Survey has come back........

Shibees

Hi eveyone,

I've recently had an offer accepted on a two bedroom victorian (C1900) house. They accepted 154,000 from an asking price of 159,000 - the property had only been on the market for a week.

I am a FTB and have a £70,000 deposit so I'm only borrowing £85,000 - the mortgage is with Abbey and all approved.

The survey came through yesterday with the surveyer stating that "repairs recommended as a condition of the mortgage" as follows -

1. Repair Chimney stack to remedy internal damp penetration

2. Instruct a specialist contractor to inspect the whole property and report on internal dampness and the condition of all timbers including the roof void. All necessary works to be carried out.

3. Instruct a qualified electrician to inspect the electrical installation and carry out recommended works in accordance with electrical and building regulations

The surveyer has valued the property at £152,000 but £154,000 if the works are carried out.

Basically, this has frightened me a little - I'm aware it is an older property and should expect soem of these things.

The agent has said they can recommend a builder who can go in and look at all of this free of charge and give a quotation for the work to be carried out. This could then be used to negotiate a proce reduction from the seller.

NB. The sale is part of an estate (the lady recently passed away) and the executors to the will accepted the offer on the basis of a quick move.

I'm also concerned about the much talked about property crash - with my substantial deposit and mortage already agreed at a fab rate, I won't have a problem with finances as other FTB might. However, do you think I should wait a couple of months to see what happens to the market??

I'm also getting married at the end of June and life is pretty stressful at the moment!!

Any thoughts/comments/adviceis much appreciated!!!

I should also mention that the Abbey are not holding back any of the loan...

carolpinkdreamer

I think that that survey is pretty good and to be expected in a property of that age. I wouldn't be worried about it.

Only you can decide if you should buy now or wait.

Fred1_2

The surveyer has valued the property at £152,000 but £154,000 if the works are carried out.

That bit concerns me. If, as I suspect he will, the sparky recommends a complete rewiring, that's going to cost you £2k straight away.

In a house of this age, unless it's in pretty good nick, I'd always allow £10k for necessary repairs. I consider, rewiring, replacing the heating system and replastering as "givens". If any of them don't need doing, that's a bonus.

If you can get the quotations done free of charge, then go ahead. But remember a builder supplied by an EA may be pressured / encouraged to under-estimate because the EA wants to make the sale. Ask around friends or family for recommendations of builders and electricians who can quote for you?

What state is the heating system in? Might be worth getting a CORGI guy to give you a quote for bringing it up to standard?

timnicebutdim_2

Seems like your in a good position to barter as they want a quick sale. My brother has a victorian property like the one your describing and the main problem he had was damp. He went the full hog and replastered the entire ground floor and put in new damp proofing (under the advice of my dad who loves his diy), obviously costing £1000's. They also had to replace some timbers as well..... But he probably could have bartered on the price had he done a full structual survey beforehand. If there is damp it would still probably be ok to live in but it's much better to know about it now.

I would say get the builder in for his opinions, get a damp specialist in and the sparky would probably be worth it for peace of mind (for the age of the property). It may cost several hundreds but could save you thousands in the long run + you have good justification to barter on the price by a few more grand.

Fred1_2

If you do need to replace the downstairs floors, which is quite possible, it might be a good idea to investigate underfloor heating. It was criminally expensive when I looked at it a few years ago, but should have come down now and I'm told the running costs are lower than rads. I imagine it'll be stuffed if thick heavy carpets come back into fashion though :S

Shibees

Thanks for all your replies......

the house has gas central heating and the boiler looks pretty new.

It has double glazing downstairs but none upstairs....

The other thing that came up on the survey is the "future marketability" of the property......

Surveyer states -

The location of the site adjoining a public footpath, and the proximity of public sector flats, garaging at rear, school and meeting hall may deter some purchasers and affect marketability. This is refelcted in the mortgage valuation.

I suppose as you say, only I can make the decision. My mum thinks the area isn't great and verges on being depressing!!

Fred1_2

Shibees wrote: »

The other thing that came up on the survey is the "future marketability" of the property......

Surveyer states -

The location of the site adjoining a public footpath, and the proximity of public sector flats, garaging at rear, school and meeting hall may deter some purchasers and affect marketability. This is refelcted in the mortgage valuation.

That sort of thing is put in there for CYA purposes. As the surveyor says, those things are reflected in the valuation.

PasturesNew

From your list, I'd have expected those for a house of that age.

In fact I'd have also expected some mention of sub-floor and roofing too. So all in all it's not a surprise. What you could do now is ask that the sellers allow a damp/woodworm specialist round and an electrician. Pick good reputable ones and you only need one quote. If you proceed you then have a quote and can think about getting other quotes in to try to better that.

What the surveyor is saying is what your mum is saying. I must admit I wouldn't want a house with those attributes. A public pathway is rarely a good thing, all sorts can go on along pathways, from kids hanging out/running and shouting, through to burglars being able to check your house out.

Shibees

PasturesNew wrote: »

What the surveyor is saying is what your mum is saying. I must admit I wouldn't want a house with those attributes. A public pathway is rarely a good thing, all sorts can go on along pathways, from kids hanging out/running and shouting, through to burglars being able to check your house out.

I'm also concerned about the pathway as when I drove past the other day, someone had dumped two mattresses there!!
Also, it is a main cut through from the town centre.

I suppose if I'm honest, I'm wondering if this is a good opportunity to walk away and see what happens in the next few months - lots of people reckon I'll be able to get a bigger house in a nicer area for the samr amount in July/August - but I suppose you never quite know how the market will be....

Fred1_2

Shibees wrote: »

I suppose if I'm honest, I'm wondering if this is a good opportunity to walk away and see what happens in the next few months - lots of people reckon I'll be able to get a bigger house in a nicer area for the samr amount in July/August - but I suppose you never quite know how the market will be....

You're quite right, you never know how the market will be, but it's difficult to imagine nay circumsances where high prices will rise over the next year or two. The most benign possible scenario is stagnation, my gut feeling is that there will be falls, but I can't even begin to guess how much that will be.

FWIW, I'd say, unless you have fallen head over heels in love with the house and can be happy living there for 10 years and selling it for what you paid for it (that's what happened to me between 1988 and 1997), walk away now.

Doozergirl

Doozerboy's mum hates every house we buy.

But if people were using the pathway as a dumping ground, I would think she was probably right.

I am not concerned by your survey but if you aren't happy about the area, don't buy into it