PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

So close yet so far

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?


«1

Comments

  • CSI_Yorkshire
    CSI_Yorkshire Forumite Posts: 1,792
    1,000 Posts Photogenic Name Dropper
    Forumite
    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
    housebuyer143 Forumite Posts: 2,601
    1,000 Posts First Anniversary Name Dropper
    Forumite
    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
    Parlaphone Forumite Posts: 4
    Fifth Anniversary First Post Combo Breaker
    Newbie
    It turns out I misunderstood the report. The £187,000 is to purchase the house in full.
  • johnhenstock
    johnhenstock Forumite Posts: 87
    10 Posts Name Dropper
    Forumite
    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
    Arthurian Forumite Posts: 771
    Part of the Furniture 500 Posts
    Forumite
    edited 3 August at 5:47PM
    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
    dimbo61 Forumite Posts: 13,685
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    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
    CSI_Yorkshire Forumite Posts: 1,792
    1,000 Posts Photogenic Name Dropper
    Forumite
    edited 3 August at 6:19PM
    dimbo61 said:
    Only Landlords are legally required to have an EICR ( Electrical  Inspection and Condition Report ) 
    Electrical Installation Condition Report.
  • FreeBear
    FreeBear Forumite Posts: 12,916
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    Forumite
    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.

    Her courage will change the world.

    Treasure the moments that you have. Savour them for as long as you can for they will never come back again.
  • CSI_Yorkshire
    CSI_Yorkshire Forumite Posts: 1,792
    1,000 Posts Photogenic Name Dropper
    Forumite
    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
    housebuyer143 Forumite Posts: 2,601
    1,000 Posts First Anniversary Name Dropper
    Forumite
    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. 
Meet your Ambassadors

Categories

  • All Categories
  • 338.9K Banking & Borrowing
  • 248.7K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.8K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 171.1K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards