Anyone know anything about electrics?

NoDebtForMe_2

I am in the process of part exchanging my house with Taylor Wimpey.
I have a victorian house and when they did a survey, the advice was to get a further report done on the electrics with it being an old house and a report to be done on one peice of wood in the cellar which had dormant wood rot on it. We do have a guarantee which shows wood rot was treated the year before we moved in (1996) however it wasnt transferred into our name so not enforcable. This does not worry me though as it is only one peice of wood so even if worst case scenario we had to replace it would not be a huge amount of money. It was the electrics that worried me. However, the electrician has been this morning and spent 2 hours testing the electrics. The result was that we didn't need a re-wire (phew, thought they were shot tbh) but because of the new regulations enforced in June 2007 (?) we would have to have an RCD in place and therefore a new board.
Does anyone know if this will be something that could jeapordise how much they are paying me for my house? They have incidently already started to market my property even though we have not signed any contracts as yet (did wonder the theory behin this as it isnt theirs to market is it?) We have had a couple who are coming for a 2nd viewing and are really keen on the house so potential buyers. We also sign the contracts tomorrow. Will the solicitor keep hold of the contracts until they have agreed on everything to do with the part ex or will I end up signing something that will tie me to their house but give them the right to haggle on the part ex price?
Being builders, would this kind of thing be something they will just do themselves or will they re negotiate the price? If they do, I will be requesting a further reduction in the property I am buying from them.
What do you think?
Sarah

Premier_2

The property you are selling (or offering up as p/ex) is offered as is.

It's up to the buyer to decide if they want to accept it and at what price.
(You as the seller then ultimately decides if you are prepared to let it go at that price)

You don't need to do anything to the property you are disposing of.

The financial arrangements will need to be settled before any exchange of contracts.

mlz1413

Did the electrican give you an idea of cost for having an new RCD? I believe this is not an expensive item approx £250?

If the cost is low then I do not see why that would change the part exchange deal you have been offered.

Also if you have not signed any contracts then I wouldn't worry as you are in the strongest position, ie a couple potentionally want to buy your house so you can sell it, but with no contracts on new build you are not committed to buy as yet.

As you say if Taylor Wimpey knock you on price just knock them for the same or more.

wildbri

It's not a major job, If they like the house that will not stop them buying. I understand that the new regulations are not retrospective and this was just advisory. regards..bri

Doozergirl

Just to confirm that it's a cheap job, won't affect the value of the house. Taylor Wimpey will do nothing about it, it's avisable but not a necessity - they won't touch the house themselves.

NoDebtForMe_2

Thanks everyone. Tis a relief they can't start haggling with me and I am now in the know so they cant pull the wool.....
Soooo, I am due to sign contracts on friday morning, Taylor wimpey wont get the report result until Fri/Mon now as it was only done this morning. The couple arent coming for their second viewing till Sat pm so wont offer if they are going to until Mon / Tues (which puts me in a stronger position (?) )
Would I be better to sign contracts later next week or will my solicitor keep hold of them anyway until Taylor Wimpey have agreed they are still paying x amount for my house? Will it matter to my power whether they have a buyer for my house when all this is going on? Should I just sign contracts on Friday anyway and let it take its course. The sales advisor for Wimpey has rung me loads to chase up signing of contracts - is there a particular reason for this other than tyeing me to their newbuild?
I know you are all spoon feeding me but you lot are in the know

Cannon_Fodder

As its a P/Ex you may well be ok.

The desperation over new builds, might make them ignore it problem in preference for a sale, anyway.

If it was a private sale and the requirement was spotted, but you had not admitted to it, it would (in my mind) make me wonder what else was being overlooked/disguised. It might make me have a "bad feeling" about the house - you know how irrationally positive the "when you walk in the door" feeling can be, it can be the same when it starts to go negative.

Just my 2p.

silvercar

The result was that we didn't need a re-wire (phew, thought they were shot tbh) but because of the new regulations enforced in June 2007 (?) we would have to have an RCD in place and therefore a new board.

In loads of different house maintenance areas, installation doesn't meet current regulations but meets the regulations in force at the time of installation. Just because the regulations changed in June 2007 doesn't mean that any installation previous to that date is unsafe. It doesn't automatically mean that every installation has to be upgraded, just that it should be done at some point and when new works in that area are done.

Doozergirl

When you sign contracts it means very little. They have to be formally exchanged for anything to be binding.

If you are worried that they will reduce their offer (they won't - not over the electric box anyhoo) then exchanging contracts is better for you. I wouldn't worry though because they want to sell there house as much as you want rid, hence they are keen to exchange. They've factored what they can afford to take before they agreed on the price of your new house and the part-ex and won't be making any knee jerks based on offers received because they think they've got a better deal than you have.