AIBU to pull out of buying this house?

[BeQuaintLion]

Please be kind, no judgement about money please. I’ve come from very little and worked really hard for what I have. I know I’m lucky to be able to buy but this is a massive thing for me and I’m worried about getting it wrong.
Buying an older house for £250k. Mortgage offer is through, solicitors are doing their thing and now I’m having serious second thoughts.
I knew it needed work, wasn’t expecting to just move in and put my feet up. But looking at it properly I reckon it needs at least £70k just to bring it up to a basic liveable standard. No luxury finishes or anything fancy. Electrics, heating, kitchen, bathrooms, general repairs etc. The heating is currently disconnected too.
It’s in a former pit village and there are cracks in the house which are worrying me. I’ve also found out that land at the back was refused development, from what I understand because of mining concerns and contaminated land. I know that doesn’t automatically mean there’s anything wrong with this house or that the cracks are connected, but it’s made me much more nervous about them. I’m looking into a level 3 survey as I don’t know whether they’re cosmetic or something more serious.
There’s also a loft conversion where we still don’t know what approvals there are. It just feels like the further we get, the more questions there are.
I have savings for work but I don’t want to spend everything getting the house sorted and then find something else major needs doing. I’ve worked so hard to have some security, the thought of eating through it all is making me feel sick honestly.
We’d be looking at £320k between buying it and the basic work, before fees and whatever else crops up. I’m starting to wonder if I’ve got carried away seeing the potential and not really thought enough about what it’ll take to get there.
It’s been on the market about a year. Other houses nearby seem to have sold for similar money in much better condition which is making me question the price as well.
I keep thinking why don’t we just buy somewhere more liveable for the same money or less and do bits as we go? I work long hours and don’t know if I want all the stress of a big renovation on top.
Then I think am I just getting cold feet because it’s all becoming real now.
AIBU to walk away at this stage? Has anyone felt like this and been glad they pulled out? Or gone ahead and been glad they did? My head is all over the place with it.

Fuck that. Keep looking x

Walk away.

Just my opinion but if you're worrying now about all the work how will it be when you have to find trades and be sure they are capable of doing a good job? I'd also be a bit nervous about the area you're buying in, more things to worry about?
Why don't you just get a 'half-way' house doer-up, maybe just a new kitchen and/or some decorating?

I think I'd throw this one back and keep looking.

Definitely pull out. 250-320K is a lot of money to waste.
So you feel better about it - what has come back from the searches re the possible contamination and the building regs for the loft conversion? And what has the survey said about the cracks and will they put it in writing whatever they have said?

Why do you think you deserve no judgement? You really should have thought of all this before you wasted everyone's time with your offer.

Find somewhere else. It’s better to cut your losses now.

Because like the majority of buyers i am not a property expert and the surveying and conveyancing process are all part of due diligence to bring to light any issues?

Yes i am thinking along these lines, i will have to buy something that needs some amount of work to get anything decent sized but i dont want to sink every penny into a house

@LindorDoubleChoc some of these issues are brought to purchasers attention by surveyors.

Don't be ridiculous. Some issues are only brought to light through the conveyancing process.

@BeQuaintLion walk away you don't want to be stuck with this money pit. Plenty more houses out there and it's a buyers market.

Pull out. It will piss your sellers off and they have every right to be pissed off, but you don't owe them anything and if you don't want to do the work it needs, you've every right to pull out.

I sold my parents' house earlier in the year, and our first buyers pulled out because they didn't want to do the work it needed after they had got lots of surveys and things done. Yes I was VERY pissed off, because I hadn't hidden anything and the reasons they pulled out were things they'd known a while before they pulled out. However it was their right to do so and that's life.

That's too much to take on, and almost certainly a lot of other problems will gradually emerge. Leave it.

Contaminated land? Run away . And ignore people who are saying that you should be judged for doing that. I bet that wasn’t disclosed before you offered.

You see the thing is i have asked the seller (inherited house from her parents) about wether she can try to source certificates or approvals for the loft and i have questioned about other things such as the electrics and heating and she was all a bit wishy washy and laddy da which doesn’t exactly instill confidence… Appreciate your perspective

Your correct it wasn’t… Like i’ve said the house has been on the market for around a year and in theory would make a good property for a builder or someone with good trades connections which makes me wonder why it’s been sat so long…

Everything you’ve said tells me you should walk away. Houses with endless problems put a huge amount of stress on people. Buy something more liveable and enjoy the experience of owning a new home rather than dealing with the stress of all the problems and anxiety about what else might crop up. Just not worth it.

Trust your gut….

You won't be the first or the last buyer to change their minds, many with far less grounds than you.
It's your money and your choice so if you are unhappy pull out. Sooner the better for both sides sake.

To be honest she probably doesn't know and there's no real reason why she should if work was done on the house while she was young or not there. Yes she probably SHOULD know about them to sell the house, but she may have no idea where to start. Obviously it's not your job to go digging, but it's not that difficult once you try! If you like the house it may be worth it.

One thing that came up for us was "no planning permission" for the extension in 1995. It took me all of 10 mins to phone the council and find this! I have no idea why/how the buyer's or their solicitor had concluded it didn't exist! The electric and heating certificates should be available, probably online. If you know of a helpful electrician they would probably be able to find them or tell you how to. I sympathise with you, and would blame you for pulling out, but I'm guessing the seller just has no idea - why would she, it isn't her house