Negotiating After an Offer.

Westovski

Hi guys,

Long time reader, first time poster.

A question for your brains

We (my partner and I) recently had an offer accepted on a property, all seems to be going swimmingly (if a little slowly!). We had a homebuyer's report done last week and it's shown up that the wiring in the house is dated.

Now, as we've already been approved a mortgage, we just need to sign off and send back the agreement, what should we do, if anything?

Should I try and get a bit of money off of the price of the house for the wiring? Who do I contact to do this, my solicitor? And if I do manage this, do I then have to re-apply for a mortgage for the new value? Or could I use the extra money to have the house re-wired when in?

Sorry if it's an obvious answer, but i'm new to this game.

SimonMrGreenWard

Purchase price needs to be on the mortgage offer, so you'll have to wait to have another reproduced. This doesn't require a new application.

You need to decide if the place is still good value at what you're paying, if it's now not, based on the wiring, then you need to go back an renegotiate. In all honesty, I've had loads of places where the homebuyers report has said the wiring is "dated" but after having it checked out by an electrician, it was actually fine.

SandC

Agree, the report is not pointing to a required rewire, just that it's dated.

I guess it depends on your own perception of a good price - does everything in the home have to be newly done, boiler of a certain age, roofworks carried out fairly recently, kitchens, bathrooms and decor up to date and modern etc. or do you have in mind that a property of a certain age will not have everything it brand spanking newly done for the purpose of selling?

ess0two

As above get a spark in to check,£60 tops

Westovski

Great stuff, thanks guys.

It's a dated property in general, but has a new combi boiler and full double glazing etc, i'm more or less renovating it, including knocking through a few walls, i just hadn't factored in a re-wire, but if dated doesn't necessarily mean it needs a rewire then good stuff.

I plan on getting a spark in to put a couple of sockets in the loft anyway, so i'll just get him to check all the wiring too.

Thanks again

ess0two

Get the spark in before exchange etc,any potential costs???can then be negotiated,otherwise its on you once bought.
More than likely nothing wrong though,i also got my sellers to pay for spark when i last bought.

nomoneytoday

It's probably just missing a Part P certificate

jockosjungle

I'm failing to really see the issue, I'm buying a house and the bathroom looks dated but I'm not demanding a discount. If the wiring had been condemned you'd maybe have an issue, but to be honest the valuer isn't an electrician and has probably just added the comment to cover himself.

R

Evilm

If you are worried ask them to allow access to an electrician. We did and were glad we did for other reasons than the age of the wiring.

You can ask for a "works needed" discount up to £2k without changing the official purchase price and your mortgage offer. Due to about £5k worth of work needing to be done on our house we did this (We were happy to accept the other £3k as the things that come with owning a house and wanted to get the purchase done with).

Your solicitor should be able to advise you on that but its best to negotiate it through the estate agent (who still gets the same commission as far as I know).