Buying first home

bodiddly80

This is the first time I will be buying a house, i've rented for the last 25 years.

The house I am looking to get needs a new boiler and is still running off a hot water tank.

Plus I have noticed damp and a gas pipe running through an air brick.

I haven't had a survey yet and I'm nervous about if these will reduce my mortgage offer.

Worse case how much could I find the mortgage company knocking off ? What insurances can I take out with the seller to protect myself (if any)

mi-key

Wait and see what the survey says. It could say its all fine, or could say it needs a new roof.

It is being sold at a price that takes into account it has an old boiler and hot water tank, so your lender wouldn't reduce the price because of that.  The survey is really to check things that an estate agent can't just check visually to get the valuation they have listed it at. 

babyblade41

You won't know until you start the process ..you may get a desktop valuation, then get a level 3 survey done..They may suggest a structural engineer to have a look

user1977

When you say it "needs" a new boiler, do you mean the current one doesn't work?

Not sure what you mean by "insurances to take out with the seller"? The points you mention don't have anything to do with insurance.

bodiddly80

Thanks - the boiler is about 15 years old so will need replacing. Makes sense the house would be valued accordingly.

I meant insurance against building regs or something with the gas pipe.

My dad mentioned he got insurance for an unpermitted loft extension, so wondered if it was similar.

user1977

bodiddly80 said:

Thanks - the boiler is about 15 years old so will need replacing.

No, you don't need to replace a boiler just because it's 15 years old. It might need replacing sooner than a newer one would, but it doesn't make sense to replace a boiler which still works. It doesn't make a significant difference to the value of the property anyway.

I meant insurance against building regs or something with the gas pipe.

Are there any actual problems? If you want to move the gas pipe, budget for doing the work yourself - indemnity insurance is going to pay for things where e.g. building control demand you sort something out - which in practice they never do anyway.

NameUnavailable

Let your mortgage company do their valuation survey first. If they approve it then proceed with your own home survey which will flag up any issues that will/may need attention or further checks (there will always be some stuff to do and a lot of what is on the survey is !!!!!! covering caveats like get the electrics checked or check for asbestos, get a damp survey etc.).

EssexHebridean

Your solicitor will confirm whether any indemnity policies are needed - if they are then they will first try to negotiate that the seller covers the cost of these, if they refuse, it will be down to you to consider whether you want to pay for them yourself, or not.