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Property purchase - should I pull out?
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Fig Lee
Posted: 03 October 2020 20:12:03(UTC)
#34

Joined: 23/12/2019(UTC)
Posts: 1,477
Thank you both. Yes, what a brilliant idea and I think that now I will do this.

I certainly need another inspection before exchange I think.

Its a pity there is no rear access though which means I can't check out the rear.
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Jimmy Page
Posted: 03 October 2020 20:41:07(UTC)
#35

Joined: 11/11/2017(UTC)
Posts: 1,686

Thanks: 6527 times
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Fig Lee;131718 wrote:
Thank you both. Yes, what a brilliant idea and I think that now I will do this.

I certainly need another inspection before exchange I think.

Its a pity there is no rear access though which means I can't check out the rear.


But there's a rear garden you said?
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1 user thanked Jimmy Page for this post.
Fig Lee on 03/10/2020(UTC)
Jimmy Page
Posted: 03 October 2020 21:33:08(UTC)
#27

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Fig Lee;131452 wrote:
Jimmy Page;131445 wrote:
NoMoreKickingCans;131442 wrote:
Shouldn’t you review all the papers BEFORE you purchase or decide to purchase !

I couldn't agree more.
I would suggest anyone take their time. it's not the Wild West.
Choose a location; become an expert on local prices; give yourself as long as you need; shortlist a number of properties; get a deal; get legal assistance for searches and conveyancing; resolve ANY and ALL doubts; clarify everything; then, only buy the thing if utterly and completely happy.
Oh, and freehold!




Thanks all as ever for your thoughts.

Yes that's the plan - to review all the papers before proceeding,

My only outlay so far has been on legal fees.

So right now just doing my due diligence.


I'd have to also add to the above list that we never bought a property without a structural survey. Some people may disagree, but it is another step in 'due process' to my mind. I wouldn't buy a second- hand car without some kind of survey either.
As has been said, if there are any doubts, there can be no doubt. Step back. I couldn't imagine buying a property without satisfactorily addressing every possible problem - both real and imagined.
We always actively looked for problems and were very happy to walk away if something didn't feel right, or remained unresolved. A vendor hustling or pushing too hard was a red line as well.
There was always another property. (Even during the headiest of gazumping periods).
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2 users thanked Jimmy Page for this post.
Tony Peterson on 03/10/2020(UTC), Fig Lee on 03/10/2020(UTC)
Fig Lee
Posted: 03 October 2020 22:44:44(UTC)
#36

Joined: 23/12/2019(UTC)
Posts: 1,477
Jimmy Page;131722 wrote:
Fig Lee;131718 wrote:
Thank you both. Yes, what a brilliant idea and I think that now I will do this.

I certainly need another inspection before exchange I think.

Its a pity there is no rear access though which means I can't check out the rear.


But there's a rear garden you said?


Yes, there is a rear garden but no back yard.

So what you have in some parts of town are old style Victorian houses that literally back on to each other. So the rear garden is fenced with adjoining gardens.

That means all major construction works, scaffolding and ladders have to pass through the front door!
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Fig Lee
Posted: 03 October 2020 22:50:14(UTC)
#28

Joined: 23/12/2019(UTC)
Posts: 1,477
Jimmy Page;131729 wrote:
Fig Lee;131452 wrote:
Jimmy Page;131445 wrote:
NoMoreKickingCans;131442 wrote:
Shouldn’t you review all the papers BEFORE you purchase or decide to purchase !

I couldn't agree more.
I would suggest anyone take their time. it's not the Wild West.
Choose a location; become an expert on local prices; give yourself as long as you need; shortlist a number of properties; get a deal; get legal assistance for searches and conveyancing; resolve ANY and ALL doubts; clarify everything; then, only buy the thing if utterly and completely happy.
Oh, and freehold!




Thanks all as ever for your thoughts.

Yes that's the plan - to review all the papers before proceeding,

My only outlay so far has been on legal fees.

So right now just doing my due diligence.


I'd have to also add to the above list that we never bought a property without a structural survey. Some people may disagree, but it is another step in 'due process' to my mind. I wouldn't buy a second- hand car without some kind of survey either.
As has been said, if there are any doubts, there can be no doubt. Step back. I couldn't imagine buying a property without satisfactorily addressing every possible problem - both real and imagined.
We always actively looked for problems and were very happy to walk away if something didn't feel right, or remained unresolved. A vendor hustling or pushing too hard was a red line as well.
There was always another property. (Even during the headiest of gazumping periods).


Thanks Jimmy. How right you are and I need reminding not to be a cheap skate and scrimp over important fundamentals like surveys.

I would be more tempted to reconsider things had the housing stock supply not started to seize up again. I am amazed at most houses around are now sold or under offer. And some I thought would never go.
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NoMoreKickingCans
Posted: 04 October 2020 07:02:16(UTC)
#37

Joined: 26/02/2012(UTC)
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Survey can sometimes be a last minute negotiating card.
If it shows some work needs doing then you can ask the seller to knock the estimated cost off the purchase price e.g wood worm treatment etc.
Depends on market conditions a bit.

Check out the neighbours if you can.
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Tim D on 04/10/2020(UTC), Fig Lee on 04/10/2020(UTC)
New Simon T
Posted: 04 October 2020 07:14:53(UTC)
#38

Joined: 19/07/2018(UTC)
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In our experience a cheap mortgage survey just involves the surveyor driving past in the car to make sure the property exists
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Fig Lee on 04/10/2020(UTC)
Jimmy Page
Posted: 04 October 2020 10:41:59(UTC)
#39

Joined: 11/11/2017(UTC)
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Thanks: 6527 times
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Simon Turnbull;131741 wrote:
In our experience a cheap mortgage survey just involves the surveyor driving past in the car to make sure the property exists

In our experience a structural survey discovered rotten roof beams; the substantial estimate for rectification was knocked off the sale price.
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2 users thanked Jimmy Page for this post.
Tim D on 04/10/2020(UTC), Fig Lee on 04/10/2020(UTC)
NoMoreKickingCans
Posted: 04 October 2020 12:01:48(UTC)
#40

Joined: 26/02/2012(UTC)
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Yep.
Lenders default surveys or ‘free’ surveys are mainly to protect them by providing a valuation check.
I think you would normally need to pay the extra for a survey.
I generally think - if you are not paying for it, then you are not the customer, the lender is.

If you do have any specific concerns and commission a survey you can always ask the surveyor to take a particular look at that area of concern. Sometimes this might then support a price adjustment discussion with the vendor better because your concern will have more support.

In general though I think if you behave reasonably you get a reasonable response from a vendor. Trying to get a major reduction for a minor defect is going to put people’s back up - expect to have them take everything including the light bulbs.

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Fig Lee on 04/10/2020(UTC)
andy mac
Posted: 04 October 2020 13:04:01(UTC)
#41

Joined: 12/02/2016(UTC)
Posts: 1,263
Any Japenese knotweed in or around the premises?
This will affect your mortgage
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