Home Buyers Report says possible asbestos - can I renegotiate the price?

[Redandyellowbits]

Hello, this is a bit long, but I am a (nervous) single buyer, I have young children, but for the first time post-divorce I am buying a property and making the decisions by myself. So any opinions would be welcome.

I am buying a 1930's house, which needs extensive work done - rewiring, replumbing, timber replacement throughout. I have people already on board to carry out the work following completion.

The vendor is a single older woman, she has not carried out much work on the house since they first bought it 40 years ago, and extended 30 years ago.

It's a 4-bed in London. The house was on the market for £690k last year, and had an offer which fell through, (I am not sure I believe this though). It then went on for £655k, and sat on the market for around 6months +, with no offers. I offered £630k, bearing in mind the work needed, and we settled at £635k.

My mortgage providers agreed to my mortgage without valuing the property - they carried out an online valuation. So I got myself a Home Buyers Report. The results of this were pretty much as expected - lots of 2s and 3s:

2s - chimney stack pointing and brickwork, the roof has no felt lining, leaking pipes/gutters, repair rendering on outside walls, timber is rotting/softening in places, Vermiculite in ceilings (therefore possible asbestos), insulation below recommended levels, some loose floorboards and cracked floor tiles, minor bathroom repairs needed

3s - windows lack FENSA certs, back door lacks safety glass, ceilings and walls have polystyrene tiles (fire risk), timber work needs replacing, rewiring and gas inspection needed, boilers x2 needs servicing

I plan to address the 3s before I move into the house, which will take all of my available budget, and will work on the 2s as time/money allows.

But am wondering if the possible asbestos is a cause for concern? I know this is safe if it is left undisturbed, but as we will need to disturb the ceilings to remove polystyrene tiles, and for rewiring/plumbing, if there is asbestos present this will need to be removed. Do I have reasonable grounds to ask for a further reduction in price? Instead, I could ask her to have an asbestos surveyor before the exchange?

I am hesitant because I already have agreed at £15k under asking price, and the asbestos issue was 'only' flagged as a 2 and not an immediate concern. My survey has cost me £500 so far, so I don't want to throw more money into this if it is a no-go.

Ideally, I want the house in my name by Sept (even if I move in later), as I will be applying for schools shortly after. The vendor has a property she is itching to move into, which she is also stretched her budget for. She is putting pressure on to keep things moving, which is fine - we both want it done quickly, and I have good responsive solicitors. Hoping to exchange at the end of the month once surveys are back, although this is a bit of a moving target.

I would like to be fair about this, but as I am a single buyer with young children I do need to be sensible about this. Any thoughts would be welcome.

Can you obtain a quote for asbestos ceiling removal? This might guide your decision

Renegotiation is really only justified for items which are unexpected and were not apparent when viewing. If you are buying a 1930s house untouched for 30 years and requiring extensive renovation, then asbestos is to be expected, especially in ceiling tiles which are easily seen.

If you asked me to renegotiate on this basis, I would refuse.

I’d get a full structural survey and also explicitly ask did any other prospective purchaser get to survey and then withdraw. Legally they have to tell you.

For a house that old and poorly maintained on top with a suspicion of anything at all including asbestos you’d be mad to proceed without further investigation.

If you are buying a 1930s house untouched for 30 years and requiring extensive renovation, then asbestos is to be expected, especially in ceiling tiles which are easily seen

The (possible) asbestos is in the loft insulation, I couldn't see this as she doesn't have a loft ladder (and I am 5'2") and she had said her loft was full of suitcases and boxes to be cleared out.

I have spoken to my conveyancer and we are going to be requesting an asbestos survey to be carried out before proceeding.

Can you obtain a quote for asbestos ceiling removal? This might guide your decision

I spoke with a company this morning who have quoted £6-10k, as its vermiculite insulation which is pebbly, and not layered insulation which is easier to remove.

I'm really hoping it is not asbestos...

rotten wood? Water leaks? lack of maintenance for decades? 2 boilers? shocking insulation?

rather you than me and that is without the asbestos...

3 bed 1940s semi here.

To replace ceilings, re wire, central heat, new doors and windows has so far cost over 40k

And that’s not looking at London prices either.

The (possible) asbestos is in the loft insulation, I couldn't see this as she doesn't have a loft ladder (and I am 5'2") and she had said her loft was full of suitcases and boxes to be cleared out.

Fair enough - in a more modern house that might tip the balance, but still with an unmodernised 1930s house, as a vendor, I'd tell you that some potential asbestos is par for the course.

I think you're doing the right think getting the survey done, but don't be panicked into expensive remedial actions. Asbestos contained in a solid matrix is harmless unless the matrix degrades or is disturbed. Asbestos containing vermiculite can be nasty stuff - unless it is very well contained in an area which is not going to be disturbed, I'd probably have that removed.

Asbestos continued to be used in ceilings, as about 2% of the mix, especially in textured artex ones, until at least the 1990’s. So it’s a potential problem in huge numbers of houses, not just pre-war ones.
I’d be concerned if you were having ceiling work done while you were actually living in the property, but less so if it was done by professionals before you move in.
You can have the place surveyed and specifically tested for type and location of asbestos, then discuss remedial costs with the vendor.
But there sounds so much else wrong with the place, you could be buying a rotten money pit, which will take years and thousands to put right. Are you sure you really want the place?

I’d be concerned if you were having ceiling work done while you were actually living in the property, but less so if it was done by professionals before you move in

I'm not planning to move in until after all of the work is done, and the property is habitable - we are luckily living with my parents for now so that is not an issue. The builders/plumbers/electricians are all people my family have used before and are trustworthy - they are ready to start work as soon as I complete.

there sounds so much else wrong with the place, you could be buying a rotten money pit, which will take years and thousands to put right. Are you sure you really want the place?

The house is around 70k less than comparable properties in the area, and size of bedrooms plus local school are my main priority, so there is very little choice on the market at the moment. At the moment I am hoping the work with cost around £50k, although I can borrow more if needed. I am planning to do the essentials for now, and the nice to haves will come at a later date (in a few years time).

I spoke with the surveyor today who thinks it is unlikely to be asbestos based on visual inspection but recommends a survey nonetheless which I think is sensible.

Thank you all for your replies, I thought I would post again and let you know what happened. I decided to order an asbestos survey in the end - this cost me £180 incl VAT, and they tested 5 areas for me. I got the results back on the same day - all of the sites (including the ceiling insulation) came back negative, so I am very happy! Thank you all for your input.