offer accepted. want to make reduced offer because of rewire

gallivant

I had an offer accepted on a house, survey said that electrics were old and suggested they be checked by electrician. I had electrical survey done and it doesn't comply with modern standards but it works but that I should consider a rewire in the future.

I want to have a rewire done. I am going to ask that the seller pays for this as I want to do it myself to my specifications.

So I will ask that the seller accepts £3k less than what we offered.

If they accept for all or part of the cost of the rewire then I presume I tell my mortgage company. What I want to know is does this mean I have to reapply for another mortgage using todays rate (which is higher) or can I still use the rate I agreed upon back in Jan?

Or would the seller write me a cheque and the mortgage remains the same?

peterg1965

I would go halves with the vendor, explain the situation and offer £1.5K less. Tell your mortgage company if/when the offer is accepted. You do not have to reapply for the mortgage again.

thesaint

Is it not possible to call your mortgage company and ask?

Sooler

If I was the vendor I’d be inclined not to budge depending on how old is old. Standards are always changing, If you had a rewire that also wouldn’t ‘comply with modern standards’ in a few years.

gallivant

thesaint wrote:

Is it not possible to call your mortgage company and ask?

Ok I called them and they said I can use the rate I agreed in Jan and they will just revise the amount on the offer.

The electrics are very old and date back to mid 1960's and still has original plug sockets in some rooms. Fuse box is likely to be original. As I had no idea of electrics I will argue that the cost of a rewire wasn't budgeted in my original offer.

I am not expecting to get the seller to pay the full 3k cost of a rewire but don't ask, don't get. I am willing to accept half and half but if I said to them that I want 1.5k they would offer me £700 so I am aiming high.

rach29

Of course you can "aim high" but If I was the vendor I would tell you no deal.

From what I can gather your electrical report says that the electrics are ok but dated and that you MAY wish to update them. You may want to but that is your choice & in no way affects the value of the property

TJ27

I agree with sooler. Standards are always changing and probably very few electrical installations strictly comply with modern standards.

For example, I rewired my house several years ago and did a heap of earth bonding. I also earthed to the gas pipe and to the incoming main in 10mmsq cable. About a month afterwards electricians started advising that the main earth connection should be done in 16mmsq cable. So my brand new rewire didn't comply with modern standards a month after it was done. And I expect that I'll be needing a rewire some time in the future too. Unless some sort of timescale is given, that sort of comment means nothing really.

I would say that one indicator of whether an electrical installation need replacing is to check whether there is an earth on the lighting circuits. Also check that you have a consumer unit with RCD and MCBs rather than old rewirable or cartridge fuses. Also check that main earthing cables are in good condition and a reasonable thickness.

However, if you've got bakelite switches, arcing in your sockets and rubber insulation peeling off your wires, you're either out of date or living on the set of the next Frankenstein film.

benood

If the fuse box has wired fuses I think you are within your rights to ask for the full £3k expecting to agree on £1-1.5. If it has trip switches of any description then I wouldn't push so hard.

epz_2

3k sounds pretty high if your just talking about changing the plug sockets and a fusebox (1), feel free to try but if its still functonal and the vendor got an offer quite quickly i dont imagine they would be inclined to budge.

(1) i would avoid re running copper at all costs, if its an old house there could be all kinds of stuff in the walls you really dont want to know about let alone breath in.

havekidsamskint

most surveys on houses 30ish yrs old or older will state this.

if I was your vendor I would say you saw the light switches when you viewed and I would not budge, I am saying this from a sellers point of view as this is very likely to happen to me..but good luck trying

Doozergirl

If you have original switches and sockets dating back to the mid sixties then I really would negotiate for the full amount! They are pretty ancient If you're happy to settle with half, then I think that is completely fair.

I hope your vendor thinks so too