Renegotiating after a survey with several faults.

youth_leader

I hope my kids are never tempted to buy a listed doer upper.  Everything at our listed grade II house was hugely expensive, when trades saw it their eyes lit up. 

We used to be very envious of our friends who also had a listed grade II, they had been able to get renovation grants in the early 90's.  Only grants available now are criteria specific.  We remortgaged once to fund the conversion of a wing of the house into a small self catering unit with the aim of ploughing the money back into renovation costs.  Six years later my husband began to have heart problems and was medically retired, I had to close the unit.  Both of us spent all of the small inheritances our parents left us on the house, it was an endless money pit.

Statex2_2

youth_leader said:

I hope my kids are never tempted to buy a listed doer upper.  Everything at our listed grade II house was hugely expensive, when trades saw it their eyes lit up. 

We used to be very envious of our friends who also had a listed grade II, they had been able to get renovation grants in the early 90's.  Only grants available now are criteria specific.  We remortgaged once to fund the conversion of a wing of the house into a small self catering unit with the aim of ploughing the money back into renovation costs.  Six years later my husband began to have heart problems and was medically retired, I had to close the unit.  Both of us spent all of the small inheritances our parents left us on the house, it was an endless money pit.

This is what I am afraid of an endless money pit. Thanks for all the replies.

Statex2_2

I phoned the agent with the list of defects from the survey. But the vendor rejected and dismissed the faults. He also said that the septic tank is not his problem because he purchased the house in 2020. However the general binding rules state that  he has to notify the new owner of the type of system and how the liquid is drained, ie drainage field etc.He also said that under current laws I would have to connect to a main sewer within 2 years. the nearest sewer is 200 ft away . There is a manhole in the neighbours garden but he does not own it and therefore not his property. I can't se anything in the general binding rules which states that

Statex2_2

Sarah1Mitty2 said:

Statex2_2 said:

Made an offer on a property subject to survey. However long list of faults. I estimate over £55- 65k to put right. Wall tie failure, External render cement based, should have been lime render, which has caused extensive cracking in outer walls due to excess moisture and a  phosphate reaction .  Damp in rear walls due to paving above dpc etc. Wood boring beetle in loft timbers and exposed beams in kitchen. Excessive condensation in loft. Boiler obsolete and oil tank due to fail in near future. Septic tank may not comply with current regulations as near a stream. Windows  dg misted.

I should walk away but we really love the house. Not sure how to renegotiate.  Probably would not accept £65 off the asking price. I would be most grateful for any advice.

How many other offers do they have?

If only I knew

lookstraightahead

Statex2_2 said:

Made an offer on a property subject to survey. However long list of faults. I estimate over £55- 65k to put right. Wall tie failure, External render cement based, should have been lime render, which has caused extensive cracking in outer walls due to excess moisture and a  phosphate reaction .  Damp in rear walls due to paving above dpc etc. Wood boring beetle in loft timbers and exposed beams in kitchen. Excessive condensation in loft. Boiler obsolete and oil tank due to fail in near future. Septic tank may not comply with current regulations as near a stream. Windows  dg misted.

I should walk away but we really love the house. Not sure how to renegotiate.  Probably would not accept £65 off the asking price. I would be most grateful for any advice.

Have you told the vendors what's wrong with it?
You need to have a state of mind where you're happy to walk away before you negotiate, puts your in a much stronger position. And it sounds like it does need a lot of work.

Statex2_2

I have written a long list that the surveyor reported but  the seller said the house was priced accordingly but the house was priced because of its cosmetic condition.  He refutes some of the faults and did not know about others. The fault that he disagrees about  is the damp in the rear wall, the surveyor said the paving is above the dpc  and causing it. The seller says it is because of a previous roof leak. 

The cost of the repairs would be 50 to 65k if I employed a builder but I can do most of it myself  except the lime render. He has now agrees a 15k reduction.

lookstraightahead

I honestly think it's up to you and it's value to you. 

There are a lot of sellers who think their houses are worth more than they are and there's no shifting.
if you are taking out a mortgage, how do you think the bank will value it? Can you do things like wall ties yourself as that's a major job isn't it?

TheJP

What did the surveyor/and or lender survey value the property at?

fackers_2

Statex2_2 said:

I have written a long list that the surveyor reported but  the seller said the house was priced accordingly but the house was priced because of its cosmetic condition.  He refutes some of the faults and did not know about others. The fault that he disagrees about  is the damp in the rear wall, the surveyor said the paving is above the dpc  and causing it. The seller says it is because of a previous roof leak. 

The cost of the repairs would be 50 to 65k if I employed a builder but I can do most of it myself  except the lime render. He has now agrees a 15k reduction.

Personally if it's £50k-£65k worth of work, I would not settle on £15k. Did they carry out a RICS Level 2 / 3 survey to confirm all these, doubt it! I'd push harder again and go in for 50/50... so knocking off £25k-£30k which is still fairer.

Are offers not accepted... "subject to contract and survey?" Fools if they did not anticipate issues to be reported if they were already known to the seller (by admitting there were some faults). 

Sarah1Mitty2

fackers_2 said:

Statex2_2 said:

I have written a long list that the surveyor reported but  the seller said the house was priced accordingly but the house was priced because of its cosmetic condition.  He refutes some of the faults and did not know about others. The fault that he disagrees about  is the damp in the rear wall, the surveyor said the paving is above the dpc  and causing it. The seller says it is because of a previous roof leak. 

The cost of the repairs would be 50 to 65k if I employed a builder but I can do most of it myself  except the lime render. He has now agrees a 15k reduction.

Personally if it's £50k-£65k worth of work, I would not settle on £15k. Did they carry out a RICS Level 2 / 3 survey to confirm all these, doubt it! I'd push harder again and go in for 50/50... so knocking off £25k-£30k which is still fairer.

Are offers not accepted... "subject to contract and survey?" Fools if they did not anticipate issues to be reported if they were already known to the seller (by admitting there were some faults). 

Sounds reasonable.