Second viewing has uncovered issues - what next?

[Olivea17]

We have been for a second viewing on a property we are in the process of buying. The vendor mentioned a company who had been to check the loft after we noticed a dip. We called the company and they actually shared their quote for the work required. The quote is £14k. We are now wondering if we a) go back and ask for a reduction in the price based on this b) pay for a full survey to back up the claims c) buy at the current price as we paid lower than the asking price (however our original offer was made without knowing about the work needed to the loft/ceilings).

You can always ask for a reduction in price and the vendor can always say no. A full survey would be very useful.

What price you agreed in relation to the asking price is irrelevant. However, it's important that once you've spent money on the house, the value will go up and you won't be out of pocket.

Its normally best to get a full survey when buying though if you would walk away if they don't reduce price maybe ask for it now. Its normal for a house to have some issues on a full survey, its just what you can live with and price. Odd they have a quote, has another sale fallen through? I wouldn't proceed without a full survey.

I was thinking it was something that has come up when they had their survey as they’ve only lived there a few years. I don’t think so, it had only been on the market a couple of weeks before we made an offer so doubt they had enough time for someone to offer and then find out?

What is the quote for exactly? £14k is steep some lofts can be completely converted for that!

It is a 200 year old house, the floor joists have given away in a large roof. They all need replacing plus two lath and plaster ceilings. There were other bits and bobs around too.

Unless you have plenty of money knocking around, and you can get a price reduction, I wouldn't touch this with a bargepole. Well, okay, I would if it was a chocolate box pretty cottage and the finished article would make a lovely home, AND I had spare money to do it. But those jobs sound quite major, and starting work on old properties often uncovers even more alarming things as you go along. Your costs could easily double or triple. Is it listed?

Is it listed? Sounds like a money pit. Probably not worth it unless you'd prioritise the period and character over money.

OP, exactly the same thing came up in the survey I had done on a 200 year old property which I had put an offer in last year (a 10cm dip in upstairs ceilings). I backed out, the vendor offered a £10k reduction, I agreed, completed the sale and the repair work cost a fraction of what was quoted.

I highly recommend a full structural survey and barter on the price, even if a sale is already agreed. Obviously not ideal, but if you're happy to get the work done and buy at a lower price then go for it, I say! Good luck!!

No it isn’t listed but it is beautiful and will be our dream home. We want a period property so know there will be some issues but we think the character outweighs that for us. We were planning to convert the loft into a bedroom anyway so the work wouldn’t be something to put us off. We are planning to do lots of the work ourselves but as you say, don’t want to uncover a load of other work at a later date. The vendor has only lived there a couple of years and had a full structural survey when they moved in. We get the impression if they were told masses of work needed to be done when they purchased, they wouldn’t have bought it. The previous owner has maintained the house very well, damp proofing, full joist replacement on the ground floor, window refurb etc.

Has the vendor offered you a copy of their full structural survey to read? Plus confirmation of any works completed to rectify problems flagged up in it? I would definitely be wanting to see that survey if I still liked the house, plus having my own structural survey completed too with the surveyor being instructed to pay careful attention to any works completed as a result of the previous survey! This need not be a deal breaker!

Definitely get your own survey done for your own insurances purposes. It doesn't cost a lot in the grand scheme of things. In your situation I'd get that done sooner rather than later, leave the searches etc until you know you want/can proceed. If looking to covert the loft mention it to your surveyor and they may be able to suggest this as a remedy in the report. I'd specifically also want my own quote on the loft repairs for peace of mind.

You need a full structural survey on that house. When you have had the survey done and studied its contents, you then need to get estimates for any major work/issues that are flagged up in the survey. If you are looking at £14k plus for remedial works, you should be reducing your offer quite considerably.

We get the impression if they were told masses of work needed to be done when they purchased, they wouldn’t have bought it.

And yet they are selling it after only a couple of years!

Get a full structural survey done.

I haven’t told you the reason for them moving so soon. They had an elderly parent who lives far away and they are moving to care for them, not because the house is falling down.

We are booking a full survey now. Wondering if we should also book a damp and timber servery too. We’ve already paid for the searches unfortunately.

Don't book a damp and timber survey unless the full survey recommends you do....

Also bear in mind, I don't know them, people may say one thing but it doesn't mean it's true. The only way to cover your own back is to do your checks properly via survey and searches etc. It'll then give you a good basis for renegotiating.

I would do full survey first and see what surveyor says about further surveys.

Thank you very much. We are wondering if we test the waters now regarding negotiation with the knowledge we have and the quote provided as if the buyer isn’t willing to negotiate we would then know it is likely if any issues come up on the survey that we would need to decide whether to take them on the chin or walk away.

I would maybe ask for a copy of their survey if they only had it done a couple of years ago. Would be interesting what they say to that. They could have bought without a full survey. I also check Land Registry, its £3 online and you can see if they have a mortgage. A cash buyer can buy with no checks, a bank will only allow certain purchases though there checks are basic but more than none. I would let EA know you have found out about work but await more info before deciding re price.

Would still get a full survey if you are interested.

They maybe moving for an elderly relative but may not be only reason. I love old houses, live in a 500 year old one, but there can be quite a lot of maintenance. Would still choose character anyway but you do need savings to fund work.

Thanks PenguinsRabbits, we do have savings but we were hoping to do new kitchen bathroom etc with that money and obviously hadn’t budgeted for this additional work when making our offer. Does it seem cheeky asking to see their survey?

I think its fine to ask, not a routine request but not unreasonable at all given circumstances. I have never asked but that's as where I bought was previously bought 20 odd years ago in all 3 cases. I wouldn't mind being asked though 2 out of 3 I got only basic survey. We bought here with basic survey but then almost straightaway found out we needed to spend £20k repairing thatch. Would still have bought it at same price but still would have been more sensible to get full survey first. Surveys often point out as essential more than actually is but still it prepares you. Our full survey of last house said new roof needed as didn't meet building regs, got builder out and he said wasting your money and we had no issues. Still we got £10k off for it.

Would it better go get a full survey done first? We offered on a period cottage once and after the survey came back it also showed up quite a few issues. The bank then refused to give us a mortgage unless the work had already been carried out and the owners of the property refused to do it. They did offer to lower the asking price but it really didn't help, so finally we ended up walking away.

Full survey.

Then get a ballpark quotation on all the work needed, and split that between 'things you might reasonably expect and had factored into your offer' (in our case, a new boiler, and the need for new kitchen and bathrooms) and 'things that are a surprise' (terrifyingly dangerous electrics and poisonous plumbing)

Ask the vendor for all of the work required off in 1 go - don't try to nibble off bits at a time. We submitted the survey and a spreadsheet of estimates to the agent and AFAIR the vendor as well when we renegotiated.

We ended up having the full cost of the 'unexpected' work taken off the price - but that was because we made it very clear that we had no more 'money in the pot', and we would have had to walk away otherwise. This was the truth, not a negotiating stance, and was sucessful because any other buyer would have come across the same issues (unless they were mad enough not to do a full structural survey - but IMO anyone who doesn't have a full survey on an older house is barking.)

Do remember that surveyors are very risk averse. If they say a problem MAY occur, it's probably fine. But if they say the electrical installation IS a death trap, believe them.

(Oh, get quotations from tradespeople agreed by the agent or vendor if you can. Our agent was also a [rather posh] letting agent, and recommended a plumber and electrician that they used, so they and the vendor could not argue that the estimates were inflated)