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Vendor paying for building works
Doglover
Posts: 1,024 Forumite
Hi, I'm after some advice please.
We're in the process of buying a property, price agreed and valuation agreed, mortgage offer received. Our survey flagged up work and we got a quote from a builder £11k ish.
We sought to re-negotiate the price. The vendors agreed a 2k reduction which we turned down. Their reasoning is they think the quote is too high and they dispute the extent of work. I said as it was one quote I agree we could shop around and get it cheaper so would agree to a 4k reduction on basis of a competitive quote and going halves. They're considering that at the mo.
My question is, can we ask for that money to be held by the solicitors for the work rather than reduce the purchase price?
I would ask for it to be paid straight to the builder but we will need to shop around to get the cheaper quote and save to get our half of the money before pressing ahead.
Is that legal?
Tia
We're in the process of buying a property, price agreed and valuation agreed, mortgage offer received. Our survey flagged up work and we got a quote from a builder £11k ish.
We sought to re-negotiate the price. The vendors agreed a 2k reduction which we turned down. Their reasoning is they think the quote is too high and they dispute the extent of work. I said as it was one quote I agree we could shop around and get it cheaper so would agree to a 4k reduction on basis of a competitive quote and going halves. They're considering that at the mo.
My question is, can we ask for that money to be held by the solicitors for the work rather than reduce the purchase price?
I would ask for it to be paid straight to the builder but we will need to shop around to get the cheaper quote and save to get our half of the money before pressing ahead.
Is that legal?
Tia
0
Comments
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Do you mean you want the house to appear to have sold for £4k more than it actually did?0
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that would be mortgage fraud. you would need to reduce the value of the mortgage.0
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I did wonder if that'd be the case. Shame. I assume same would apply to vendors paying the builders directly?
I can assure you, no fraud intended! Just looking at ways to solve the problem without losing the house0 -
The reduction wouldn't alter our ltv for rates iyswim0
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can the builder not invoice the vendor for the 4 grand?0
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That's what I was wondering but I'd need some of agreement to that surely?0
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Is it possible for the vendor to have a contract with the builder for 4k's worth of work on our address?0
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Have you asked your sol for advice? I am sure the builder can invoice the vendor for services rendered.0
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