SURVEY RESULTS AND CONFUSED WHAT TO DO NEXT PROCEED OR PULL OUT OF HOUSE SALE

HONEY2THEBEE

I am a first time buyer who is on trying to buy their 2nd property (had to pull out of the first after the survey and surveyor recommended that I walk away - to be fair I left it was the right decision).

I have now had a survey done on another property which apparently was a re natal but really doesn't look in a habitable state and the surveyor had said it is in poor condition by the main concerns are:

- movement and sloping on side of the house, upstairs and downstairs which could be subsidence although he doesn't think it is. The buyers who I believe are a housing agency have said there was no subsidence etc on their forms but the surveyor has said there is a deep crack in the wall above the window and also the render and bricks have been replacement at the moment of the structure and they should explain why that is the case.

- party wall issues, the neighbours extension overhangs by half a brick onto this property side which would apparently be issues for any extensions I wanted to have, which I would like to have in time, unless I did an uneven extension avoiding the section where they have over taken this properties space.

- back dwelling is a work site and he said could attract unsavoury characters.

There are also other things he mentioned and he thinks I would need at least 70,000 on top of the asking price to try and sort all issues.

On speaking to him I was wanting to pull out but a friend said I should get my solicitors to enqury about party wall agreements and the works to the wall  etc before I make a decision and see if I can neogiogate money off the asking price.

Would I be stupid to by my first house with the above problems? I am a single person and don't have any family or people to help and so want to know if this would be stupid. The house also needs a complete refurb with electrics etc and is not in a liveable state.

Thanks in advance

incus432

Personally I would run a mile.  That does sound like subsidence

Albermarle

Why as a first time buyer, with no experience of renovating houses and no friends and family support, are you even  looking at houses like this in the first place?

This type of house is much more suited to someone with experience, who can do some of the work themselves, and have a network of tradespeople to help ( and probably have another house to live in whilst the major work is carried out.)

sheramber

Unless you have money to pay for all the work needed and really want the house , don't lumber yourself with something that could become a big headache for you.


The buyers who I believe are a housing agency  - where do the HA as buyers come into the equation?

FlorayG

If you can afford £70k to do up this one then I would be looking to buy a habitable property that costs £70k more personally...but if you want this one and can afford it, go for it. You will need to find some decent builders 

PigeonEgg2

We had a similar survey done on a property. Although we were so disappointed we walked away. In hindsight I’m so glad we did the property could have caused life changing debt. Personally I’d walk away structural and legal issues like that could be a money pit 

youth_leader

So sorry but I agree you need to walk away. I hope you can find somewhere that doesn't need as much essential work.

Tabieth

I wouldn’t buy that. I’m happy doing a bit of work but that’s too much. Plus, the location doesn’t sound great and that can’t be changed. 

caprikid1

I think unfortunately you are looking at houses you cannot remotely afford.

FreeBear

sheramber said:

Unless you have money to pay for all the work needed and really want the house , don't lumber yourself with something that could become a big headache for you.

And double that £70K to cover for undiscovered problems and inflation. Then add a bit more as a contingency.

To be honest, if a property is needing expensive repairs, walk (better still, run), especially if you are an FTB.

HONEY2THEBEE

Thanks guys the tough love is what I needed. I can't afford it but am desperate to get on the ladder and also I didn't see any of these issues when viewing, otherwise if I had I would have not got attached.