Should I pull out of the purchase

[Barnets5pSlots]

I have just received my level 3 survey back for a pre 17th century home that I am purchasing. The survey advises to proceed with the purchase with caution. It raises concerns about damp in 3 separate rooms (and pictures of crumbling wall) and in the floor; inappropriate electrical wiring; woodworm; rotten door and window frames and rotten cladding; inadequate roof membrane and a bowed ceiling. There are some other concerns too. Does this sound like a lot to negotiate about/get sorted? I’m unsure whether I should just withdraw from the sale. I’m a single parent with 2 jobs and wonder whether I’m setting myself up to fail with this

I certainly wouldn’t. You don’t need somewhere perfect but you need somewhere safe for you and your kids

Absolutely. We had a similar survey. We pulled out and went with another house.

This really doesn't sound like the right house for your situation.

17th century property, tbh I would probably expect a very cautious survey.

Unless you have very deep pockets then you might be best to pull out.

Is the house listed? If it is it’s an even bigger headache. I wouldn’t buy it either way (I live in a 16th century grade 2 listed house). You have to look after them and if you don’t (which the seller clearly hasn’t) the repair bills can be extortionate and the red tape frustrating. In your situation I’d be looking for something move in ready, give or take some decorating.

Yes, it’s exactly why you paid for a good survey

don’t think of it as money lost
think of it as money well spent, that has saved you massive bills and a huge headache later

a survey advising you to proceed with caution is extremely worrying as they are normally more circumspect in their wording

This. It's wonderful to be the custodian of a very old home but it's also a fecking money pit.

I guess it starts with what your mortgage company says, too?

Thanks all. Mortgage company have agreed the mortgage on a very quick valuation. I wanted the level 3 survey given the old age of the home. Just wanted to sound out some other opinions as I thought I should bow out, but then wondered whether others would try and negotiate discounts for the work

It’s not listed by the way

Withdraw, all the red flags are there…

Doesn’t sound like the right house for you given your circumstances. With the work done it could be a lovely house. However that’s a lot of work to do and would be very expensive.

Sounds as if you’ve got so much on your plate already a major renovation probably isn’t what you need