover the same issues, and the new buyer will go through the same decision-making process that you've gone through!

diggingdude

There likely may not be a new offer, well....other than in the estate agents fantasy playground

Jumblebumble

jackomdj wrote: »

Don't not think of it as wasted money, think of it as Money well spent in discovering the issues meaning you didn't buy a property not fit for purpose.

I would ask the lender if they will refund the £999 even if the terms of the deal say they won,t
They might also be willing to extend the drawdown time

giantkatie

Been in a similar situation recently. Two weeks prior to moving in, we instructed a damp survey after a leak at the property. We suspected more to the story than than the vendor was telling us and were proved right.

The survey uncovered dry rot and potential structural damage to the joists. We tried to negotiate a reduction commensurate with the recommended repair costs, that we would undertake, but the vendors fixed it their way (cheaply) and refused. So we walked.

We had a buyer for our place, were all packed, had redirected our mail, ordered appliances and removals, etc, etc. Still can't get the house out of my head - it was unique and we'll struggle to find another like it - but it wasn't worth the risk or the worry. In time, we'll get over the house, the money spent and the inconvenience. Hopefully, you will too.

lookstraightahead

RelievedSheff wrote: »

Ignore Crashy. He is in la la land.

If you like the house offer a lower price and get the works done yourself. You dont want to end up with a job done on the cheap by the vendor.

To be fair it looks like the vendors are in la la land and I wouldn't even pay £100k for this pile of junk.