Sorry, this is really long. TL;DR - dream home. DH &I Would happily live there until we die. Loads of hidden issues including asbestos. Worth proceeding at a discount or just walk away?
-
As house prices rose this year, we found ourselves in the very fortunate position of being able to sell our house, pay off the mortgage and downsize a bit meaning we'd be insured a bit against possible job losses post-covid.
Our criteria were somewhere in easy reach of the kids schools, two bathrooms, and a back garden. And then we found the dream house. It didn't fit any of the criteria, but we walked in and felt at home. It's an untouched midcentury masterpiece, with a real sense of calm and peace. It's not listed (yet) but on the council's local list of properties of significant architectural interest and in a conservation area. (This becomes relevant later)
Our offer was accepted and we thought we could use savings, and extra money from no mortgage to convert the garage/put in a small extension to get an extra shower room.
We expected it would need a reasonable amount of work, and survey confirmed this but also said it needs a new roof. The roof is the shape of a wave and is clad in weathered copper. Finding someone who has the expertise to do this has been tricky. Not one roofing company has been able to even source the amount of copper required, and even if they could, the cost would be prohibitive. There would also likely be all sorts of council dealings and delays to get the roof looking as close to the original as possible, whilst also meeting current building regulations.
So far, so good-ish. We fix the roof, and have to wait for a downstairs toilet etc.
Today we have found out after our solicitor chased the vendor's solicitor for a missing seller information pack that there isn't one. The property is being sold as seen. No questions answered. We kind of understand. The elderly owner has gone in to a home and her adult son, who lives at the other end of the country probably has no idea when the boiler was last serviced etc. On the other hand I'm fuming that no one thought to mention this until AFTER we'd had a homebuyer's report done rather than full survey, and we'll be stuck with a load of unwanted furniture including a sodding grand piano!
On top of that, I've just heard from the asbestos surveyor that the place is riddled with the stuff. Debris in the attic, it's in the air vented heating system, the kitchen cupboard, the airing cupboard and probably the ceilings and walls but as we don't yet own the property, they can't do destructive tests to confirm it.
The 'hidden' work that needs doing is now heading for 20% of the purchase price, we'd have to rent whilst it was being done, and it's likely to destroy many of the original features we love and wanted the house for.
So what would you do; walk away and find another house that would never live up to this one (I'm not really being melodramatic, this house is utterly unique and all the other housing stock round here are variations on a theme) , or try to renegotiate on price and try to salvage the dream?