Making offer on a house

[captainb]

21 hours ago, Sausage said:

Offer accepted.

Congrats. Make sure its been taken off the market 

I also check Rightmove, zoopla a few days later as well to make sure the listing hasn't been updated to say offer accepted of X. 

Yes.. Estate agents can be that awful

[PeanutButter]

22 hours ago, Sausage said:

Offer accepted.

👍 

19 hours ago, Switch625 said:

Where are the naysayer trolls who insist that everyone on HPC is negative and bullying when someone buys? 🤔

None of us would ever bully a Sausage. 

[Pop321]

4 hours ago, captainb said:

Congrats. Make sure its been taken off the market 

I also check Rightmove, zoopla a few days later as well to make sure the listing hasn't been updated to say offer accepted of X. 

Yes.. Estate agents can be that awful

EA are very careful on this point. They shouldn’t divulge other offers. 

Interestingly when they state an ‘offer accepted price’ it’s because it’s a repo so they need to declare it and illustrate that no one else was willing to come forward to ‘trump’ the offer accepted. Repo’s really are a bad set up for the owner.....lots of rules to protect the owner and ensure the best price is achieved. However formulas etc of what can and can’t be accepted at any given point usually means they get hammered. 😉

[bearishonhouses]

On 22/08/2020 at 11:09, Sausage said:

Offer accepted.

Congrats - hope it all works out for you. As they say, there's 'many a slip between the fat lady and the moon'.

[stop_the_craziness]

On 23/08/2020 at 18:47, Pop321 said:

EA are very careful on this point. They shouldn’t divulge other offers. 

Interestingly when they state an ‘offer accepted price’ it’s because it’s a repo so they need to declare it and illustrate that no one else was willing to come forward to ‘trump’ the offer accepted. Repo’s really are a bad set up for the owner.....lots of rules to protect the owner and ensure the best price is achieved. However formulas etc of what can and can’t be accepted at any given point usually means they get hammered. 😉

Very informative, I always wondered when I saw those what it was all about and why only on a few, specific houses.

[user not found]

What's the verdict on whether a homebuyers survey is needed? A retired RICS surveyor I know said you don't really need one for standard post war houses unless you suspect subsidence etc. Would you agree? The house in question is late 50s, not near large trees. However there is an underground river which occasionally surfaces about 500 yards down the road after heavy rain.

I will check the fusebox to see whether it's been rewired since built... Anything else to check?

[moonriver]

2 hours ago, Sausage said:

What's the verdict on whether a homebuyers survey is needed? A retired RICS surveyor I know said you don't really need one for standard post war houses unless you suspect subsidence etc. Would you agree? The house in question is late 50s, not near large trees. However there is an underground river which occasionally surfaces about 500 yards down the road after heavy rain.

I will check the fusebox to see whether it's been rewired since built... Anything else to check?

Have you done a Land Registry check?

https://www.gov.uk/search-property-information-land-registry

We always do this for properties we are interested in, and it has always thrown up interesting facts, eg one place had too many restrictive covenants, one house showed the owner was bankrupt, (even that he owed money to the local private school!), and flood areas are so important to check now with all this flooding problems. (and especially as you mention the river).

Its online, and gives you title register (£3), title plan (£3) and flood risk indicator (£10.80).

I just noticed the free new service even tells you what the current owner paid for the property.

[erat_forte]

3 hours ago, Sausage said:

What's the verdict on whether a homebuyers survey is needed? A retired RICS surveyor I know said you don't really need one for standard post war houses unless you suspect subsidence etc. Would you agree? The house in question is late 50s, not near large trees. However there is an underground river which occasionally surfaces about 500 yards down the road after heavy rain.

I will check the fusebox to see whether it's been rewired since built... Anything else to check?

Why would you *not* get a professional survey? To save a bit of money now? Against the risk of some problem that you didn't spot but a professional did? It's a kind of gamble either way I suppose.

[This time]

3 hours ago, Sausage said:

What's the verdict on whether a homebuyers survey is needed? A retired RICS surveyor I know said you don't really need one for standard post war houses unless you suspect subsidence etc. Would you agree? The house in question is late 50s, not near large trees. However there is an underground river which occasionally surfaces about 500 yards down the road after heavy rain.

I will check the fusebox to see whether it's been rewired since built... Anything else to check?

Are you sure he wasn't taking about the full structural survey? RICS advice is that's not necessary unless the place is old, massively altered or has visible problems. They do recommend a home buyer report though.

[Twenty Something]

We paid for the mid level RICS survey - forgotten what it was called, but the one under the full 2 grand structural one. Was well worth it as it threw up some issues that we would never have thought of. Now I own the house, I am working through a couple of the more pressing ones with relevant tradespeople, and have the others parked for later. I think when those sorts of sums of money are involved, why wouldn't you get one done. If you have a broker, you might want to chat to them as banks sometimes give you a heavy discount on it. Congrats on the purchase.

[HovelinHove]

4 hours ago, Sausage said:

What's the verdict on whether a homebuyers survey is needed? A retired RICS surveyor I know said you don't really need one for standard post war houses unless you suspect subsidence etc. Would you agree? The house in question is late 50s, not near large trees. However there is an underground river which occasionally surfaces about 500 yards down the road after heavy rain.

