negotiating after survey?

monkeyshavingexpert

ive had an offer accepted on a place and everything seemed well. now the survey has come back with quite a lot of necessary work highlighted (£20k+).

is it possible to negotiate an offer down? ask that the vendor pays for the necessary work?

has anyone been in a similar situation? does anyone have any advice?

mandi

monkeyshavingexpert wrote:

ive had an offer accepted on a place and everything seemed well. now the survey has come back with quite a lot of necessary work highlighted (£20k+).

is it possible to negotiate an offer down? ask that the vendor pays for the necessary work?

has anyone been in a similar situation? does anyone have any advice?

Hi Monkey,

Dont worry,
You can do two things..

1. renegotiate your offer, but bare in mind the work will still need to be done
Has your mortgage provider placed a " retention" on your mortgage, ?? (The survey may say 20 K but usually this is an over estimate, and the work can be done more cheaply)
If you have a "retention " on the mortgage, the work will have to be done, otherwise you will not recieve the amount your asking to borrow, until it is
2. Ask the vendor to put the problems right.. Personally I would ask the vendor to do do the work.. Because, even if they dont sell to you, and sell to someone else, the problems will show on future surveys, and they will have to do the work, or lower the asking price, before they can sell

Mandi

JJ2006

and got £5,000 off. At first they would not budge and said they could sell to someone else for a higher amount but we pointed out the new buyers would most likely try and drop the price when they have their survey down so they agreed to drop £5,000 - even though it was not as much as we wanted every little helps

silvercar

The problem with asking the vendor to get work done is that they will choose the cheapest route to save money, in the knowledge that they won't be living in the house when it falls apart.

monkeyshavingexpert

thanks for the advice everyone. there is no retention on the mortgage. the survey doesn't actually say 20k - that is an estimate from a builder friend. others have estimated even higher. The house is lovely, but I don't have that kind of money & can't see it selling for that much more with the work done.

i'm meeting up with the vendor tomorrow & a building contractor is coming along to do a formal quote.

JJ2006: was £5000 the full amount of the work, or did you split the cost in some way?

Jorgan_2

The seller may not be willing to re-negotiate if there is no retention on your mortgage. After all, the surveyor has valued the property at what you have offered, not less.

What sort of work has been highlighted?

monkeyshavingexpert

new roof, electrics, repointing, wall-ties, damp coursing, ...

Jorgan_2

And there hasn't been a retention on the mortgage? That sort of stuff usually puts a retention or down valuation on a property.