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renegotiating house price prior to exchange for first time buyers... opinions wanted
edfolletthsbc
Posts: 52 Forumite
Hi Guys,
My partner and I are in the process of purchasing our first flat. Everything was going great and we received the contracts (which we have not signed yet) and then we received a copy of the lease. There were a few points on the lease that we flagged up with our solicitors.
Before I go into those details this is the info about our flat etc
Purchase price 190k (dropped from 195k)
Service charge per quarter: £360 (this covers building insurance, water as well as maintenance)
the problems we identified with the lease were that there is quite a bit of up and coming work:
1) Roof work:
due to start this spring
No quotes recieved yet supposidly butthe maintenance company has 30k saved up to do most of the work but there is an undesclosed amount of work to be carried out which this will only contribute to
2) External decorations
planned to start autumn this year.
if they are using all their reserves for the roof work then this cost will be covered fully by us if we purchase the flat.
3) Internal decorations
planned to start early 2011
again reserves are meant to contribute but doubt they will have full funding for this from our maintenance charge so a further cost will be passed on to us.
having said all the above my partner and I are a little annoyed that in this late stage of the process this info has only just been provided. especially since we received the lease after the contract which could have meant we signed without knowing of this additional costs.
we ourselves have gone through estimating the cost of the work and think it could be in the region of £5k-£6k worth of work. because of the close vacinity of the work especially the cost of the roof and external decorations we want this cost to be passed on to the seller and the price we pay so we were planning to renegotiate the price back down to £185k.
As we are new to the whole purchasing of properties i wanted to get your opinion on what we should do? is it something that is done this renegotiating etc?
thanks in advance
My partner and I are in the process of purchasing our first flat. Everything was going great and we received the contracts (which we have not signed yet) and then we received a copy of the lease. There were a few points on the lease that we flagged up with our solicitors.
Before I go into those details this is the info about our flat etc
Purchase price 190k (dropped from 195k)
Service charge per quarter: £360 (this covers building insurance, water as well as maintenance)
the problems we identified with the lease were that there is quite a bit of up and coming work:
1) Roof work:
due to start this spring
No quotes recieved yet supposidly butthe maintenance company has 30k saved up to do most of the work but there is an undesclosed amount of work to be carried out which this will only contribute to
2) External decorations
planned to start autumn this year.
if they are using all their reserves for the roof work then this cost will be covered fully by us if we purchase the flat.
3) Internal decorations
planned to start early 2011
again reserves are meant to contribute but doubt they will have full funding for this from our maintenance charge so a further cost will be passed on to us.
having said all the above my partner and I are a little annoyed that in this late stage of the process this info has only just been provided. especially since we received the lease after the contract which could have meant we signed without knowing of this additional costs.
we ourselves have gone through estimating the cost of the work and think it could be in the region of £5k-£6k worth of work. because of the close vacinity of the work especially the cost of the roof and external decorations we want this cost to be passed on to the seller and the price we pay so we were planning to renegotiate the price back down to £185k.
As we are new to the whole purchasing of properties i wanted to get your opinion on what we should do? is it something that is done this renegotiating etc?
thanks in advance
0
Comments
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go back and offer £10,000 less because off planned worked ."Do not regret growing older, it's a privilege denied to many"0
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