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  • FIRST POST
    • anode_seller
    • By anode_seller 16th Jun 17, 8:01 AM
    • 12Posts
    • 2Thanks
    anode_seller
    Buyer wants to reduce price based on homebuyer report - yet another thread
    • #1
    • 16th Jun 17, 8:01 AM
    Buyer wants to reduce price based on homebuyer report - yet another thread 16th Jun 17 at 8:01 AM
    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?
Page 1
    • anode_seller
    • By anode_seller 16th Jun 17, 8:05 AM
    • 12 Posts
    • 2 Thanks
    anode_seller
    • #2
    • 16th Jun 17, 8:05 AM
    • #2
    • 16th Jun 17, 8:05 AM
    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!
    • Voyager2002
    • By Voyager2002 16th Jun 17, 8:22 AM
    • 11,455 Posts
    • 7,754 Thanks
    Voyager2002
    • #3
    • 16th Jun 17, 8:22 AM
    • #3
    • 16th Jun 17, 8:22 AM
    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?
    • anode_seller
    • By anode_seller 16th Jun 17, 8:45 AM
    • 12 Posts
    • 2 Thanks
    anode_seller
    • #4
    • 16th Jun 17, 8:45 AM
    • #4
    • 16th Jun 17, 8:45 AM
    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?
    • eddddy
    • By eddddy 16th Jun 17, 8:47 AM
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    eddddy
    • #5
    • 16th Jun 17, 8:47 AM
    • #5
    • 16th Jun 17, 8:47 AM
    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.
    • eddddy
    • By eddddy 16th Jun 17, 8:52 AM
    • 4,611 Posts
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    eddddy
    • #6
    • 16th Jun 17, 8:52 AM
    • #6
    • 16th Jun 17, 8:52 AM
    Where do we stand legally that we didn't answer their question directly on when the property was last re-wired?
    Originally posted by anode_seller
    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.)
    • AnotherJoe
    • By AnotherJoe 16th Jun 17, 9:23 AM
    • 6,515 Posts
    • 6,932 Thanks
    AnotherJoe
    • #7
    • 16th Jun 17, 9:23 AM
    • #7
    • 16th Jun 17, 9:23 AM
    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 !
    • hazyjo
    • By hazyjo 16th Jun 17, 9:42 AM
    • 9,083 Posts
    • 11,363 Thanks
    hazyjo
    • #8
    • 16th Jun 17, 9:42 AM
    • #8
    • 16th Jun 17, 9:42 AM
    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!


    Jx
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms
    • anode_seller
    • By anode_seller 16th Jun 17, 9:53 AM
    • 12 Posts
    • 2 Thanks
    anode_seller
    • #9
    • 16th Jun 17, 9:53 AM
    • #9
    • 16th Jun 17, 9:53 AM
    Have you seen the report?
    No. I have requested for it though.

    My guess is the report will give the same wording as this
    I don't think so because my consumer unit is fairly new or in their words modern.

    You could get an Electrical Installation Condition Report (EICR) done - that will say whether the installation is safe.
    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?
    • eddddy
    • By eddddy 16th Jun 17, 10:01 AM
    • 4,611 Posts
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    eddddy
    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?
    Originally posted by anode_seller
    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!)
    • anode_seller
    • By anode_seller 16th Jun 17, 10:10 AM
    • 12 Posts
    • 2 Thanks
    anode_seller
    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.
    Clever and wicked

