Changing Offer Price after Survey?

Bluefusion

We are purchasing a vacant 1940's 3 bed semi that needs total renovating i.e. rewiring, replumbing etc. The house was originally on the market for £295k our original offer of 285k was rejected but the vendors said they would meet us half way at £290k which we accepted.

We have just had the survey done, and as expected, shown the house needs rewiring and replumbing, but it has also pointed out that all the pitched roof wooden gabeling at the front of the house has rotted and from within the attic this pitched roof area is exposed to the elements and not water tight.

I have spoken to the surveying company about this and they estimated a rough figure between £500-£800 to have this all replaced. We would like to try and negotiate a reduced fee to help cover the cost for this work. What's the best way of going about this, is it through solicitors or talking to the vendors estate agent?

Also if the Vendors will not reduce the offer price to cover the work. Is it a case of if we want the house we have to accept it, or walk away?

lmac22

This same thing happened a few weeks ago with the house we were buying.

There was a problem with the roof that the surveyor picked up and on estimates it would cost us approx £1000 to fix.

So we contacted our solicitor first who told us to try the sellers EA first. We did this, and after a lot of hard work and time (and in the end our solicitors involvement as we werent getting anywhere with the EA) the sellers agreed to reduce the price only by £500.

We accepted this as we didn't want to lose the house.

So bascially my advise would be try the EA first and then if you have no luck contact your solicitor to negotiate.

The seller have no obligation to accpet your lower offer on the grounds of the survey so it will be up to you whether to walk away of they won't budge on the price.

Good luck

Debt_Free_Chick

Bluefusion wrote:

Also if the Vendors will not reduce the offer price to cover the work. Is it a case of if we want the house we have to accept it, or walk away?

You need to establish whether the purchase is still fair, given this work. In other words, has the agreed purchase price already been reduced to recognise the work that needs doing?