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Re-negotiating purchase price following survey
ftb1983_2
Posts: 3 Newbie
I wondered whether anyone could give me some advice.
My partner and I made on offer on a house last month. We offered the asking price and the vendor accepted it immediately.
I have had a full building survey carried out on the house and I got the results back this week. The property is over a hundred years.
The property has a dormer and the surveyor states that arrangements should be made for the inspection of the flat rook to ascertain its age and condition. There is evidence of damp in the dormer room and the roof is considered to be reaching the end of its life. The work will cost about £3,000.
He recommends clarification of the the Heat Input for the gas stove heater to ensure there is adequate ventilatilation is provided. If new terminal required then could cost around £1,500.
He also recommends control of damp penetration to the front cellar area. This will cost around £1,000.
Depite these recommendations the market value of the property is considered to be reasonably represented.
Should I call the estate agent and make them aware of what the survey says and try to negotiate a reduction in the price? I just don't know how to approach it. Or is this all work that is reasonable for a property of the age and the surveyor has taken the work needed into account when he stated the market value is reasonable.
My partner and I made on offer on a house last month. We offered the asking price and the vendor accepted it immediately.
I have had a full building survey carried out on the house and I got the results back this week. The property is over a hundred years.
The property has a dormer and the surveyor states that arrangements should be made for the inspection of the flat rook to ascertain its age and condition. There is evidence of damp in the dormer room and the roof is considered to be reaching the end of its life. The work will cost about £3,000.
He recommends clarification of the the Heat Input for the gas stove heater to ensure there is adequate ventilatilation is provided. If new terminal required then could cost around £1,500.
He also recommends control of damp penetration to the front cellar area. This will cost around £1,000.
Depite these recommendations the market value of the property is considered to be reasonably represented.
Should I call the estate agent and make them aware of what the survey says and try to negotiate a reduction in the price? I just don't know how to approach it. Or is this all work that is reasonable for a property of the age and the surveyor has taken the work needed into account when he stated the market value is reasonable.
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Comments
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Or is this all work that is reasonable for a property of the age and the surveyor has taken the work needed into account when he stated the market value is reasonable.
It is, as the property has been valued in its current state.
Your point of negotiation is that when you offered you didn't expect these works to be needed. Bottom line is whether you are prepared to pay the previously agreed price now you know certain works need doing.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thank you for the advice.
I didn't know it would need a new roof at the time I made the offer. Is it worth asking the question to the estate agent? What have I got to lose?0 -
Any flat roof will come up on a survey as needing replacemt in the future, it just depends on how long.
Anything from 5 yrs (if badly done) to 20 yrs.
From what you've said, you've no grounds to get a reduction, but it's a free market. You can ask for a reduction, they can refuse.0
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