Buy or Not to buy confused

[zomoxos]

Our offer 500K has been accepted for a 3-bed mid-terraced house located in London, the property has a ground floor extension (small room). The property requires a laundry list of refurbishments.

Boiler
Radiators (pretty outdated)
Carpet for the whole house
Bathroom
Two rooms have popcorn ceilings (potential Artex)
Water is slow and still connected with Tank in the loft (this need to replacement)
Loft insulation.
As per the survey, roof might require replacement in the next 5 years
As per the survey, windows are not energy efficient and need to be replaced.

We have kicked off Solicitor and Conveyancing process and search results revealed

Property title is only a Limited Title Guarantee
The rear extension has no building regulation certificate
No gas or electricity certificate will be provided and it's our responsibility to ensure to check this.

The solicitor suggesting to proceed with title and extension with indemnity policy, but we thought let's pull this offer. We like the house and has the potential and close to the school, and other amenities but as first-time buyers we felt too many risks involved in this transaction. So we are a bit confused at this stage as we have to spend 30K to 40K for the renovation then we don't know what issue could pop up at the same time above the legal issues as well.

Could you please advise?

Thanks

Thanks. Responses are mixed and confused 😊

1. Bathroom makeover (8K to 9K)
2. Carpet for the whole house (I don't think expensive might be 3K)
3. Wallpaper removal and Painting (which I plan to do myself)
4. Replace the old boiler with a combi boiler (I got the quote of 3.5K to replace and remove the old boiler and tank)
5. Radiators again have to take a call whether need replacement (When I check with the plumber he said both boiler and radiator would cost 6K to replace).
6. Water tank is confusing as per @C4tastrophe expensive job. I will enquire about this.
7. Windows I will plan next year (I will monitor it this winter and then take a decision) - Wait and Watch
8. Kitchen cupboards need paint and bits and pieces to look nicer (cubboard s are nicer and stronger). Plan to replace counter top and cooker and rest of the cabinets looks fine and empty cabinets will be filled with appliances.
9. Popcorn ceiling (as others suggested leave it for the time being as I don't see any broken) -Wait and Watch
10. I believe when we replace the boiler we will get a gas certificate.
11. Electricity - worth checking (I don't know how much would cost to rewire?)
12. Roof - I can see adjacent houses are in similar condition no roof replaced yet- Wait and Watch

Overall I am thinking of 40K to do the immediate stuff. Wait and watch might be not immediate and plan to do it after a couple of years. Is this plan make sense? or am I missing something which requires a budget? Could you please help?

Thanks all for your valuable suggestion. Cheers

When I got an electrical survey done the house didn’t need rewiring but it did need a minor job before it could get its pass for an electrical certificate. The sellers paid for this work (under £300). So it might not need a huge amount done but till you get the survey you don’t know.

I was thinking about waiting for the roof but what put me off was the difficulty of getting quotes and work done at short notice if tiles did go and water was getting in. I’ve been able to take my time researching companies instead of doing it all in a panic because water is coming through the ceiling and causing damage.

@Diymesss thanks. I too thought the same, whether I have to replace or wait and watch. This property is mid terrace both the left and right roof looks exactly similar. So I am thinking of not a threat now and may have a life of another 5 years + .

I think you need to separate what you want to do and what needs to be done. If it's priced £70k under comparable and is bigger (so they aren't comparables?) It sounds like work is priced into the sales price.

Things like bathrooms, kitchens, carpets etc can be done when you have the funds if they are serviceable.

The boiler, extension and electrics are where you likely need to focus your concern. If the extension has been up a long time- does ir predate planning? It's unlikely you'll be asked to oull it down if it has been up so long, but the insurance sounds like it covers it.Sounds like the limited title insurance is a risk but possibky worthwhile.