Asking for other opinions

Catpuss66

elderly mom has offer accepted on Victorian flat in very good area not cheap, recieved the survey back lots of damp plasterwork needs removing quarry tiles on earth needs membrane put under. Also the main roof needs attention 5 owners are leaseholders but also share part freehold. The management company are the freeholders no money in the pot for repairs, she could end up paying big time.The owners only been in for 2 years done some work to bathrooms not touched kitchen or elsewhere painted over wood rot according to survey. She would still buy if they reduce the price £50k which is probably how much work needs doing they would still be making a profit of around £50k not nearly £100k they want plus she has to live somewhere why this work is ongoing. Any thoughts I think she would be really happy there, we are prepared to do some work no-one buys a Victorian flat & expects nothing but this is basic stuff.

El_Torro

Same advice as for anyone buying a property: Offer what you think it's worth and be prepared to walk away if the other side doesn't agree.

Sure, an offer has already been accepted. That's what survey's are for though, making sure you're getting what you pay for. The seller could easily argue that the work required is reflected in the selling price. It's up to you (or your mum in this case) to decide if that is in fact true. From what you say it sounds like it isn't.

user1977

Would help to see exactly what the survey says and what actually needs done as opposed to what is speculative and what are maintenance issues to be tackled in the future.

And it's the current value which is relevant, not the amount of profit or loss the sellers are making.

FreeBear

Blunt answer - Victorian properties are a money pit regardless of current state of repair. At her time of life, she doesn't need the stress or expense of what could be costly repairs. Find somewhere else.

Catpuss66

https://forums.moneysavingexpert.com/discussion/comment/82099971#Comment_82099971

from what we have researched anything from £275-350, they bought for £370 on the market for £475, just found before & after pictures of bathroom.

Catpuss66

https://forums.moneysavingexpert.com/discussion/comment/82099974#Comment_82099974

she needs to do somthing she loves renovating but according to survey plaster removal, drain problems. Before the survey she was going to move the kitchen, but the amount of work she will need to stay in rented. Not sure anyone would get a mortgage on the amount they are asking.

Jemma01

The management company are the freeholders no money in the pot for repairs, she could end up paying big time.

I think this is the worrying part. I wouldn't put my mum in a potentially stressful situation. What if the flat above starts leaking, who would take care of it?

Catpuss66

https://forums.moneysavingexpert.com/discussion/comment/82100055#Comment_82100055

the thing is she is a woman of her own mind, she nearly bought a bungalow that I was really against what I thought just because it was out in the sticks, it’s her money she can do what she wants at the end of the day all I can do is support her.

user1977

https://forums.moneysavingexpert.com/discussion/comment/82100019#Comment_82100019

Sorry, are you saying you think the actual value is about 34% less than the asking price?

BikingBud

https://forums.moneysavingexpert.com/discussion/comment/82099971#Comment_82099971

Clearly, the sellers will not make profit until it is sold. And the level of profit might be arguable if we don't know what they paid and what they might have subsequently spent. But if they expect to increase the asking price so significantly whilst there appears to be issues with the fabric of the building, and lack of clarity and funds to cover repairs the ManCo should cover, then I would very strongly suggest halting the purchase and declining to provide that profit for the vendor.

If on the other hand a property was demonstrably sound, no immediate or even mid term repairs required and there was a healthy fund to cover upkeep and unexpected arisings then the "profit" might be an investment that allows stress free living, safe in the knowledge that most eventualities are covered.

We cannot see the facts and cannot balance that risk.

Edit - we are unsure of your mum's age or physical and mental health, you do and can put some reality into her aspirations that we cannot.

martindow

I'm not convinced that there are necessarily major problems with the flat. Surveys are notorious for back covering and listing things that may or may not really be a problem.

On here we frequently read of surveys flagging up damp or roof problems that are greatly over stated. The mention of stripping plaster in the OP looks like the surveyor suggesting injecting the walls with an artificial damp course which is unlikely to be a good idea in an older house like this. The roof undoubtedly will need work at some point, but it could well be fine for years or decades. This is leasehold so, in any case, the costs of work would likely be shared amongst the other flats.

If you are able to phone the surveyor, you may well get a more balanced appraisal. They will speak much more freely if they are not putting it in writing.