What to do? Significant repair costs found on structural survey

[Deleted User]

Hi all -
We are in the process of buying a property that we love. It was built in 1900, it has all the space we need and the most amazing location. The current owners have done a lot to the property to bring it up to standards but we thought there might be some areas that needed looking at and we went for a full structural survey. I was expecting to see a decent amount but I was still taken aback by this. They are putting repair costs to be estimated at £26,000. This is spread across a variety of things so quite a lot of £500s but a few £2-3ks. Some of the items don't worry me too much but others I am more concerned by. However, it does say it's in reasonable quality for the era etc
The property was on at £475k. We agreed £465k. It has come back with £26k repairs and a valuation of £420,000.
We are planning to stay in the property for 7-10 years at least and there is nothing else that compares to this place but I want to be realistic and not have rose-tinted glasses.
What would everyone do from here?
Thanks

[Deleted User]

What sort of timescale is the survey putting on those repairs?

FreeBear

What do these repairs entail ?

Has the work done by the current owners sympathetic to the property and in keeping with its age ?

ssparks2003

Surveys list the issues, you need to decide if they are deal breakers. A lot of what they list could be DIY jobs or something that will get resolved with time as you put your mark on the house. Decide what if any are really urgent then decide 

moneysavinghero

Maybe go back to the vendor, show them the £420k valuation and say you dont expect them to drop all the way to that figure, but 475k is too far from the valuation, we are willing to offer 440k. Then you have your 25k to do the work. Worst that can happen is they say no. Then you can decide whether you can afford (and want to pay) the 26k of works yourself or not.

[Deleted User]

In terms of a property of that age, size and value -  you might have been realistic to factor in the expectation of repairs over some years coming to £26k anyway. 
Personally, I'd have been expecting a survey to reveal some repairs and probably wouldn't quibble about anything that needs done quickly so long as it is less than say 5k.
I'd also probably be content to know that I have about £26k of repairs to do in future, particular if they are mostly non-urgent and could be completed over 5 or perhaps even 10 years.
The lowball valuation does not necessarily mean that the property is not worth what you originally intended to pay. That's not your mortgage lenders valuation? You are probably reasonably familiar with the local property prices by this stage, and there is certainly a margin for error in valuations.

[Deleted User]

@[Deleted User] I am inclined to agree with you. I had expected a number of repairs over the years etc. but had maybe anticipated a £15k kind of mark instead of £26k and the shock was how it was set out and it appearing that everything needed to be straight away. I also think that they are doing quite a lot of lower valuations. It's more thinking in terms of eventual re-sale etc as well so I want to be wary and I feel like I wanted some more opinions on it because it's easy to just fall in love with a property and not think about it logically.

ameliarate

Surveyors are often over cautious and over price possible work. Bear that in mind. 

clive0510

basically dont buy it unless they want to give you a massive discount. it aint rocket science.

DCFC79

List whats on the report with the cost, let others give you advice whats needed.

Splatfoot

When I had a structural survey on my current house 13 years ago, the surveyor listed replacement of internal doors and wall tie replacement at 10k! Wall ties were £1,000 And the doors we lived with for 7 years, changing them at a cost of £500....