Argh why would you do??
Sold my house in August and had an offer accepted on a cottage in a village I really like, it’s taken an age to get here, about ready to exchange, all searched back, contracts ready and mortgage offers in.
I’m selling to FTB they have been very patient as I had to find somewhere first etc, then everything taking weeks etc
My sellers live overseas, nothing to buy. When I viewed th house it stunk of damp, agent pretended to not notice, but it’s been empty a year.
Anyway loads of issues, polystyrene wallpaper, fire risk needs removing, so damp plaster is likely to fall off, small flat roof extension on the utility needs replacing, bannister dangerous needs fixing, I’m ok with all that. Loose brickwork in the attack and non breathable insulation causing issues needs changing but might be hiding issues. Surveyor warned brickwork loose and needs urgent attention. Sale price reflects some bit not all work but once completed would get me to the top end of value, love the cottage so think it’s fine and worth it
Mortgage offer comes in, with a retention holding back £5k and will only pay full amount when chimney is fixed, turns out it’s dangerous and unsupported, at risk. Phoned surveyor who agrees, she only refers to it but in not too much detail in the report, on the phone tells me the asking price is too high when the cost of work in factored in. It’s unlikely I’ll get it back. Also needs heating. Which I knew.
Vendor won’t budge on price, we were ready to exchange, with the additional urgency, it’s been vacant a year and shifted/deteriorated in the last few months.
Walk away yes? Nothing else on the market. I’ve no choice have I, it makes no sense unless they reduce the price. Surveyor warned I’d need to have it years to make any money to cover my outlay in line with natural house price rises. I want to sell in five.