I will check the fusebox to see whether it's been rewired since built... Anything else to check?

Congrats sausage. As you know, I would be in the market but for a job move. Still think we will see 10-20% off come this time next year, but if I saw a house I liked and could afford, I would still buy once I am settled and past my probationary period.

A homebuyers survey, usually about 5-700 is the minimum in my view. We were going to buy a property in January, but there was a new extension on a 1990s property, and while the extension looked amazing, we wanted to be sure it had been done to regulation. We paid 1200 for a full survey. The surveyor said the work looked Structurally OK but without removing drywall couldn’t be sure, but there were signs of sloppiness Elsewhere and we should not buy If there wasn’t a local authority sign off certificate. When we asked for one, the owners gave us one for a different property. They didn’t have one so we legged it. We may need to move again in a few years, and want a “turnkey” house, or one we can rennovate to our standards knowing we will be Able to shift it quickly. 

Edited August 29, 2020 by HovelinHove

[moonriver]

3 minutes ago, HovelinHove said:

Congrats sausage. As you know, I would be in the market but for a job move. Still think we will see 10-20% off come this time next year, but if I saw a house I liked and could afford, I would still buy once I am settled and past my probationary period.

A homebuyers survey, usually about 5-700 is the minimum in my view. We were going to buy a property in January, but there was a new extension on a 1990s property, and while the extension looked amazing, we wanted to be sure it had been done to regulation. We paid 1200 for a full survey. The surveyor said the work looked Structurally OK but without removing drywall couldn’t be sure, but there were signs of sloppiness Elsewhere and we should not buy If there wasn’t a local authority sign off certificate. When we asked for one, the owners gave us one for a different property. They didn’t have one so we legged it. We may need to move again in a few years, and want a “turnkey” house, or one we can rennovate to our standards knowing we will be Able to shift it quickly. 

That is the problem with full surveys, are the worth the expense, as there are things they cannot pick up?

We too paid a lot of money for a full survey on an old stonehouse house we bought some years ago. Just after we moved in, we found part of the roof needed replacing. It cost about £6000 to fix. The survey had not indicated this problem at all because they could not see it under the roof insallation.

However I would not buy a house without first initially checking Land Registry online (as its so cheap anyway) and conducting some sort of survey, but not necessarily a full structural survey.

Sausage...Good luck and congratulations on finding a house that suits you and your family.

[locky82]

5 hours ago, Sausage said:

What's the verdict on whether a homebuyers survey is needed? A retired RICS surveyor I know said you don't really need one for standard post war houses unless you suspect subsidence etc. Would you agree? The house in question is late 50s, not near large trees. However there is an underground river which occasionally surfaces about 500 yards down the road after heavy rain.

I will check the fusebox to see whether it's been rewired since built... Anything else to check?

I didn't but I have colleague who recently sold his house. Just before completion he sees a crack in the garden, thinks nothing of it and fills it in with soil. After completion, gets a phone call, "you better come round, im going to sue you etc". 80k of structural damage - not covered on buildings insurance because they skipped the survey... The buyer had to take out a second mortgage. 

[Switch625]

On 23/08/2020 at 14:30, PeanutButter said:

None of us would ever bully a Sausage. 

Well it was a rhetorical question, but it is good to see that the HPC posters have come up trumps and proven the Trolls wrong

[Warlord]

On 8/16/2020 at 10:19 AM, longgone said:

Mentally I have a problem giving owners free money.

I'm resigned to never buying, using my savings or claiming pensioner credit (if it still exists then). 

'If you get the Guarantee Credit part of Pension Credit your income and savings are not taken into account so you may get your rent paid in full by Housing Benefit.'

https://www.ageuk.org.uk/information-advice/money-legal/benefits-entitlements/housing-benefit/

 

 

[longgone]

7 minutes ago, Warlord said:

I'm resigned to never buying, using my savings or claiming pensioner credit (if it still exists then). 

'If you get the Guarantee Credit part of Pension Credit your income and savings are not taken into account so you may get your rent paid in full by Housing Benefit.'

https://www.ageuk.org.uk/information-advice/money-legal/benefits-entitlements/housing-benefit/

 

 

🤣

You will

I'm cut from different cloth.

At least you invest, honesty I really could not give a toss what ever happens.

 

[user not found]

Will any of the surveys highlight problems with electrical installation? Not just whether the distribution board is 30 years old, but whether the installation is compliant. I've seen horror stories on youtube of plumbers/kitchen fitters doing their own electrics.

[Pop321]

34 minutes ago, Sausage said:

Will any of the surveys highlight problems with electrical installation? Not just whether the distribution board is 30 years old, but whether the installation is compliant. I've seen horror stories on youtube of plumbers/kitchen fitters doing their own electrics.

The electrics will get a visual inspection but any electrician will tell you that’s 30% of the story ie are the lights earthed, are wires correctly protected, any daft DIY spurs etc. But a visual inspection is very helpful and at least tells you if things ‘look okay’.

