Survey report- run a mile or stick with house?

[Shadowboy]

Our needs are quite niche- we have horses so need land. This house has just under 4 acres and there aren’t many in our budget (they were lots at the start of June but none now...)

Anyway, finally the report came back after a full structural survey. 21 issues overall but the most serious is the roof. It’s really stressing me out because it sounds like it basically needs a completely new roof structure....

“Serious deflection to roof pitches which seems to be a result of fungal decay” which goes on to say “may need to replace the roof structure to the original two storey cottage”

He also explains that as the slates and timber are original to the 1796 cottage they are likely to be in need to a full replace as the slates are brittle so will crack when removed.

We have only kept back £10k from the deposit and could possibly borrow £15k if needed but that’s it.

The house ticks a lot of boxes and there is nothing else out there. I’m keen to pull out but the OH thinks it’s just surveyor speak for it’s not great but it will be fine for another 10 years or so...

Even before we had the survey the vendor asked the estate agent to tell us that they will not be reducing the price based on any issues detected in the survey.

What does the valuation say?

If the trusses need replacing then it is a lot of work. And if it is old and you want it to be in keeping then it is going to cost more.

The house was built in 1796..... so that roof is well over 200 years old. Probably safe to say that yes it will need serious work rather than minor repairs, but as your dp/h has said it might make another 10 years and your finances might be much better. There are a lot of ifs and maybes in the surveyors report which sounds like they don’t know and are hedging their bets against any comeback from you.
If you like the house, can’t wait then go for it. Sometimes you have to take a risk in order to get where you ultimately want to be.

The vendors have priced it to sell taking into account the issues which need fixing - hence why they are not taking offers. If you don't have the money to fix it I would reconsider. However it may mean you need to reconsider your priorities as you are saying everything else is outside your price range. You may need to move area to get what you need.

Can you get a roofer to look at it? They will be specialists and should be able to give you a more accurate opinion.

@Leah2005

The vendors have priced it to sell taking into account the issues which need fixing - hence why they are not taking offers. If you don't have the money to fix it I would reconsider. However it may mean you need to reconsider your priorities as you are saying everything else is outside your price range. You may need to move area to get what you need.

Interesting you say that. The cottage was for sale last year and didn’t sell. It actually took 3 months to sell during the current mini boom so it’s not a bargain by any means. There were 12 properties in our budget and criteria when we started looking in June- we went for this one due to curb appeal ultimately-now regretting it.

But in the 13 weeks since putting in the offer the other 11 properties have sold and the market is not dry. £500,000 does normally get us what we need but not at the current time.

*now dry - sorry!

@DrDreReturns yes trying to organise one now but it is still sat at the back of my mind stressing me out!

If it’s lasted that long it may be serviceable for another _ years until your finances are better. Do you need to spend money elsewhere in it or is it otherwise in good shape? I think you need to speak to the surveyor and get more information, often they are more candid by phone.

Get a second opinion on the roof from an experienced joiner and ask him how long he thinks the roof will last , and how much work it will need in the future.

Our survay came back similar, I think with a lot of older places the surveyor will pick up on the roof. It may well last another 10/20 years, the house ticked all of our boxes so we will press on. I wouldn't let it stop me, as long as there are no signs of it leaking.

Reduce offer or wait till next year to see what comes to market then.

I would get an experienced roofer in for a quote. He may say you will get another couple of years, time to save.

If it was that bad you’d see signs inside and outside. Get a specialist in, a quote for a reroof and likely timescale. Then you’ll know how long to save and How much.

Mine needed a new roof 15 years ago, did it last year.

I would get a specialist roofing company out to assess and quote - they will be able to tell you what needs doing when and cost involved. If its high it may still be worth asking for a discount even if they've said they won't come down. Ours said that when we bought and came down £10k in the end.

Get a specialist roofer in. One who knows old buildings. It will be worth the money. Yes,it may need fixing, but you don't know the timeframe yet.

Right now = walk away, 3-5 years - could stick with it?

We used to rent a large house, with a date in the fireplace of 1660. It had been added to over time, but safe to say that most of it was really old. As it was listed, we used to have (very) occasional inspections from the council's conservation officer. It was mentioned that it would be good to check the roof was OK, as we had had a busy road outside, and there was a chance there might be some movement.

Long story short. - there was a huge beam that ran the length of the house, and it was cracked, and had been for ages. The landlord finally got around to fixing it 3 years later ( we had moved out and bought another house by then). I'm sure it cost ££££, but we live there for 15 years, and it never dropped tiles or leaked. The whole roof still has that slightly sunk up-and-down look you often see on really old places, but it was never going to fall in. I'd back it over a new build!