First time buyers, but not first time home owners. We're close to exchange on our new home, but starting to become concerned about the mounting costs.
Property was initially marketed at oiro 425, which was overpriced but we fell in love with it, offered 410 which was accepted straight away. Mortgage value at 386 but as it was a basic distance valuation, it doesn't take into consideration additional extensions and a workshop.
Since then the survey has shown that it needs new windows as some are rotten, new guttering, replacement garage roof etc. All in all about 15k of work. All annoying but not unexpected so continued with purchase. There is no fensa for the composite front door as it looks like he has had this put in by a random bloke off FB.
Then there is no gas or electric safety certificates. The seller took it upon himself to replace the boiler under his homecare scheme when asked for a safety certificate which was appreciated but as we were told the boiler was new when we put our offer in initially did raise an eyebrow. We paid for our own electric report at £250 as our solicitor had concerns. This has shown that the lights in the bathrooms arent safe and the fire alarms are 4 years out of date, so need an additional £800 of work.
Sellers have been friendly and flexible the whole time but I'm starting to think that all this work will put it way over value. However we risk losing our buyer if we pull out completely and there is absolutely nothing else of this type of house in the city! I have severe anxiety and tend to worry and overthink things so i have no idea if any of this is even normal house buying things and I have no one objective to ask.
What's the best move? Do we ask to lower the price again or just pay up?
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Do we renegotiate?
19 replies
PeachandBee · 21/08/2020 12:35
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