So close yet so far

Parlaphone

Offer accepted on a house at 99,950
Bank agreed credit and inspected property
Searchs complete
RICS level 2 survey states offer £89,000 and the property needs £187,000 in repairs. 

Surely I could purchase a new house for that price. I know it sounds straightforward to walk away but is it worth exploring other options?

CSI_Yorkshire

Where did they come up with "needs £187k of work"?

None of those items sound particularly concerning, so what did the survey specifically say you should be spending that money on?

housebuyer143

As above, the stuff I'm reading there isn't £187k work of work. If you are planning to repair every imperfection present then yes, you should just buy a new build. Old houses and not perfect and shouldn't be expected to be.

Parlaphone

It turns out I misunderstood the report. The £187,000 is to purchase the house in full.

johnhenstock

nothing on that report is too worrying. sure, some things need doing asap, such as inspecting why the ceilings are sagging and getting an electric certificate, but otherwise, pretty standard stuff. did you notice any bulging in the walls? wall tie failures are a bit of an issue, but it's not something that just happens overnight, there will be symptoms.

Arthurian

You can get your own radon gas instant report on any property for £3.90 at https://www.ukradon.org/information/ukmaps .  Note the paid-for report might differ from the free map.

dimbo61

Only Landlords are legally required to have an EICR ( Electrical  Inspection and Condition Report ) but the Surveyors have now jumped on the bandwagon and request an EICR to prove the Electrics are safe !
Costs about £150/175 for a full inspection.
Now did you look at the electrics ?
Fuseboard ? 
Sockets and lights ?
Alarm system, security lights, mains wired smoke alarms and CO Alarm 

CSI_Yorkshire

dimbo61 said:

Only Landlords are legally required to have an EICR ( Electrical  Inspection and Condition Report ) 

Electrical Installation Condition Report.

FreeBear

CSI_Yorkshire said: None of those items sound particularly concerning, so what did the survey specifically say you should be spending that money on?

F.5 Water heating - defective/unsafe - hot water cylinder - I'd want clarification on why the surveyor thinks it is defective/unsafe. If it needs replacing, it shouldn't be hugely expensive.

CSI_Yorkshire

FreeBear said:

CSI_Yorkshire said: None of those items sound particularly concerning, so what did the survey specifically say you should be spending that money on?

F.5 Water heating - defective/unsafe - hot water cylinder - I'd want clarification on why the surveyor thinks it is defective/unsafe. If it needs replacing, it shouldn't be hugely expensive.

It's interesting that the first time it's mentioned it says "no current test certificate" but then the second time it is "defective/unsafe".

housebuyer143

Arthurian said:

You can get your own radon gas instant report on any property for £3.90 at https://www.ukradon.org/information/ukmaps .  Note the paid-for report might differ from the free map.

You really need to have a proper radon gas test to be certain if the property is affected. You can do this for like £20 though once you move in. If it's bad then you can pay for remedial action which isn't really that expensive.