    If the report is bad (chances are 50%), where will I stand legally if I don't share this information to the buyer?
    Last edited by anode_seller; 16-06-2017 at 10:11 AM. Reason: corrected typing error
    • ERICS MUM
    • By ERICS MUM 16th Jun 17, 10:36 AM
    • 3,374 Posts
    • 6,278 Thanks
    ERICS MUM
    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?
    Originally posted by anode_seller
    Did you know ? I could understand their point IF you had given them false info but if you just couldn't tell them because you didn't know, then I think they're being awkward.
    • teddysmum
    • By teddysmum 16th Jun 17, 12:19 PM
    • 7,761 Posts
    • 4,596 Thanks
    teddysmum
    I wouldn't expect a seller, whose house that was more than a few years old when they bought it ,to know about rewiring, unless their seller happened to tell them.
    • Crashy Time
    • By Crashy Time 16th Jun 17, 12:20 PM
    • 4,203 Posts
    • 1,980 Thanks
    Crashy Time
    Don`t lose a buyer for a few thousand, really not worth it.
    • ReadingTim
    • By ReadingTim 16th Jun 17, 1:06 PM
    • 1,583 Posts
    • 2,251 Thanks
    ReadingTim
    Homebuyer report mentions that property should be re-wired immediately else there is high risk of fire.
    Originally posted by anode_seller
    I doubt it actually says that, or anything of the sort. The report will contain the usual amount of @rse covering and worst case scenarios, such as the aforementioned risk of immediate inferno.

    Suggest you ask to see the relevant sections of the report: if its genuine they'll happily share. If not, they're either trying it on, or are nervous FTB: if they're not getting cold feet about this, it'll be something else: the results of their searches, local crime stats, brexit, interest rate rises, whatever...

    Unless they're they're literally the only ones buying, I'd stand firm on price. If they want a newly wired place, point them in the direction of your newest newbuild housing estate. Suggest also that their financials can't be that strong if they're quibbling over less than fifteen hundred quid.
    • david1951
    • By david1951 16th Jun 17, 1:17 PM
    • 326 Posts
    • 374 Thanks
    david1951
    Just email (don't bother calling) and say you aren't willing to negotiate on price, and are ready to move forwards as soon as the buyers are.
    • aneary
    • By aneary 16th Jun 17, 1:33 PM
    • 162 Posts
    • 86 Thanks
    aneary
    I shared my home buyers report with the seller.

    There is an issue with the sash windows which I have asked to be fixed. I can't see why they wouldn't show you the report.
    • anode_seller
    • By anode_seller 16th Jun 17, 1:38 PM
    • 12 Posts
    • 2 Thanks
    anode_seller
    Unless they're they're literally the only ones buying, I'd stand firm on price.
    Originally posted by ReadingTim
    My house had 5 viewings in May and these buyers were the only one offering the asking price
    • nicmyles
    • By nicmyles 16th Jun 17, 1:42 PM
    • 72 Posts
    • 60 Thanks
    nicmyles
    Homebuyers reports usually say they can't comment on electrics but that they should be checked, and rate them as a "3" - urgent action needed.

    But that means nothing - only that the buyer should consider having the electrics expected because it's important and didn't fall within the scope of the survey.

    It seems highly unlikely to me that a standard homebuyers would say anything specific about electrics, unless there are extremely obvious (to the naked eye without moving anything) faults or things in disrepair.
    • aneary
    • By aneary 16th Jun 17, 1:49 PM
    • 162 Posts
    • 86 Thanks
    aneary
    Homebuyers reports usually say they can't comment on electrics but that they should be checked, and rate them as a "3" - urgent action needed.

    But that means nothing - only that the buyer should consider having the electrics expected because it's important and didn't fall within the scope of the survey.

    It seems highly unlikely to me that a standard homebuyers would say anything specific about electrics, unless there are extremely obvious (to the naked eye without moving anything) faults or things in disrepair.
    Originally posted by nicmyles
    It won't say that it needs rewiring if they can't comment.

    Mine says
    'The property is connected to the mains supply. The consumer unit is located in the
    hallway. I believe the meter is in the cupboard by the front door in the hallway on
    the ground floor. However we could not have access to this cupboard to confirm.
    You should confirm this prior to occupation. The consumer unit contains modern
    fuses. The wiring is in plastic covered cable.
    I saw no areas of concern however I do not know if there is a current test certificate
    for the installation. Your legal advisor should establish whether there is a current
    test certificate. If not then it should be checked before purchase and you should
    immediately instruct a Registered Competent Person or an electrician to test the
    installation for safety and carry out any necessary works. This inspection must
    include the electric shower in the bathroom. I refer you to section J. Condition
    Rating 3.'

    The key being 'I saw no areas of concern' but is rated 3 as he isn't an electrician.

    The OP has stated that the home buyers report says rewiring that is very different to not in scope of survey.
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