Buyer surveys

littlesparkles

We accepted an offer on our property 3 weeks ago and agreed to take it off the market with sold STC on rightmove etc. A mortgage company valuation took place 2 weeks ago. I have now been told that the buyer would like a boiler/heating inspection and a home condition report survey - this is booked for 1.5 weeks after the first valuation took place and 3 weeks after that was arranged.

Is this the normal process and timescale? I am a worrier and am very concerned that the buyer might start playing funny games with the offer. We have accepted a low offer and cannot afford to reduce this any more at all. Once contracts are exchanged can the buyer change or withdraw the offer?

Also we are buying a new build and the builder seems to want to get contracts exchanged quickly but I'm worried about us losing money.

This is the first time we have sold a property - any words of wisdom from those more experienced? I live in England but have parents who live in Scotland so they can't really help as the systems are so different.

robatwork

I would say it's completely normal. As a buyer I actually got my full survey before the BS did their valuation. All the valuation does is tell the BS that the house is worth £X.

Your buyer has made his offer based on the fact that the house is pretty sound, and he won't need to do major work like replacing the boiler immediately. If the survey finds serious damp, or dangerous electrics for example you can quite rightly expect the buyer to want to negotiate on price.

If it just finds "some roof slates loose, flashing needs attention" this kind of type 2 stuff I would say is wear and tear and not something unusual or valid reasons for negotiation.

Is there anything you know that's wrong with the house?

Rob

littlesparkles

No not that I know of. The survey we had 6 years ago didn't pick up on anything serious and we have upgraded the electrics since then. It's well decorated with new kitchen and bathroom. We have no damp that we are aware of (and I do check as flats are prone to condensation problems - not an expert though!). The boiler is old and hasn't been serviced for a few years but the buyer knew this when viewing and before offering so I would be very cross if he decides to raise this issue to get money off the offer price. The boiler is really the only possible issue and I am just hoping the inspection is to check likely cost of replacing if/when it does break in the future. Would I be unreasonable to refuse any discount on the basis that he knew about the boiler before offering? We had realistically priced based on a slow market and the condition of the property. In no way have we been greedy or unrealistic sellers.

R_P_W

Most surveys will pick up something....which can sometimes spook an inexperienced buyer. I would prepare yourself that the buyer will come back and might try and negotiate the price.

Difficult to advise on what to do, as only you will have the feel of the situation. Sounds like you have priced as low as you can bear, so if your not desperate to sell....just say no to any negotiation.

robatwork

How old is the boiler? If he kicks up a fuss I would offer to go 50/50 on an inspection/certifcate - will only cost you a few £10s of pounds and would engender some goodwill so maybe will keep you a fussy buyer....

G_M

The boiler is old and hasn't been serviced for a few years but the buyer knew this when viewing

then it is not surprising he wants to know whether it is safe/reliable or not.

Once contracts are exchanged can the buyer change or withdraw the offer?

No. A 'contract' is legally binding. Once exchanged neither side can back out or change the terms (without the other side agreeing)

motherofstudents

If the buyer knew that the boiler was old and probably needs replacing sooner rather than later, then personally I don't think it would be fair to renegotiate. That is not to say they won't try and then it will be up to you whether you refuse or contribute.

If something unexpected comes up on the survey then I think it might be reasonable for them to try to negotiate some money off (assuming it's not something trivial) but it sounds like you priced fairly so the ball is in your court.

littlesparkles

So the surveys have all been done. How quickly will the buyer get the reports? When can I stop worrying about price negotiation? Also how long should it take to get contracts exchanged now? I'm guessing it's about the mortgage offers now?

kingstreet

One or two of these may run slightly differently in order, but these items need to be ticked off before you exchange.

Offer agreed
Solicitors instructed
Sales memorandum issued by agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract
Vendor completes seller's enquiry forms and returns to solicitor
Valuation/survey carried out
Purchaser pays solicitor for searches
Searches requested
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
Searches returned
Responses to enquiries
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Completion takes place.

arbrighton

littlesparkles wrote: »

So the surveys have all been done. How quickly will the buyer get the reports? When can I stop worrying about price negotiation? Also how long should it take to get contracts exchanged now? I'm guessing it's about the mortgage offers now?

Our report was 2 weeks from survey date, but this was a full survey on a 'character' property with lots of things to worry about such as septic tanks.
That was just before end of may.
Searches have been done.
Enquiries to their conveyancers have taken forever but apparently some answers arrived yesterday, which is just as well seeing as our vendors are packing and keen to get going to be closer to family.
They are hoping we can exchange by the end of the month.
We are not needing a mortgage though.