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anode_seller
Posts: 15 Forumite
Hi
We are in process of selling our house, which is around 55 years old.
Potential buyers are FTB
My house had 5 viewings in May and these buyers were the only one offering the asking price
They have strong financials and should get mortgage offer in the next couple of days.
Buyers have told the estate agent that the valuation has come at the asking price.
When viewing, they asked estate agent about when was the property last re-wired and we (me + estate agent) didn't give any year but just mentioned that wiring was checked 6 years ago. Buyer is mentioning if they had received a direct response to their question on when the property was last rewired, then they would not have made an offer without asking for upgrade to the wiring.
Homebuyer report mentions that property should be re-wired immediately else there is high risk of fire. Everything else including gas, water, external walls is perfect on the homebuyer report. Only electric wiring is the issue highlighted.
We have been living here for over 15 years with no electrical related incident.
Buyer has obtained quotations of £2700 for rewiring and wants us to contribute 50% to the cost. At minimum, buyer wants us to pay for the Electrical Conditions Report which will cost me £225.
Are these demands fair and reasonable, given that valuation has come at the agreed price?
We are in process of selling our house, which is around 55 years old.
Potential buyers are FTB
My house had 5 viewings in May and these buyers were the only one offering the asking price
They have strong financials and should get mortgage offer in the next couple of days.
Buyers have told the estate agent that the valuation has come at the asking price.
When viewing, they asked estate agent about when was the property last re-wired and we (me + estate agent) didn't give any year but just mentioned that wiring was checked 6 years ago. Buyer is mentioning if they had received a direct response to their question on when the property was last rewired, then they would not have made an offer without asking for upgrade to the wiring.
Homebuyer report mentions that property should be re-wired immediately else there is high risk of fire. Everything else including gas, water, external walls is perfect on the homebuyer report. Only electric wiring is the issue highlighted.
We have been living here for over 15 years with no electrical related incident.
Buyer has obtained quotations of £2700 for rewiring and wants us to contribute 50% to the cost. At minimum, buyer wants us to pay for the Electrical Conditions Report which will cost me £225.
Are these demands fair and reasonable, given that valuation has come at the agreed price?
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Comments
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My thought is that when a property is 55 years old, they will see some issues highlighted in homebuyer report.
Also if you didn't get a direct reply to your question, then you can ask for clarification. I don't think we did any intentional misrepresentation or violated any consumer trade laws!0 -
Strictly speaking, the figure in the valuation is what the house is worth with the need for rewiring. However, whether the demand is reasonable or not is not really the issue. You have to decide the answers to two sets of questions:
1. if you refuse to budge and the current buyers walk away, how long would you have to wait for a new buyer? Are you prepared to wait this long?
2. if you agree to the buyers' request, how likely is it that they will see you as 'soft' and ask for futher reductions? Would you agree to these?0 -
Great points. I will consider them!
Where do we stand legally that we didn't answer their question directly on when the property was last re-wired?0 -
I guess you need to decide whether you want to stand firm, or potentially negotiate.
If you want to negotiate, as a starting point, you could ask for a copy of the report.
"Re-wired immediately else there is high risk of fire" sounds like it could be an exaggeration by the buyer or EA.
You could get an Electrical Installation Condition Report (EICR) done - that will say whether the installation is safe. Depending on where you are in the country, and the size of the property, that might cost between £60 and £150.0 -
anode_seller wrote: »Where do we stand legally that we didn't answer their question directly on when the property was last re-wired?
It has no legal relevance to anything.
If you think you mislead them, you may feel you have a moral duty to do something about it - but you have no legal liability whatsoever.
(But it doesn't sound like you misled them anyway.)0 -
Have you seen the report? I'm finding it hard to believe it actually says directly that your house is at danger of bursting into flames.if it does, then I'd negotiate a reduction and move asap !0
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My guess is the report will give the same wording as this:
http://forums.moneysavingexpert.com/showthread.php?t=5664891&highlight=fire
Actually just lots of !!!!! covering!
Jx2023 wins: *must start comping again!*0 -
No. I have requested for it though.Have you seen the report?
I don't think so because my consumer unit is fairly new or in their words modern.My guess is the report will give the same wording as this
This is a great point. I am considering getting this done at my cost. Do I have to share the report in full to the potential buyers?You could get an Electrical Installation Condition Report (EICR) done - that will say whether the installation is safe.0 -
anode_seller wrote: »This is a great point. I am considering getting this done at my cost. Do I have to share the report in full to the potential buyers?
No - you don't have to share anything.
But if you tell them you're getting a report, then refuse to show all or part of it to them - they will fear the worst.
But if you don't tell them you're getting a report, you can then read it - if it's good, show it to them - if it's bad, don't mention that you got a report.
(Unless your morals don't allow you to do that!)0 -
Clever and wickedBut if you don't tell them you're getting a report, you can then read it - if it's good, show it to them - if it's bad, don't mention that you got a report.
If the report is bad (chances are 50%), where will I stand legally if I don't share this information to the buyer?0
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