Well, the premise certainly is original, there's a seriously creepy atmosphere, the colossal ancient building and the cellar give an almost gothic feel, and Freya Allan and Jeremy Irvine both do a fine job. And the CGI of the bag-person (witch or demon or whatever) in her various horrifying appearances is very well done. But I had also some reservations. The sound-bursts to accompany the intended jump scares were almost deafening, I left the cinema with my ears popping. And at times the logic behind the use of the bag-headed lady eluded me, like the two-minute rule that constantly got violated without immediate consequences, or the strict rule never to enter the hole in the brick wall, but Iris did so unharmed. Or why couldn't she simply sell the house so that the curse would fall on a new owner, surely real estate investors would have jumped on the occasion!
Resuming: not bad at all, but with some flaws.