Sad after survey - having to pull out

EndlessStruggle

Well I had my L2 survey this week.

I knew the house wasn't perfect, I knew it needed a new roof in the near future. But it's so much worse than that.

I haven't had the report yet, I just had the warning phone call that it wasn't good news.

The roof has failed. The tiles are crumbling and falling apart, the membrane has failed, the timbers are soaking.

The chimney is broken and water is all the way down the chimney breast to the ground. Bricks are soaking wet.

Extension roof is much the same except it's also got an active wood worm infestation on top of the failed tiles, membrane and soggy timbers.

External doors and windows have had it. Flat roof has had it. 

Together we priced up the work and I wouldn't see much if any change from 50k on the structure. 

There was 20k of improvements and redecorating I wanted to be done too.

I just can't justify 70k on the house when I could get so much more for that money elsewhere.

It's an ex LHA semi.

70k would get me detached and another bedroom a few streets over.

And I'm really sad about it.

Anyone else been in a similar situation? 

london21

Not been in similar situation but if this did not go right, hopefully something else comes.

RM_2013

I haven’t been in your position but I can imagine how disappointing this is.  If you’ve weighed it all up and it’s not worth it then it’s probably done you a favour in the long run. I’m sure you will find something you are much happier with 

diystarter7

Sorry about that OP
But look at it like this. At times these surveys can pick up everything major. See it as a lucky escape. I'm sure something better will come along

youth_leader

So sorry to hear this was a disappointment, but I agree it is a lucky escape.  Something better will turn up. 

My friend found a bungalow she loved, but noticed there was a 'dip' in the patio - and the front door had cracks above and below.  She engaged a structural engineer pre survey, and the whole bungalow was subsiding on the clay soil.  The engineer said it would be 18 months of work to underpin the whole structure, at huge cost.  As a cash buyer she nearly didn't bother with any type of survey, and thought it £500 well spent.

jonnydeppiwish!

Have you gone back to the vendor with a revised offer? That way you could afford it?

EndlessStruggle

It is a dodge bullet but it's double sad for me as I know the sellers so I guess they'll have to sell it cheaper or fix it after I tell them why I'm pulling out.

The house is also still in probate so I could be waiting for a long time still.

Such as a shame as it was in an ideal location but I'll start looking again.

There is a potential other house in the next street over that I like the look of so I'll try view that one at the weekend.

EndlessStruggle

jonnydeppiwish! said:

Have you gone back to the vendor with a revised offer? That way you could afford it?

I'm just not willing to take the risk even with a substantial discount.

I can afford the 70k, I just don't want the house that much when I can get more house for my money nearby.

The house is still in probate, it was applied for 3 months ago.

It'll be deteriorating every day and I just don't want the stress.

There are some other "red" issues too but he didn't want to put too much on me today.

My current house was stressful enough with just roof edge work/damp issues and they were very easily resolved.

NameUnavailable

Don't feel sad, feel delighted that you haven't unknowingly taken on all those problems!

EndlessStruggle

NameUnavailable said:

Don't feel sad, feel delighted that you haven't unknowingly taken on all those problems!

It makes me sad for so many reasons.

The house was on the same street I grew up on, not far from family and I know the sellers quite well.

I think I'm actually mostly sad for them as it sounds like it's in a pretty bad way. 

Bendy_House

Since you know the people, then just be upfront about the likely cost of the work. Declare your genuine regret, and wish them luck. 

In many ways, it's much harder to negotiate with someone you know, as you don't want any feeling that you are haggling too hard - it would be much easier to just say to a 'detached' seller "£70k off or now't...", but it would still be worth telling these folk your findings, and the sums involved. It might turn out that if they are told the same by other potential buyers, they might prefer to come back to you with a good offer.

So, be absolutely clear in your mind whether this is a goer at all. You feel now that it isn't, but it CAN make sense; a) you'll have a house with a brand new roof. Compare that with all the other houses you'll look at - I bet these will be 20, 30, 40, more? years old! b) you should be able to get much of the house up to a higher level of insulation with little extra disruption, one of the most important improvements you can do. c) you might want to go for an internal revamp that you wouldn't normally consider - you will have disruption in any case, so "why not go the whole hog?!". 

Is the neighbouring house in similar poor repair? If so, you could almost certainly save quite a few £k on the roof if they do theirs at the same time.

The single biggest issue will be 'disruption'. If you can cope with that, it could still be a worthwhile move.