Getting existing reports from the vendor help enormously eg FENSA certs for windows, building reg compliance for recent work, electrical and gas certificates all help. 

It may recommend you also get an electrical report or that the seller show you theirs (if they have one). You may find quite a few caveats like that in the report which is fair enough. 

Basically a homebuyers report is a more extensive visual report and provides some more reassurance. They can’t and won’t pick up everything sometimes the loft isn’t inspected, structural issues and damp can be hidden under plaster etc....but it provides an expert (and often experienced) eye over the building. 

I have bought properties with huge issues and such a report is then almost a waste of time for an experienced buyer. Ie I assume EVERYTHING needs doing...and have priced accordingly. If I needed a reported on one a very old house it would be a specialist structural report that doesn’t even look at electrics. 

Reports are a tricky one but a basic valuation is often supported by the fact that the buyer has paid a price which already is an indicator of value. It often doesn’t even provide any detailed visual inspection of the property. So for the inexperienced you should get something more than that 😉

[Chunketh]

53 minutes ago, Sausage said:

Will any of the surveys highlight problems with electrical installation? Not just whether the distribution board is 30 years old, but whether the installation is compliant. I've seen horror stories on youtube of plumbers/kitchen fitters doing their own electrics.

I don’t think so. If you are lucky the surveyor might recommend further investigation if they think there might be an issue. They will also caveat the survey around those things, so you cant go back to them if you ignore the advice.

It’s all a bit of a lottery but bear in mind that you can use the survey to go back and revise your offer if it throws up something that was glossed over, although that might ultimately  mean you have to walk away from it.

[Timm]

1 hour ago, Sausage said:

Will any of the surveys highlight problems with electrical installation? Not just whether the distribution board is 30 years old, but whether the installation is compliant. I've seen horror stories on youtube of plumbers/kitchen fitters doing their own electrics.

No. Not even a full structural survey. You need a Periodic inspection report from a qualified electrician.

https://www.electricalsafetyfirst.org.uk/find-an-electrician/periodic-inspection-explained/guide-to-condition-reports/

Well done and good luck by the way!

[adarmo]

On 29/08/2020 at 06:16, Sausage said:

What's the verdict on whether a homebuyers survey is needed? A retired RICS surveyor I know said you don't really need one for standard post war houses unless you suspect subsidence etc. Would you agree? The house in question is late 50s, not near large trees. However there is an underground river which occasionally surfaces about 500 yards down the road after heavy rain.

I will check the fusebox to see whether it's been rewired since built... Anything else to check?

I bought my 1959 bungalow workout a survey. They are an utter waste of time imho. Ive seen reports come back as fluffy as a cloud. May have this, could have that. **** covering at its very best. 

I've been told by several surveyors cracks are normal, only be witted when you can get your hand in one. If there was anything structurally wrong with the property it would be pretty obvious. Look for 'death cracks' those that run ground to roof, often creeping through wall openings for Windows and doors. Check roof is straight, ensure ALL drains flow freely and that's about it. 

A good full survey will tell you what is and isn't latest building regs but things were fine before the regs change and ultimately nothing can be illegal, only required to be updated when refitted.

If you're getting a bargain i would take it as a given that some stuff needs attention. 

What age is the property?

[user not found]

6 hours ago, adarmo said:

I bought my 1959 bungalow workout a survey. They are an utter waste of time imho. Ive seen reports come back as fluffy as a cloud. May have this, could have that. **** covering at its very best. 

...

What age is the property?

Late 50s.

Edited August 31, 2020 by Sausage

[satsuma]

10 hours ago, Sausage said:

Will any of the surveys highlight problems with electrical installation? Not just whether the distribution board is 30 years old, but whether the installation is compliant. I've seen horror stories on youtube of plumbers/kitchen fitters doing their own electrics.

To be honest you might be disappointed with the survey, either when you get it or later when you realise its not much use.  My advice is get the survey for the bank but do your own checks and ideally get a pal who knows about building to come and look at it.  If in doubt pay a qualified spark to check it over.  Before you do that do your own  checks for how old the wiring is, Ive viewed older houses with a screwdriver and walked away after I realised the wiring was from pre 1970 based on the colour.  If its got an old consumer unit again Id be planning for 5k for rewiring.  Even a new or recent build there should be a cert from the spark and plumber.  

[adarmo]

On 31/08/2020 at 16:58, Sausage said:

Late 50s.

Asbestos, wiring and boiler.

Have a look at roof too, but generally they're solid build. They typically have a wooden suspended floor which makes access easy for wiring and plumbing. For instance I'm installing underfloor heating at some point in mine. Can be a bit drafty but easy to seal.  Ensure airbricks are not covered or blocked. 

[user not found]

9 hours ago, adarmo said:

Asbestos, wiring and boiler.

Have a look at roof too, but generally they're solid build. They typically have a wooden suspended floor which makes access easy for wiring and plumbing. For instance I'm installing underfloor heating at some point in mine. Can be a bit drafty but easy to seal.  Ensure airbricks are not covered or blocked. 

Cheers. I've arranged for homebuyers report to be done at same time as mortgage valuation survey. Costs £250 instead of £600.