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To pull out or not to pull out?

Discussion in 'Personal' started by dogcat, Aug 9, 2011.

  1. dogcat

    dogcat New commenter

    Had my valuation on the house I have found back, they have said the value is ok however they have raised some points. The attic conversion does not meet building regs in terms of height (I did notice the low roof!) and so cannot be classed as a bedroom, there is a possibility of damp and they have advised checking the roof.
    I am considering pulling out and continuing to look around, but just not sure what to do. I do like the house, but it has no tv point or phone line which are added expenses to put in and the house is heated by an aga, no central heating.
    I am not sure how well it would resell in the future, and being as it is a one bed really, not a two as advertised that will also affect the value if I wanted to sell up.
    Currently in limbo with my bf, considering splitting up and as I currently live with his parents would be nice to be able to move out into my own place sooner rather than later. Obviously don't want to buy an unsuitable house due to that though. There is no real rush for me to leave, his parents have been very good to me and have told me not to rush into buying anything unsuitable.
    Just don't have enough experience to know when to pull out of a sale. I do not have any capital to be able to do any works that may need doing re the roof or damp proofing.
    Any thoughts or advice would be greatfully recieved!!!
     
  2. dogcat

    dogcat New commenter

    Had my valuation on the house I have found back, they have said the value is ok however they have raised some points. The attic conversion does not meet building regs in terms of height (I did notice the low roof!) and so cannot be classed as a bedroom, there is a possibility of damp and they have advised checking the roof.
    I am considering pulling out and continuing to look around, but just not sure what to do. I do like the house, but it has no tv point or phone line which are added expenses to put in and the house is heated by an aga, no central heating.
    I am not sure how well it would resell in the future, and being as it is a one bed really, not a two as advertised that will also affect the value if I wanted to sell up.
    Currently in limbo with my bf, considering splitting up and as I currently live with his parents would be nice to be able to move out into my own place sooner rather than later. Obviously don't want to buy an unsuitable house due to that though. There is no real rush for me to leave, his parents have been very good to me and have told me not to rush into buying anything unsuitable.
    Just don't have enough experience to know when to pull out of a sale. I do not have any capital to be able to do any works that may need doing re the roof or damp proofing.
    Any thoughts or advice would be greatfully recieved!!!
     
  3. If the house is not really a two bedroom house, could you re-negoitate the price to reflect this. This would give you more money to change it e.g. put in central heating/pay for damproofing etc.
    Good luck in whatever you decide. We are currently in the middle of selling/buying so I can sympathize with you.
     
  4. Can you afford to have the damp/roof investigated further? Can you negotiate your offer in the light of the attic conversion (this is a common problem with attic conversions, btw) and the possibility of works needing done? If the surveyor has said the valuation in OK then probably the price already took the lack of a second bedroom etc. into account.
     
  5. dogcat

    dogcat New commenter

    I did think about re-negoitating the price, they have already agreed 5k off the asking price though. Not sure if they would take any more off, the issue is that anyone that they have to look at it will be given the same information as me and so they may struggle to sell it, not many people want a one bed house I don't think.
    Just don't know what to do!!! I was all very excited about it, and just wanted it to go through before the end of the holidays to give me some time to move in. Now I just feel very confused about it all.
     
  6. Your motivations for pressing on with it are not sound. Let it go.
     
  7. dogcat

    dogcat New commenter

    In terms of having the damp doing, I can ask for proof that the house is damp free, or for the work that was done to make it so when they did the house up. I can also ask for any evidence of work done to the roof.
    I can't afford to have any damp proofing done, or the roof fixed if there is an issue. I have enough in my savings for all the costs of buying, the deposit and some for furnishings/white goods and that is it really.
     
  8. Sorry to hear about your dilemma. I think you should pull out, you could lower your offer but it does sound as if you will have problems in the future.
    I am sure there will be something better for you out there!!
    Good luck!
     
  9. dogcat

    dogcat New commenter

    Thanks Lilly, I do really like it and I could see myself living there, I just cannot risk not being able to sell it on.
    It has some fantastic features that I will not find anywhere else, and has been done up to a good standard, very low maintance and I could move straight in.
    Not sure if I am just being naive, in that most houses may have some sort of issue that shows up in valuation.
     

