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1st time house buyer, potentially serious structural issues found... anyone have advice re negotiating price reduction / if I should pull out? (lemmy.world)

submitted 1 year ago by Transcendant@lemmy.world to c/asklemmy@lemmy.world

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Hey all.

Finally in my 40s I'm fortunate enough (with a lot of family help & a mortgage) to be buying a home. It's end-of-terrace; just spoke to the surveyor today after he's done most of the inspection and he's found a lot of structural problems.

Feeling a bit defeated, it's taken so long to get to this stage of having an offer accepted, and being close to exchanging contracts. It's an old house so while I wasn't expecting it to be fault-free, I'm quite disappointed and I guess looking for some advice / reassurance.

Not got the report in text yet but he mentioned potential subsidence; rising damp; cracked walls; problem with the chimney stack; window frames; and others. Said it's all stuff that can be fixed, but potentially expensive. My plan is to wait for the text report next week, then contact the estate agent and attempt to negotiate a price reduction in line with the cost of the repairs, which imo will run into at least £15k. Considering it's on the market for £85k, and the owner wouldn't even put the electric on for viewing because she didn't want to pay £1 a day standing charge, I'm anticipating some pushback.

But, should I even bother? Is this 'sunk cost fallacy' at play? I certainly feel like if they're not prepared to negotiate re repairs then I have to walk away as I could buy a well-maintained property round here for the total cost of around £100k!

Any advice much appreciated.

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[–] Transcendant@lemmy.world 2 points 1 year ago

Yep I was in touch with solicitor today, and they confirmed it's not worth the hassle pursuing. Though, they did seem to be misinformed re the need for a contract; a contract is required to 'negligent misrepresentation' but not for 'negligent misstatement'.

Excellent idea about passing on the details of the survey to the estate agent, that way they at least have an established obligation for future potential buyers. And I'll definitely keep an eye on it with a mind to informing the eventual poor sod who takes it on.