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Contingency on work to be done
chouchoutan
Posts: 30 Forumite
Hi there.
Our first buyers pulled out a couple of weeks before we were due to exchange (relationship broke up) and the house went back on the market at the beginning of Jan. First buyers survey had suggested some strengthening work was required on the roof and we were in the process of gathering quotes for the work.
New buyer is fully aware of roof issues as we were upfront from the start. We have also said we will either drop the agreed price by the amount required or arrange for the sum to be transferred to buyer on completion (we do not have the funds available before sale).
Work is going to come in at about £4000 from quotes in so far.
Buyer has now come back and said he would also like a contingency of up to £2000 in case other things come to light once the work starts. Money will be held by solicitor until work is completed (in the summer probably) and then will be distributed as necessary.
We are uncomfortable with this for a couple of reasons. Firstly, we think we've been pretty reasonable about the work that's required and have agreed to pay for all work quoted. We have accepted an offer £3000 below the asking price. Surely the house is bought as seen\surveyed and anything that comes to light 6 months down the line isn't our responsibilty.
He knows we're desperate to move and perhaps is playing us but I think our original offer of meeting costs as quoted is enough. Can anyone please advise if it is normal practice to expect a contingency fund and whether either point of view seems unreasonable?
Thanks.
Our first buyers pulled out a couple of weeks before we were due to exchange (relationship broke up) and the house went back on the market at the beginning of Jan. First buyers survey had suggested some strengthening work was required on the roof and we were in the process of gathering quotes for the work.
New buyer is fully aware of roof issues as we were upfront from the start. We have also said we will either drop the agreed price by the amount required or arrange for the sum to be transferred to buyer on completion (we do not have the funds available before sale).
Work is going to come in at about £4000 from quotes in so far.
Buyer has now come back and said he would also like a contingency of up to £2000 in case other things come to light once the work starts. Money will be held by solicitor until work is completed (in the summer probably) and then will be distributed as necessary.
We are uncomfortable with this for a couple of reasons. Firstly, we think we've been pretty reasonable about the work that's required and have agreed to pay for all work quoted. We have accepted an offer £3000 below the asking price. Surely the house is bought as seen\surveyed and anything that comes to light 6 months down the line isn't our responsibilty.
He knows we're desperate to move and perhaps is playing us but I think our original offer of meeting costs as quoted is enough. Can anyone please advise if it is normal practice to expect a contingency fund and whether either point of view seems unreasonable?
Thanks.
0
Comments
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dont think so. i think you have been very reasonable. if the other things relate to the roof then there shouldn't be 'other' things as a competent roofer would see if there would be other problems and would quote accordingly. my opinion though0
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Thanks for that Zipwen. Just needed some reassurance that this is not the norm.
Anyone have any suggestions for how to argue our case when we come to negotiate (or not!)? Buyers survey will be done next week so we are going to wait until it's done and see what it comes up with.0
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