Survey repairs come to £55k on a £440k home Grade 2 home.

GDB2222

Perhaps you should ask for a rough estimate from a suitable builder. 

FreeBear

canterburyhousesearch said: Cost for a PCA report and a provision for some repairs. £1,500

The Property Care Association (PCA) is a trade body for the damp proofing industry. They also have their grubby mitts on other questionable products such as spray foam insulation. Having seen examples of work on heritage buildings in my area by some of their members, it is an group I would strongly recommend you avoid. They have no interest in preserving buildings, only selling questionable "cures" that do more damage than good.

A grade 2 listing building comes with responsibilities and additional costs - Things like removing chimney stacks, replacing windows, and chopping down trees will require approval from the local Conservation Officer. Before embarking on any internal or external renovations, you need (must) to talk to the CO. A listing will cover the inside of the property, the exterior, and also the grounds it sits in (along with walls & outbuildings). You still have a huge scope to put your own mark on the property, but you do need to be careful.

GDB2222

I had a look on Rightmove. There are three terraced properties at about this price point. Two at  around £500k that look like you could move in tomorrow. One at £450k that looks like it may need a lot of money spent on it. 

I have no idea which represents the best VFM allowing for the work needed, but you also need to allow for the emotional strain of doing the work, especially if you intend to live in the place whilst it’s being done. Some people enjoy that sort of thing. Others hate it. 

Thrugelmir

canterburyhousesearch said:

We paid £440k. Other 3-bed, similar sized, properties on that street sell for £500k+.

 

Which suggests that the listing price reflects the need for remedial work to be undertaken. 

Get the work properly costed if you have concerns. 

Schwarzwald

canterburyhousesearch said:

Hi!

 

My fiancé and I are buying our first home together, a beautiful 3-bed Georgian terraced property in Kent. We paid £440k. Other 3-bed, similar sized, properties on that street sell for £500k+.

 

We got our Level 3 Survey back yesterday and the assumed costs of urgent repairs came to £55k, quite a bit given what we paid.

 

My questions to you lovely people are:

1)      Should we walk away, even though we love the house?

2)      If we don’t walk away, should we negotiate?

3)      In your experience, are these Level 3 reports accurately able to assume the cost of repairs?

 

If you have any other tidbits, words of wisdom or advice for two home-buying newbies, that would be highly appreciated!

Thanks

You are not comparing apples to apples IMO.

You didn’t have a survey on any other house, it is likely a Level 3 Survey will also bring up various defects and issues, likely all non-new builds do (and likely most new-builds too).

 Looking at your options:

 A) Either buy the one under offer:

• Spend £450k now plus additional refurb-cash over time in the future
• Know all defects in the property, total of £55k (likely less as not all strictly needed I would assume)
• Have all defects replaced and upgraded afresh
• Have any refurbs and upgrades done in your design choices

  Look for another comparable house:

• Spend £500k+ immediately plus another 1-2k for survey, solicitor, searches
• Likely find similar unknown defects in a house survey, let’s say also 5-15+k
• Existing refurb work and upgrades were done in the past, i.e. not necessarily recent
• Have all refurbs and upgrades done in the design choice of the previous owner

 I think Option A is clearly more attractive in the long-run.

In addition, you might be able to use the survey to argue for a price reduction of 5-8k so Option A became even more attractive.

youth_leader

I was selling my Grade II and the buyer's surveyor came up with ridiculous quotes for the renovations.  Get a good builder who understands heritage buildings to have a look, and don't let anyone near the place with cement.