Survey has shown problems...

F

FreddyB

Guest
I got a survey done on an old house, it was advertised as ready to move into with lovely decoration, turn key condition etc but when we went to see it, it needed a complete overhaul decor wise and looked shabby, and had wiring issues but still seemed like a good house and we could fix the decor. We offered just under the asking price and it was accepted.

However the survey came back and has thrown up some rather big issues that would take a lot of money and time and rather than get money off the asking price which would save us some money a month i know, i would rather if the vendor would carry these repairs out instead as we just would'nt be able to fork out the cash for all the repairs and the decoration needed.

I know you buy a house as is, but these issues could not have been known prior to the survey and there had been absolutely no mention of them, so my question is do you think the vendor will mind getting the repairs done for the sale to go ahead?
 
I think you would be better off doing the repairs yourself so that you can be satisfied that they are done to an acceptable standard. Have the surveyor estimate the cost of the repairs, and ask the vendor to reduce the price by that amount. If he won't, then walk away! It's a buyer's market.
 
I know what your saying, but unfortunaely we just wouldn't be able to get the money together to get the repairs done as there is already a lot of stuff needs doing in the house, and i wouldn't want to get another loan.

Getting money off the purchase price would only give us a few quid extra a month its not like we would be able draw down the original amount from the mortgage to do the repairs so it would still be up to us to raise the money for all those repairs.

Whereas if they did them and could prove the work was done to a good standard they would get the money back as soon as the mortgage was drawn down and we wouldn't have to worry about it.
 
Well you've kinda covered it very well.

The real problem is that a vendor is probably unlikely to want to do the work. Plus most purchasers would prefer to have the work done by their own contractor so that they have some come back. A contractor does not like to do work for one person but then be responsible to another.

I think you should approach the vendors and put it to them. All they can say is yes or no. And, if they don't have another purchaser, I'm sure you could reach some kind of accommodation on a resolution.

I'm not convinced that the property market is so much in freefall that a purchaser can make almost any demand and I think that some people like to buy an established house in an established area where prices are probably pretty stable and there is not a huge number of properties on the market.

mf
 
If the survey shows problems and you still want the house get a few people to quote you what it is likely to cost to get the work done.

You should factor in the cost of not being able to move in to the house while the work is being done etc etc aswell. Add on 20% to all this and start to negoiate to the true selling price!!

If the seller won't agree to a reasonable sum pull out.

Also, becareful there are some structural problems which could affect the value of the house when you come to move on, even if they are fixed. For example if the house needs to be underpinned due to subsidence, when you come to sell on this could be seen as a problem to the buyer. I personally would touch a house that has subsidence, even if it had been fixed.
 

If the issues are major, it may be that a financial institution will not advance a mortgage on the property and even if the surveyor is yours rather than theirs, you are obliged to pass the information on to them.
 
Sounds like a risky project/purchase. Don't go near it.

I am sure there will be another house you will find that you want in the near future...... BUT don't let this one take you down.
 
Mr DT said:
Sounds like a risky project/purchase. Don't go near it.

I am sure there will be another house you will find that you want in the near future...... BUT don't let this one take you down.
Click to expand...

You haven't seen the survey, how do you know this?
 
we sold a house in 2002 - and similar to the above senario - items showed up on the engineers report (that shocked us tbh !!!) ... most small items but there was one genuine problem that we hadnt noticed ..... the house was only 1.5yrs old at that stage .... but we agreed on a figure lower then the original agreement because it suited us and the purchaser at that time ... so go ahead and offer a lower price suitable to enable you to carry out the work ! this has to be acceptable
either way i wish you the best of luck - reading between the lines - it sounds like the house you're lovin' !!
 
"Getting money off the purchase price would only give us a few quid extra a month its not like we would be able draw down the original amount from the mortgage to do the repairs so it would still be up to us to raise the money for all those repairs.

Whereas if they did them and could prove the work was done to a good standard they would get the money back as soon as the mortgage was drawn down and we wouldn't have to worry about it."

I gather that if the price is reduced, so also will the mortgage approved so doing the works themselves is what they are trying to avoid.

mf
 
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