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Logistics of paying for work required on a house
hatcheth
Posts: 32 Forumite
Hi,
We are buying a property and have had an offer accepted on the property for x thousand, everything is in place for exchange of contracts.
We waited until we had a mortgage offer before instructing a full building survey and we know it will come back with a list of things to fix. The vendor knows this too. If we agree that all the works will cost say 5k, how will that be represented in the sale price ? We have the sale contract and mortgage offer all down as price x, so if that changes to x - 5k then its gonna take a few days to get everthing amended (mortgage offer, contract etc).
Anyway round this? Can the vendor issue a personal cheque on completion and is there any framework in which the solicitors can implement this as binding but not affect the sale contract and mortgage offer ?
Advice much appreciated.
Stephen
We are buying a property and have had an offer accepted on the property for x thousand, everything is in place for exchange of contracts.
We waited until we had a mortgage offer before instructing a full building survey and we know it will come back with a list of things to fix. The vendor knows this too. If we agree that all the works will cost say 5k, how will that be represented in the sale price ? We have the sale contract and mortgage offer all down as price x, so if that changes to x - 5k then its gonna take a few days to get everthing amended (mortgage offer, contract etc).
Anyway round this? Can the vendor issue a personal cheque on completion and is there any framework in which the solicitors can implement this as binding but not affect the sale contract and mortgage offer ?
Advice much appreciated.
Stephen
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Comments
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In short no. Its not recommended and could be classed as fraud.0
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If its a house that needs renovation, and you knew this before you offered, your offer should have taken this in to account, so there should be no need to renegotiate on the price.
Renegotation should be for unforeseable things only that come as a suprise.
In which case the price should be renegotiated, and everything done above board. The vendor may not be willing to renegotiate, be prepared for that, its not a given.Pawpurrs x
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Thanks for the feedback, thought it wasn't possible. I guess new builds with cashback are classed differently.
The work will probably involve renewing a flat roof that is end of life, replacing an asbestos roof on the garage, possible rewiring. All things that were not obvious to a non surveyor.
Vendor has a summerhouse (cost 30k apparently) that we might be able to negotiate around to keep the offer constant.0 -
Thanks for the feedback, thought it wasn't possible. I guess new builds with cashback are classed differently.
The work will probably involve renewing a flat roof that is end of life, replacing an asbestos roof on the garage, possible rewiring. All things that were not obvious to a non surveyor.
Vendor has a summerhouse (cost 30k apparently) that we might be able to negotiate around to keep the offer constant.
You cannot assume that necessary work will be paid by the vendor. You have to negotiate. Maybe vendor will not be willing to reduce the price.This is an open forum, anyone can post and I just did !0 -
We have already have quotes for the new flat roof and they have agreed to pay half. So I can assume in this case that they will reduce the price0
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well was asking for advice on how the logistics works not how or how not to negotiate the price..0
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In relation to logistics it is..0
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