Repairs from survey estimated at £15k! What do we do?

[CookMeDinner]

First time buyer here, so please be kind!

Our survey came back with a couple of signifanct things and the estimates we got for the work needed were around £15,000. Can we ask for that much off the price?

Our original offer was asking price and this issue wasn't known at the time (at least not to us). We're in an expensive area, so the asking price was near the top of our budget to begin with (£800k) and we'd rather not have to absorb the repair cost. Seller is moving abroad and keen to close in a few weeks.

Are we justified in cutting that much off the price?

15k off 800k is not that significant

How urgent are these repairs and is it visible on viewing ie. Slates missing. Surveyors often overstate the necessary work. It is normal to expect to spend at least 1% value on maintenance pa.

What are the works required and are they urgent? Depending on what it is it maybe worth discussing a reduction in price.

Depending on timescales it may not all have to be immediate works and you can spread the cost. When we moved to this house we knew the conservatory was at the end of its life and needed replacing but we managed to keep it going in okay condition for a couple of years until we could afford to do a proper extension

Can you share what needs doing according to the survey? Surveys nowadays are full of disclaimers and pointing out things that might need doing in the next x years. Meanwhile they don’t often cover big ticket items like the roof ‘it was a windy day so inspection was not possible etc’. There are items that might need doing immediately (get a reputable contractor to visit the property and provide an expert opinion as to the cost/urgency) but often it’ll be items that may require replacement in the next 5 years and they have to point out those things too. Unless it is a new build, you’ll have to get used to unexpected costs which can be mitigated by planned maintenance (getting the gutters cleared annually for example).

The works are structural and were not visible in the initial viewing. We don't think the sellers knew about it either, but the surveyor and the builders who have looked at it all agreed it was something that should be remedied in the short term. For peace of mind, we'd want it done as soon as possible. Also for convenience, as we don't want to move in, then need to move out of the room in question in a few months to get the work done.

To me £15k sounds like a big chunk of money, but it's less than 2% off the original asking price, and with a solid reason for asking for the reduction.

You can ask but they could say no. We asked for £10k off a £820k offer the seller said no and was happy to relist it ( it sold above asking after 1 day of viewings). We reasoned it was a drop in the ocean over the life of a mortgage and we wanted the house so we exchanged.

Chances are if you can't afford the £15k buy a cheaper house because issues will always arise and given the increases in costs we'll all need wiggle room.

Ask the question. £15,000 is a lot of anyones money regardless of the price you're paying.

Be prepared for them to say no but yes, absolutely you should ask for the cost of the work required off the agreed sale price.

Given the current circumstances re cost of living / energy prices etc I wouldn’t want to be offering the very top of my budget - especially if your worried about another £15k. I think it’s a bit of a recipe for a disaster. Just my personal opinion. You could find yourselves seriously struggling especially as first time buyers. There are always things going wrong with a new house that requires more money than you think!