  10. Don't take the risk. There will be other houses.
     
  11. dogcat

    dogcat New commenter

    I know there will be other houses, and I could save up some more money in the meantime, which is a bonus.
    At the minute there is nothing really in my price bracket that is any good. I have been looking on line for a few weeks, and I have been to see quite a few. The one I put the offer in is the only one I really fell for and I love the fact that it has an ag and is walking distance to work.
    My mum has offered to come down at the weekend to go and look at it, but I know that ultimately I have to make the decision as it is all going to be my money and in my name at the end of the day.
     
  12. Have you signed up on Rightmove? To get the updates in your distance and price bracket?
     
  13. Unless your mother is a qualified surveyor or does damp courses and roof for a living, I can't, with respect, see what additional use she'll be. Getting it to a resaleable condition for selling on will be expensive but something you can do as and when you've got the cash, but it will cost money to bring this house up to scratch just for you to live in now. Remember it's summer now but an Aga and damp will not make it pleasant in winter.
     
  14. dogcat

    dogcat New commenter

    There is not an issue with damp or a problem with the roof currently. I can move straight in and have no problems.
    The valuation said because of the age of the property the roof should be checked over, and that because the rear of the house is below ground level there could be damp behind the kitchen units.
    It is ifs and buts, but my issue is that I don't have the cash to sort any problems that may arise, but then I suppose that will be the same with anywhere that I buy.
    I thought the same about my mum, and am going to speak to her later to tell her to save herself the journey. My boyfriend's family own and rent out houses and so they know a roofer who could check it out for me. They know all types of tradesmen due to things that have needed to be checked within their own houses.
    My biggest worry is if it will sell in the future, especially as a one bedroom property without central heating.
     
  15. Something will come along later. Maybe the priority right now should be sorting out the BF situation. Maybe go ahead and just rent for a while? Good luck!
     
  16. If you're going to get the roof and the behind the kitchen units checked, I'd get it done asap. Why the valuer said "could be" is a mystery - it sounds like a bit of a cop-out. You need to know exactly how much it will cost to rectify any faults so you can go back to the vendor and ask for a reduction. New roof if required will be minimum £5K, central heating, should you go forward £3k, damp course £1000 but then replastering on top. You might be eligible for a grant for some of it.
     
  17. dogcat

    dogcat New commenter

    If I rent I will be paying almost the same monthly outgoings as if I buy, plus I would not be able to save anything to add to my house savings. To rent a little unfurnished flat is around £400 min, my mortgage payments are not much more than that. I had a look at renting before I realised I could buy and what you can get for £400 a month is not pretty!
    Not sure the BF situation will be sorted out until I can move out really anyway. He wants to stay together and sees no reason for it to end, and it is difficult to have a break up under his parent's roof.

    Just difficult decision to make when it is all on me. Feel very inexperienced with it all and at a loss as what to do. Thinking of speaking to the agent and lowering my offer and if they say no then pulling out altogether.
     
  18. Can you check out on Zoopla latest paid prices for a property in that road? Add to your price a mimimum £15K I should think, for roof, central heating and damp. Do the figures stack up? Prices are still going down; don't land yourself with a pig in a poke. You are in a strong position, being a first-time buyer. Don't lose sight of that. What kind of guarantee do you think the sellers can get for you?
    Seriously, just leave this one behind. I have fallen in love with so many properties but there are always mor. Maybe you need to ask yourself why you can afford it? by the way they really shouldn't be advertising it as 2 beds.
     
  19. oliverferret

    oliverferret New commenter

    This seems a good plan and I would be quite tough about what you offer. My ex is a property developer and I was always astonished at how much people would accept off the asking price. Tell the vendor that you want the damp checked out though.
     
  20. dogcat

    dogcat New commenter

    Yeah they shouldn't be, as the attic conversion doesn't class as one. Prices on the road are quite good, but the little row of houses that it is part of are not in the same sort of bracket. It was purchased for 29k 13 years ago and has then been done up. They put in new floors and ceilings and also replastered all of the walls. It has been very well done throughout, but I am concerned that it's value my fall. From what I have seen house prices are inflated in some areas at the moment, some I have been to view are nowhere near the same standard of others within the same price bracket.
     

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