Grade II listed - revised offer after survey

[badgerread]

I had an offer accepted on a property on the 1st December. It is a Grade II listed semi detached cottage, been on the market 15 months with no offers therefore hasn't gone to survey before. It was on at OIEO £400k and I got it for £410k.

Full building survey done (which I KNOW brings up everything). Significant issues raised are the roof which needs repointing at a cost of between £10 and £12k, 7 windows need restoring/repairing at (worse case) £800 each, front and back door needs repairing, shiplapping at front needs replacing, potential drainage problem at rear (need to have CCTV survey done to find out what is blocking the rear gulley) and plastic rainwater fittings need replacing at rear with metal ones.

I'm looking for a reduction of £25k. Vendor admitted to my surveyor 'the property was in really good condition when we moved in 16 years ago, we haven't done a thing to it)'

I appreciate it's an old building and needs maintenance but I offered before knowing what needed doing. What do you think my chances are?

Do you need to do the roof immediately? Could you wait a few years before renovating the roof and replacing the windows?

Awwww I’m really sorry! TBH sounds like the vendors are taking the piss, they haven’t maintained a property that is clearly a bit of a money pit yet demand top dollar, despite the lack of bidders. You’ll find something else you love!

Well the vendor is being very silly then especially in view of how long the property has been on the market. The same situation will only come up again with the next person and their survey.
It wasn’t meant to be and another property will come up for you.

The vendors are being silly, they can't expect a house that old to look after itself.

They'll be back knocking at your door soon enough.

People like them annoy me, why buy a listed property and do nothing to it.
They need extra looking after!

Thats a shame, a big ask for them to knock off 24k though.

That's a shame, wouldn't be surprised if they've had this happen before. There's always somewhere else and the market is pretty dead atm so its likely to stick around.

Have you seen this? I think you’ll find it interesting.

themovemarket.com/tools/propertyprices/beaulieu-cottage-north-parade-horsham-west-sussex-rh12-2qr

seperate thank you but I don't find those sites particularly useful as they just take into account the last sale price not any work that has been done or needs doing.

It says my currently property is worth £44k less than I've been offered on it and hasn't taken into account any work I've done. I bought mine in Jan 2018.

Very interesting. I’m just waiting for the property owner to pop up on another thread asking for advice after being unable to sell their lovely house for 15 months to be told a they need to powerhose the patio, rearrange the furniture, clear the kitchen tops or whatever, completely ignoring the fact that it always comes down to price. Knock off £25K here and you’d have a sale (or fix the roof and windows - all defects invisible to the casual observer).

I think you have had a lucky escape. Really doubt you would get the work done for anything like £25k on a listed building in that location.

I think the EA is at fault here for over estimating the market value of the house, I am still angry I listened to mine.

My house was a unique, listed II railway station, and needed renovating. Not another house to compare it with, 5 beds, 264 sq m with large gardens. The estate agent told me it would be worth 'at least' £600K when done. I had my own survey done and knew the roof/windows/damp etc needed doing, and listed it for £400K. I had buyers offering £50K less than asking, but I feel I had priced it taking the renovation costs into consideration. After two buyers withdrew once they'd done the research they should have done before offering, I ended up in a ridiculous negotiation with a developer and went to auction in the end :(

Did they ever get back to you OP?

hexa sorry for the delay. No they didn't. It's still on the market...