To pull out of the purchase?

[whatmilly]

We're in the middle of buying a property. Offer accepted/ mortgage approved...

We've had a surveyor around the property last week and the report is shocking. It would cost us at least 100k to fix all the issues such as

Roof structure
Windows
Electricity
Heating
Water heating
Etc

I am thinking of pulling out of the deal and start looking at other houses. It's a shame as this house ticked all of my boxes apart from the amount of unexpected work. Don't get me wrong I expected a few things to "need urgent attention" but the entire report is in red. A few things in amber and just 1 green.

Have you ever pulled out of a purchase and did you regret it or was it the best decision? It's so hard to decide as I can't see ahead in the future 🤣 I wish I did

Tia x

It's perfectly reasonable to back out if you haven't signed a contract to purchase it yet. If you have, things are more complicated.

Why wouldn't you pull out? People do it all the time, especially if there are significant problems.

We’ve pulled out of two purchases in the last year due to surveys. First house had concealed damp everywhere plus roof issues, the second house had a major extension with no building regs or planning permission. It happens a lot. If you can’t or don’t want to take on loads of work it’s best to pull the plug asap and move on.

Not unreasonable if it really is that bad - but how many are "might he's" and "could be's"? Surveyors tend to cover themselves in the report. Have you spoken to the surveyor on the phone about it?

Yes we have not exchanged yet

I think we will have to pull out as we don't have the money to invest in changing all the above. Just hope we won't regret it. It's so scary as it's such a big decision.

Thank you. We have a telephone appointment tomorrow morning to try and get a better understanding but it seems there are roof & walls structure concerns flagged as red and that's what scares us the most

I expected a few things to "need urgent attention"

Was the property priced to take into account the urgent repairs?

It's obviously more work than you were expecting, so be honest with the vendors, then pull out and look for something else.

Oh wow that sounds like a nightmare.
Hope you've found something else since.

Thank you though. It's reassuring knowing we're not the only ones

Don’t think twice about pulling out! There can’t be that much wrong with the property without the vendors being aware of at least many of the issues and they will just have to price accordingly.
Dh and I pulled out of buying a beautiful newly renovated Victorian end terrace years ago because the survey report was like a novel. When we told the mortgage broker we wouldn’t be taking the mortgage yet and why she knew exactly which house we were talking about and why. She couldn’t believe the estate agents were still showing it to people.
You don’t owe these people anything and the way things are going right now, property prices could well drop and you’d be even further out of pocket.

Yeah I'd pull out. Although surprised you didn't get a home report before putting an offer in, but guess it's different where you are.

Depending on the survey the mortgage company may not lend the money to buy the place anyway , if it's not worth what they are prepared to let you borrow .

That's why you have a survey before you sign a contract to purchase.

Do you want to undertake a huge expensive programme of work and / or overpay for a house which you made an offer on at a specific price based on your belief that it was in better condition than it is?

I once didn't pull out of buying a house and regretted it.

You can see enough of the future to know you'd be taking on major work if you bought it - and there is a good chance other things may be discovered once you start. What I think you might mean is that you are afraid of making a decision or making the wrong one. I'd be afraid of buying that house.

If you are that unsure and unclear in your mind about a house in that state, you are also very likely to overpay for it out of lack of experience, confidence or naivete. And that would be a serious mistake.