can I lower price for electrical wiring

missjy

Surveyor has valued property for exactly what I have offered for it.
However the house needs complete rewiring - can I ask for that to be deducted from my purchase price?

kingstreet

Who says the property needs a rewire?

Have you had a qualified electrician report on the condition of the electrics? If not, I suggest you do that first. If you try to get a reduction based only on the valuation when it's been valued at the agreed price, you'll probably get a rejection.

missjy

The surveyor says that it needs rewiring. Am hoping to take a NICEIC electrician to have a look in the next few days.

golddustmedia

If the surveyor says it needs rewiring then via the estate agent/solicitor advise the seller that the survey has noted the property needs rewiring and in light of that new information you wish to revise your offer.

If they say yes you're quids in, if they say no then you have a choice of continue or don't. Ultimately though it's a negotiation and the seller is not obliged to accept a lower price than you've offered.

brit1234

Yes it's a buyers market and house prices are continuing to fall.

Marvel1

Never know unless you ask.

p00hsticks

missjy wrote: »

Surveyor has valued property for exactly what I have offered for it.
However the house needs complete rewiring - can I ask for that to be deducted from my purchase price?

Of course you can ask - but remember that there's no obligation on the vendor to agree. After all, they presumably were aware that the wiring was old when they put in onto the market, and the property will have been priced to reflect that in the first place.

Alter_ego

Presumably it was valued as it is? Therefore taking the need for a rewire into account.

golddustmedia

Alter_ego wrote: »

Presumably it was valued as it is? Therefore taking the need for a rewire into account.

This is not really how a surveyors valuation works.

The surveyor is working for the buyer to ascertain if the property is worth the offered price.

i.e. That they have not just offered £200k for somewhere worth half as much.

A main point of the survey is to identify faults affecting the value of the property, which has highlighted the wiring.

Ultimately the surveyors report is yours, not the vendors, as you've paid for it. The valuation is not binding in anyway and is there for your advice/information only or to assist a lender in deciding whether to mortgage the property for you.

If you feel the cost of rewiring warrants you offering less for the property then do it. That's the whole point of paying for a survey, to identify unknown defects that will cost you money in future.

missjy

I am going to take two different electricians and get two quotes which I will put to the vendor. I have really been thrown by this in the survey. I am wary of appearing 'cheap' but as it may easily cost me or anyone else buying the house a few thousand quid then I will swallow my pride and ask!

golddustmedia

I don't think you should feel awkward about this. Quite legitimately your survey has idenitified a fault with the property. It's quite reasonable for you to submit a revised offer in light of this information. However don't be afraid to negotiate over it. If for example the rewire may cost £2k, initially submit an offer of £2k less, but consider splitting the cost and agreeing a price £1k lower?

If you're not confident about doing this with the seller then deal with the estate agent who has a vested interest in the deal going through and will act as a mediator perhaps convincing the seller of the merit of your position and revised offer. Don't be hesitant, just pick up the phone and talk about it. You won't get anywhere by staying quiet and worrying about it!