Negotiating price reduction post survey

D55

We're in the process of buying a 3 bed detached (Greater London) for 400k. Offer has been accepted, mortgage approved and survey done.

Survey picked up a few minor things that need sorting in future but big item picked up is electrics require "upgrading". Took someone in the know to take a look at them and they have advised that some re-wiring is required and a new consumer unit needed. Will cost in total around 3-4k. Including all the other minor jobs we are looking at around 6-8k total cost.

The vendors are a nice old couple who are quite staunch- they had the house on for 419k and it took some time to get them down to 400k. House had been on Market for around 4 months.

What would be the best approach to get them down on the electrics? We're at the stage where all that is required is the solicitors to do thier
thing and we are done. I don't want to upset or rattle them at this stage as we really like the place but think it's fair they revise the price gie n the findings of the survey. If it all fell through at this stage the next
buyer will surely pick up the same things.

Thoughts on approach?

akrot1

- electrics need upgrading sounds like a generic comment from a surveyor that is just ssaying something to appear to be doing his job. Unless its a newbuild chances are all houses will need electrics upgrading as the regulation keeps changing.

- i'd go back and perhaps say its going to cost you 6 but can yhou meet them halfway and knock 3 off or you can ask them to get theor own quote for the work.

- jusdt cos electricsd needs upgrading doesnt mean it's not safe.

TrickyDicky101

Be prepared to get stonewalled though - as akrot1 says, all surveys bring up electrics as a serious problem because the surveyor has no particular skills in this discipline.

steve1980

Who is the "someone in the know"? Are they a qualified electrician? or is it someone who knows how to wire a plug? What are the actual works that are required? A consumer unit costs £100

A surveyor will also say the electrics need looking at. The only thing is if he has valued the property at £400,000 then you can't really go in saying that the surveyor has said it's worth less.

seraphin_2

Have you had an electrician look and quote for what needs doing ? If nit that's what you will need to do to sort any reduction out, maybe suggest the owners pay for a gas and Elec inspection will be around £150 ish, we paid for this when we sold our house the buyer said it needed rewiring and an upgraded boiler ( this was suggested) on the survey, we paid for both inspections and neither needed doing either. They cover their backs all the way so it pays to get a proper inspection