offer accepted...

[hemanhem]

Hi, after viewing a house we decided to place an offer as we fell in love with it straight away - I am aware that this was possibly a silly move as on the second visit (the viewing done with the head) we noticed various things that now have us worried. As first time buyers we have no idea about regulations OR things that can be easily lived with and are purely down to personal choice. The property is possibly 40's/50's built, a 3 bed, 2 recep room, semi-detatched with good sized gardens and scope for extending - as most properties in the close have done this - either on the back or side. It has a new(ish?!) combi boiler, and new style electric board. Upon the second visit a friend pointed out how the piping on all the central heating was 'old style' thin stuff. Could this present a problem in future? Would a FULL re-fit be needed? or is it purely cosmetic? All the valves/heat knobs are old style too, although the heaters seem in good nick. Also, after much googling I have noticed that even though a new rc? electric board may be installed if the bath and sink etc aren't earthed a full re-wire could possibly be needed. My friend has informed me that it is rubbish and only applies to landlords as none of her is house is earthed?! (she renovated herself) Myself and my boyfriend are now trying to work out prices for any work which is obvious (new kitchen, bathroom etc) should we get relevant people out to inspect/price up before or after surveyor has been. We have no idea how it works and don't want to harrass owner (property is empty at mo) but don't want to fall flat on our face with spiralling hidden costs.
Any help would be greatly appreciated.
We have our mortgage promise meeting on Thursday and still have no solicitor as the offer was only accepted on Thursday.
We just have no idea what to do next.
Thanks Emma.

[drhouse]

First see about the mortgage because if you can't get one the whole thing is irrelevant. Then get it surveyed. This will throw up any problems it has and you can get advice from the surveyor of the extent of works that are required. Then, if you need to get a reputable builder to quote for the works, try to get one that has been recommended or that a friend/colleague has used and were happy with. You can always get other quotes but this will give you a starting point.
Finally don't just go on advice from friends, they mean well but are not professionals.

[Dan S]

Hi hemanhem

drhouse is absolutely right. Friends mean well and could easily be correct, but you should hold fire until a professional survey has been completed and you've received quotes for the work. This is really your next step because if work needs to be done then the asking price should reflect this. The seller may or may not know the extent of the improvements required.

You'll feel nervous whatever happens (it's a lot of money to buy a house!), but don't let that get in the way of buying a property you've fallen in love with. If you were buying as an investment then it would be advisable to proceed with great caution given the concerns you've raised, but if you'll be living there for many years, maintenance and improvements should be the price you pay for a home that otherwise ticks all the boxes.

The question is, is this property 'the one', and will you kick yourself if you lose out? If you can face holding out for a better one and you haven't been looking too long, then there are plenty more first home fish in the sea. Otherwise, see how the survey reflects the asking price, and then get some free quotes from a few tradesmen to see what the potential costs are. If the two add up to the asking price then no worries. Otherwise you can use this to negotiate.

Best of Luck

Dan

[clairec]

Hi Hemanhem

One thing you've mentioned jumps out to me is, you don't want to harass the owner. You should do what ever you need to do to make sure you're making the right choice. If the owner doesn't want to give your builder access then move on to the next property. It's a decision that will stick with you for a long time, the agent will want to pressure you. Only instruct your solicitor once your happy with the survey. You can give the agent the details of who you're using but don't instruct them until the report is back.
The surveyor will pick up any major issues but if you want anything cosmetic changing then get a builder in it's surprising how expensive things can be,
Regards
Claire.
p.s remember it's a buyers market