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Original poster

Should I walk away after survey

86 replies

coldcomfort02 · 15/09/2023 12:45

I had an offer of 140k accepted on an old 3 bed cottage in Cornwall. I knew it needed plenty of work when I viewed it however the level 3 survey has just come back with a very long list of major work, much worse than I thought. New roof, most partition walls need replacing, high levels of damp in the floor and walls, new electrics, new plumbing. The list goes on and on.
Not sure whether to renegotiate price with seller or just walk away. The problem is I’m a first time buyer and due to issues with the cost of renting I’m currently in an awful shared house which I hate and need to leave urgently. So I’m in a desperate position and need to move urgently and this cottage was my perfect dream place despite definitely bring a project.
The survey has made me feel totally overwhelmed, don’t have a partner or parents to talk to and my friends are not knowledgable on this stuff.
Any advice?

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Gribbit987 · 17/09/2023 02:29

The surveyor has phoned it in. A lot of that is standard spiel and much of it isn’t appropriate for a period building.

However, you should have expected rewire, replumb, roof work and glazing on a dilapidated property such as this. It’s all evident to a layperson. You should also expect costly surprises in a house that clearly hasn’t been maintained at all.

I think this project would be miles out of your comfort zone. I also think the house is a dud and it wouldn’t be worth the investment - it will cost you more than any return would be.

You’ve spent at most a couple of grand. It seems a big loss but unfortunately that’s how it works. I think you had a romanticised vision when moving forward with this property. It is a bad buy and you need to be a bit more savvy going forward. You’ve mentioned probate. Is it complete? This can be problematic as well. It’s just a can of worms and there’s a reason it’s pretty much the cheapest house in the town.

Your choices aren’t buy this house or stay in a horrible rental. There are a couple of nice flats at this price point and they would make a comfortable starter home for you. They just need cosmetic refreshing which I think is more suitable.

I’ve done a lot of period restoration. It’s a labour of love, it always costs more than you think and not every old property is worth the investment. This one isn’t.

Saschka · 17/09/2023 02:37

Looking at the house itself, I wouldn’t buy it - it’s going to need gutting and a total renovation. New plasterwork, new floors, new bathroom, new kitchen, new electrics, new boiler all obvious just from looking at the photos, even before you get to the survey. Maybe not the moment you move in, but to get it looking nice you’d need to spend £100k I would have thought.

Then the survey mentions damp and a potential new roof - just run.

lljkk · 17/09/2023 05:48

I don't think the survey is that bad. But then DS bought a property this year for a lot more & is spending a huge amount on it. Totally you should pause on this, don't rush into any decision.

The damp is obvious in the pics. The other things that grabbed my eye were

subsidence in the corner, what is causing that
asbestos survey? Do not under-estimate this cost/problem
What does survey mean about required insulation, I didn't understand that (made it sound like a legal mandate for buyer to install)
why does the plastic structure outside need removing
How bad is DG unit failure
Is roof problem why there is damp in house, is that why the roof must be replaced?

Houses like this are normally bought by builders & developers, OP. Not ordinary people planning to live in property while it gets work done. I like it too but it would be expensive to live in & possibly lose value if you don't sort those issues out. The survey says clearly it would be too difficult to live there while restoration work happened.

C4tastrophe · 17/09/2023 06:43

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Original poster
coldcomfort02 · 20/12/2023 09:28

Just thought I’d post an update for everyone who took the time to comment.
I did buy the house in the end! Paid £130k for it and been in a couple of months now and am super happy I did 😊
Found a fantastic local builder who has helped sort the damp issues for much less than I expected. Got a new boiler, a wood burner installed and re-wire completed as well. Got some big projects lined up, moving the bathroom and a kitchen extension but at the moment I’m just enjoying living in my cosy little cottage. Thanks to all who commented but sometimes you just have to follow your instincts.

Should I walk away after survey
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cathyandclaire · 20/12/2023 09:37

So glad you went for it. It looks gorgeous, so cosy.

BronwenFrideswide · 20/12/2023 10:11

What a lovely positive update @coldcomfort02. I was of the opinion you should walk away but all credit to you for persevering, I wish you many happy years in your cosy home.

EmmaEmerald · 20/12/2023 10:28

Thanks for updating!

I was about to say, that list doesn't say "essential" so it looked like arse covering to me as well.

It looks lovely.

ReadyForPumpkins · 20/12/2023 10:36

Looks great!

PercyPhelps · 20/12/2023 10:51

What a lovely update!

MovingToPlan · 20/12/2023 11:13

Ahh congratulations OP, happy for you!

We are buying a house that needs some renovations done to it, but it's a lovely house with so much potential we couldn't say no. I hope we have a similar happy update next Christmas.

Enjoy your lovely home.

dontbenastyhaveapasty · 20/12/2023 12:29

What a lovely update! Well done and many congratulations on your lovely home! And have a very happy Christmas (or, given where we both are, I should say, Nadelik lowen 😁)

LoveStHelier · 20/12/2023 12:37

What a great update! I’m so pleased it has worked out for you and it looks gorgeous.

Twiglets1 · 20/12/2023 17:23

coldcomfort02 · 20/12/2023 09:28

Just thought I’d post an update for everyone who took the time to comment.
I did buy the house in the end! Paid £130k for it and been in a couple of months now and am super happy I did 😊
Found a fantastic local builder who has helped sort the damp issues for much less than I expected. Got a new boiler, a wood burner installed and re-wire completed as well. Got some big projects lined up, moving the bathroom and a kitchen extension but at the moment I’m just enjoying living in my cosy little cottage. Thanks to all who commented but sometimes you just have to follow your instincts.

It looks lovely, thanks for the update 😀

gazingatgoats · 20/12/2023 17:51

Wow! It looks so lovely and cosy, well done you Smile

morechaimama · 20/12/2023 18:00

Oh that's gorgeous I was about to reply saying that the survey isn't that bad (I work with old buildings and the survey on the one I live in was very similar to yours) and to go for it!

Well done for being brave, have a very lovely Christmas in your beautiful home.

Mumaway · 20/12/2023 18:02

If you thought it needed work and have finances to do it, maybe ask a builder or two for quotes and advice. You can then use that to help you decide if it's a walk away or renegotiation.

snackprovidersupreme · 20/12/2023 18:07

It looks gorgeous! Congrats!

Whattheheckcarer · 20/12/2023 18:10

Stunning - well done.

I'd get that post with location on rightmove removed.

Daftasabroom · 20/12/2023 18:16

Walk away.

RandomMess · 20/12/2023 18:20

Congratulations, it's lovely Xmas Smile

Original poster
coldcomfort02 · 20/12/2023 20:33

@Mumaway Lol you’re late to the party…I’ve been living here two months 🤣

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Original poster
coldcomfort02 · 20/12/2023 20:35

Daftasabroom · 20/12/2023 18:16

Walk away.

🤣🤣

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orangegato · 20/12/2023 20:35

Surveys are known for exaggerating, is it really that bad? The price is very low.

Original poster
coldcomfort02 · 20/12/2023 20:36

Whattheheckcarer · 20/12/2023 18:10

Stunning - well done.

I'd get that post with location on rightmove removed.

Thanks. Yes was very unhappy they did that as not very safe so will be making a complaint about the poster

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