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Survey - 20k of work needed but doesn't downvalue
RedTomato
Posts: 80 Forumite
So what does one do when a survey comes back saying 20k of work needs doing but doesn't downvalue purchase price? Is there a leg to stand on as far as negotiation is concerned? Little of this work was visible to the untrained eye - problems with roof and back wall.
Any advice/experience appreciated. Thank you.
Any advice/experience appreciated. Thank you.
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Comments
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Do you have to let the EA/vendor see the actual 'valuation' bit - can you not just tell them the work that is required and the estimated costs involved?0
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slummymummyof3 wrote: »Do you have to let the EA/vendor see the actual 'valuation' bit - can you not just tell them the work that is required and the estimated costs involved?
I suppose we don't have to let them see it but they are likely to ask I guess?0 -
What you choose to show is up to you.0
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They might well demand to see the survey but you don't know unless you ask. They might start negotiating discounts without asking to see it.
Tell them your survey says £20k worth of work is required and see what happens.
You have nothing to lose by trying. In the worst case scenario (either they refuse to renegotiate or they want to see the valuation before negotiating) you are not in a worse position then you are now.0 -
Whenever we have renegotiated following a survey, we have never had to show the survey. We have just told the EA what works are needed and the costs involved.0
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Depends on the purchase price. How competitively is it priced?
We had a similar situation when we bought our place. Survey said it needed some roof / chimney work / had some damp / needed new electrics / boiler etc.
We told vendor who came back with - its to be expected for a house this age and you're getting a great price.
We agreed and proceeded and now live in the house we always wanted
Sometimes not worth fighting, unless the price is way over the odds.early retirement wannabe0 -
£20k seems a lot of essential work to turn up unexpectedly in a survey.
What is it for?0 -
I would push for a reduction in that case. Has the mortgage company put a retention in place?0
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It may already be priced knowing the work needs done , hence the valuation. The sellers could have had a survey before you so know what to price the house at.0
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