So we have been on and off the market for a year and a half, trying to find the right house and have our sale line up with our onward purchase which they finally have, but now I think we will end up walking away.
We found a house over budget but just about doable, it's in a nice location, lovely big garden, detached, driveway for 2 cars and 5 bedrooms making it bigger than any other house we had seen, but it has a cellar prone to groundwater flooding.
Of course we were concerned about the water issue in the cellar, the owners said there was a spring under the house but claimed they were fine using a sump pump from time to time. We went ahead and offered hoping that our minds would be put at ease.
We were able to get our mortgage offer but enquiries with the council, water board and environment agency showed that they were unaware of a spring or a particular flood risk for the house. A cellar company that agreed to have a look said that there was a well under the house and likely a perched water table and suggested a cell membrane drainage system coating 15-20k but doing that wouldn't make the room habitable as it's too low.
The building survey didn't seem too concerning other than wood rot, but our telephone call with the surveyor was. He said that even if we could afford to do the house up, the flat roof 2 storey extension and flooding cellar in particular would put future purchasers off and neither of them would be matters you could fully solve. He said there were a lot of risks and if it were him he wouldn't buy the house and suggested that for us to have a fighting chance we would need to get it for 25-30k less than we offered.
We contacted the agent about a reduction but because the cellar was a noticeable issue they feel it doesn't warrant the reduction suggested. Because the house is at the top of what we can afford we need to know if our circumstances were to change we would be able to sell it without having to wait ages or make a big loss, I also worry about the ongoing risk of water damage even if you install a system to try and keep it at bay or the risk of flooding which would also mean unaffordable insurance premiums.
I appreciate the sellers probably think we are being a pain and I do feel bad. Our revised offer was at the price the surveyor suggested to us on the phone, he has apparently spoken to the estate agent also but they don't believe the survey itself (which didn't alarm us much either) or whatever he has said warrants such a reduction. I think we ought to walk away based upon what the surveyor has said and the fact we would never have full peace of mind about the flood risk but I worry we won't find such a big house elsewhere, also we will lose our buyer and be back at square 1, plus our daughter is meant to start school this year so I had hoped we would have exchanged this summer so we knew what was happening address and school place wise.
I know I will worry about any house move as it's such a big step but I guess I just want reassurance that we should walk away, the house would be too much hassle, it's all meant to be and things will work out in the end.