Things seem to be progressing well as far as our solicitor is concerned – although we’re still currently awaiting details from the vendors’ solicitor (outlining the various management charges and maintenance schedules etc). But the crucial element is the forthcoming building survey of number40 (due to be undertaken on Thursday 27th). We’re only too aware of the key areas on the house that require expenditure… damp-proofing of basement loo/steps; kitchen extension insulation+heating; and roof insulation etc. But the list is pretty long and I have absolutely no doubt that the surveyor will have a field day in listing every defect of our 170+ year house! We’ve not tried to hide any of the defects AND we’ve undertaken an awful lot of improvements over the past 18 years… but we have an obvious fear that our ‘buyer’ will be frightened away (there may be mortgage implications too?). Moira and I both anticipated having to reduce the price of the house in the impending negotiating process following the survey. Moira sees this as a fairly modest price adjustment, whereas I see it as a potentially fairly hefty amount. I just hope that there’ll be an opportunity to negotiate sensibly with our prospective purchaser (either through Laurence or directly).
We ended up agreeing a price of £375K for Deanery Road (although things might crop up that mean we try to negotiate a slightly lower figure?). The good news is that the Deanery Road price is slightly less than the price we thought we might have to pay in order to find a suitable apartment (we’ve accepted an offer of £495K for number40). In our airy-fairy way, we’d aimed at securing a £75K price difference… and, as things stand, this price difference is currently some £120K. In order words, in theory (and on the basis of our back-of-an-envelope assessment), we might be able to allow a £45K reduction on number40 and still achieve our financial ‘objective’.
So, the next week feels hugely significant (and, frankly, incredibly stressful!).
I’m glad that Moira and I have each other to help keep our emotions in perspective… but it’s a critical and somewhat worrying phase.
Fingers crossed.
Image: old number40 logo…
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