Survey has come back and it's bad news :(

[CinnamonStix]

We've just had our Home Buyers Survey back and it's not looking good. We knew that the house needed work (installing GCH, new combi-boiler, new bath suite, guttering etc) but the survey has now listed the following, on top of that:

• New roof (they're original slates)
• Render (ie paint work. On the outside of the building needs alterations)
• Note of Asbestos Soffit boards
• Inspect timber for infestation (it's an old house, 1930s)
• Japanese knotweed in the shrubs out the back garden
• The house is sitting on subsoil (which might cause subsidence, although it's a terraced house, so not sure how likely this)

Obviously the report goes into more detail, which I haven't gone into. The amount agreed at the moment is £159,000, the surveyor has said at current market value it should be £150,000, and in his opinion (given the work that needs to be done) it should be £144,000.

I might be able to get money off the property, but is it realistic the vendor would sell it at £144k, bearing in mind it's a probate house? Does the amount that needs to be done outweigh the pros of having the house? How much will it cost to get each of those things fixed?

Ah yes pendeen I meant that if the surveyor said the subsoil is likely to cause subsidence it is 99% certain it's a clay soil. There are other types of subsoil. I would agree the surveyor's wording is pretty poor.

JKW and unmortgagability / insurance due to it would be something i would research VERY carefully before doing anything else.

On all the other work - what we did (when we offered well below asking price on our current house but the survey was even more frightening than we thought) was to get an outline quote for each piece of the work from tradesmen recemmended by the letting arm of the estate agent.

We then sent in a spreadsheet basically saying 'we knew house would need x and y, and our original quote took that into account (fortunately we had put that in our original offer to explain why it was low), but now it needs a, b, c and d as well, total cost this, so we have knocked that off our offer as well. New offer is therefore blah..'

It was accepted (HUGE discount on original price) and the estate agent said that our 'fact based' approach was what worked. They said that had we gone that low just based on the survey, it would have been turned down. It was having the itemised list of what needed doing, from reputable tradesmen, that clinched it.

If the house has been going through probate then the vendor will want rid, if it was me I would go back at £135k.

I think the roof needs a lot doing to it - the surveyor went into great detail about it on the report, which I won't type out here I think it'd cost something between £5-7k for the roof, which is a lot considering I didn't account for it.

I'm not hugely concerned about the subsoil, as most of you say, the house has been standing long enough. I think it was probably standard procedure to include that in his report, just in case.

Thanks teacherwith2kids, an itemised report sounds like a good idea if we decide to go through with it. Though as it stands right now, I don't think we're willing to risk it with the Japanese knotweed. It wasn't our plan to make this our 'forever' house (we're first time buyers) so I think we'd be risking and investing too much.

Though saying that, we're still visiting tomorrow morning to check it out, as we haven't seen the Japanese knotweed yet. So I guess watch this space.

Damp? Would be worth putting a damp course down if foundations on soil? Doesn't have to be expensive but can be a pain!

Jkw, yes it's fixable but takes years and years of treatment, you sure you want this house?

I admire your courage but you are taking a lot on for first time buyers. I'm not terribly experienced with renovating houses, having only done two, but neither had the list of problems this one does and there was still plenty of work and stress involved in renovating them. You are obviously looking for a project, which is great. I think it's the only way to progress on the property ladder at the moment. I think you need to have a clearer idea of what your profit could be. This house sounds like you will plough lots of money in for little return, or even a loss. You need to think with your head as well as your heart. Are there no other houses you like with fewer problems?

AKissIsNotAContract the market where we are is a bit stagnant at the moment, with sellers wanting the most for their money so they're still advertising for more than the property is worth, and buyers offering less as it's apparently a 'buyers market'. No one is willing to meet in the middle, so it's difficult. This was the 23rd house we'd viewed and 6th house we'd offered on!

We've been to the house this morning and DH found the Japanese knotweed right at the back of the garden, forcing it's way through the patio. It's not where the surveyor said it was (he said it was in the shrubs) but this just says to me that collectively we've identified it in two parts of the garden.

We've taken the decision to pull out, have already spoken to the agent (who hadn't ever heard of Japanese knotweed believe it or not!). Mixed feelings now, part relief and part disappointment. Guess we better start looking for no.24 to view!