Should the vendor reduce the price?

leedom

Hi all

Although we have had an offer accepted on a house I have now had a surveyor report that has highlighted a problem with the extension (it is single brick). I have therefore arranged for a couple of builders to advise and quote on works required to get it up to standard.

Now, although our offer has been accepted we did not have any idea that there would be further problems and I suspect it will cost 000's to put right.

Would I now be in my rights to reduce my offer? I suppose it is upto me but I wonder from a vendor point of view how this would be rreceived?

Although any reduction would be nice this would not really help us with paying for the works as this would only reduce the house price and mortgage/monthly payments rather than giving us money in our hand to pay for the works. Is there anything else we could do or ask?

I understand we offered on what we saw but we did not know of any structural problems which is why I think the price should be reconsidered? I don't want to gazunder (is that the word?) just some consideration of reducing the price due to unforseen works required.

We have mortgage offer, conveyancer appointed but house sale is slow due to probate issues.

Grateful for any advice/info. Thanks

Jeffrey_Shaw

You cannot force V [vendor] to reduce the price; but, armed with your Chartered Surveyor's report, your solicitor can try to persuade V to reduce. You could buy any property; V has just this one to sell, and it's clearly worth less than V thought.

vuvuzela

The vendor doesn't have to do anything, but you are within your rights to try and re-negotiate. You aren't gazundering by doing so at this point.

poppysarah

Don't buy it unless you get a reduction.

Go view other houses maybe to see if there's anything wihtout the work.

go_cat

You maybe need to remind them any other buyer who has a survey will find the same issue

Voyager2002

I agree with the above, except to say that I would not involve your solicitor (whose time is very expensive). Either discuss the problem directly with the vendor, or talk to the agent.

GAH

Get your quotes in from your builders first.

Then this will give you a better bargaining tool, rahter than just asking for a reduction, its best that you have got the evidence.

You can then put it to the vendor.

Of course the vendor does not have to reduce the price.

But if you did pull out, and somone else attempts to buy it and has the same survey then it will pull up the same problems, so it maybe worth making vendor aware of that if he doesn't want to play ball.

lincroft1710

Single brick extensions don't cause any problems as they're just outbuildings and should be valued as such.

However, if you want to convert this "outbuilding" into living accommodation, then you may well need building regs approval, which will mean insulation for walls and roof, Fensa certificated double glazed windows, loss of internal space because of thickness of insulation and new internal block walls. Plus new electrics. Depending on its construction, you may need a new roof, you may also need some form of heating.

So you have to decide if a) you can live with existing extension or b) you would want to rebuild it c) whether current agreed price reflects the extension's construction and d) if you want option b), how would you finance it or e) walk away as it isn't what you expected or if they won't reduce price to make it an attractive proposition.

john_white

what do the agents details say about it?

If it was advertised as a living space then fine, but, if it was described in a different way it's probably already been taken in to consideration.

leedom

lincroft1710 wrote: »

Single brick extensions don't cause any problems as they're just outbuildings and should be valued as such.

However, if you want to convert this "outbuilding" into living accommodation, then you may well need building regs approval, which will mean insulation for walls and roof, Fensa certificated double glazed windows, loss of internal space because of thickness of insulation and new internal block walls. Plus new electrics. Depending on its construction, you may need a new roof, you may also need some form of heating.

So you have to decide if a) you can live with existing extension or b) you would want to rebuild it c) whether current agreed price reflects the extension's construction and d) if you want option b), how would you finance it or e) walk away as it isn't what you expected or if they won't reduce price to make it an attractive proposition.

Thanks to all. I have checked what details say (and what I remember the EA telling us) and as far as I can remember (and read) there is no mention than it being anything other than a family room and utility room/toilet. No mention of it being an outbuilding - rather 'an extension' and the EA even talked about prospective uses for it (ie kitchen which is what we are thinking).

Anyway, I will see what the quotes come in at and also how much the size will be reduced by and take it from there.

thanks again

poppysarah

Whilst it may be a proper space within the house, you need to understand why it needs to be double skin. The biggest reason might be structural or it might be just insulation and heating cost.