When to have a survey done? Price negotiation for any faults found

mither_2

I have agreed a price for a 3 bed semi. I'm a first time buyer wheras the vendor is an experienced buy to let investor and so obviously far more knowledgeable. I have noticed some problems with the house such as damages to the front wall and other minor aesthetic issues. I understand that to have a full structual survey done will cost £600 - £800?

The house was built in 1933 and has had a large extension added at the back recently so I think I should have a full survey completed. If the surveyor finds that there are faults can I then have negotiate with the vendor to have the price reduced to cover these costs?

There are no fees on the mortgage (no commitment fee and no valuation fee) and the solicitors have only done a little work on the conveyancing so I could effectively walk away now at minimal cost. What is the process for negotiation once a fault is found? Could I immediately ask for the predicted cost of any repairs be knocked off the asking price?

Ideally I would like to use this survey to negotiate and recoup my £800 with minimal actual; expense on the repairs which I could then complete in my own time (provided they weren't major structural problems)

What is the best way forward? Should I wait for the conveyancer to check the ownership, planning permissions for the extensions have been completed?

What is the ideal process for getting purchase completed safely and reducing price a little?

LadyC

I feel a bit exasperated by the notion of re-negotiating after survey results come back. When you put in your offer, did you mention it was subject to spick and span survey results? We are only 2nd time buyers but if we thought there was likely to be a problem, we would probably ask someone reputable (a builder) say, to accompany us on a viewing to ask if they thought any work needed doing. We don't have friends in the trade or anything but most builders will happily do this, as it is often a way for them to gain future business, although there is not usually any obligation - you don't own the house yet after all.

It's not foolproof and you should always rely on a survey ultimately, but it would at least give you an idea of potential problems and in my opinion an offer should be based on the price you are willing to pay in addition to any work you wish/need to have done.

We have recently offered on a house, but our vendor has pushed us to our extreme financial limit, so we have stated that our offer is based on buying the house and us then doing x, y and z to it. x, y and z doesn't include fixing any major problems with the roof, so we have made it clear that if something is likely to get flagged up in the survey, she may as well tell us now, as we wouldn't be able to afford to proceed. We have stated this before we instruct the survey though. I would feel like we were being a bit shoddy if we offered and once we got the results started re-negotiating. A vendor knows everything about their house so when they accept your offer, I would imagine they are accepting it on the basis it is sold as seen.

If you can't afford any big jobs on top of the purchase price, you should be up front and account for them before your initial offer.

Just my opinion, and I know that the general consensus these days is to haggle further down the line, but I see it as dishonourable.

Chinkle

I get the impression you think paying money for a survey is like throwing it down the drain, otherwise why would you say you want to negotiate to recoup the same amount you spend on the survey.

The survey is so you (and your mortgage company) can see whether the property is a good investment.

If you have a full survey it is highly likely that a number of issues will be identified, particularly if the house is 80+ years old. Many of these will be small or easily fixable and therefore any clued up seller isn't likely to be prepared to negotiate anything off. If on the other hand you find some major problems, structural, roof, damp etc then you aren't going to be able to fix these yourself and will have to pay out to get a professional in. In this instance, you can try to negotiate, but it is rare that you'll get the seller to cover the full amount. This is about you making the decision to take on a property and all the repair and maintenance issues that come with it, or indeed to walk away from it.

not_loaded

mither wrote: »

…Could I immediately ask for the predicted cost of any repairs be knocked off the asking price?…

There’s absolutely nothing to stop you from ASKING, but overall (imho) I think that a buyer is wrong in automatically expecting the owner to rectify or even contribute to putting problems right.

As a responsible seller (currently of two properties) I’m not selling anything with known serious faults.

I’m happy for a buyer to look at and test things, have surveys done etc, at any time right up to me walking out the door at completion. However, at exchange, the price is written in stone.

For sellers in general – well, you’re not really expected to be selling a 100% perfect house are you?

I think that as the buyer though mither, you’re optimistic in expecting the owner to contribute to (or to fully rectify) all of the problems. Quite a lot of survey points are, after all, without doubt visible to any viewer, skilled or otherwise. You’ve already noticed various things, such as damages to the front wall.

Did they say they were selling you an A1 perfect house with no faults? I suspect not.