Negotiation after Survey

clarabelle41

The most comprehensive survey is the RICS Building Survey. The buyer's of my last home had one done just before Xmas.

RICS Building Survey

Essential for larger or older properties, or if you’re planning major works. The most comprehensive report provides you with an in-depth analysis of the property's condition and includes advice on defects, repairs and maintenance options.

as opposed to

RICS HomeBuyer Report

Includes all the features of the RICS Condition Report, plus a market valuation and insurance rebuild costs. It also includes advice on defects that may affect the value of the property with repairs, and ongoing maintenance advice.

Davesnave

clarabelle41 wrote: »

The most comprehensive survey is the RICS Building Survey. The buyer's of my last home had one done just before Xmas.

RICS Building Survey

Essential for larger or older properties, or if you’re planning major works. The most comprehensive report provides you with an in-depth analysis of the property's condition and includes advice on defects, repairs and maintenance options.

as opposed to

RICS HomeBuyer Report

Includes all the features of the RICS Condition Report, plus a market valuation and insurance rebuild costs. It also includes advice on defects that may affect the value of the property with repairs, and ongoing maintenance advice.

They forgot to mention that a full survey will also contain numerous caveats and recommendations to take further advice from specialists in heating systems, drains, electrics, woodworm.....

We don't know the age of the house here, only that it was 'perfect,' until thought to be maybe a bit expensive and slightly imperfect, that is!

japmis

I managed to negotiate £1k off my agreed price after the Home Buyer Survey revealed damp caused by leaking gutters. I had to push really hard but felt that, as the only top priority item listed, and something that needs urgent attention, it was only fair. (I can't believe she managed to rent it out to a tenant with a toddler with damp issues, but that's another thread)

G_M

japmis wrote: »

I managed to negotiate £1k off my agreed price after the Home Buyer Survey revealed damp caused by leaking gutters. I had to push really hard but felt that, as the only top priority item listed, and something that needs urgent attention, it was only fair. (I can't believe she managed to rent it out to a tenant with a toddler with damp issues, but that's another thread)

You got £1000 for leaking gutters?

I can only assume the leak had been going on for several years and the damphad penetrated deeply and caused real internal dmage, cos repairing gutters costs peanuts, and then most damp would just dry out gradually after that...

japmis

G_M wrote: »

You got £1000 for leaking gutters?

I can only assume the leak had been going on for several years and the damphad penetrated deeply and caused real internal dmage, cos repairing gutters costs peanuts, and then most damp would just dry out gradually after that...

They're Finlock gutters from the 60s, quotes ranged from £350 to paint with bitumen, £1k to line with rubber/aluminium, up to £3.5k to have them removed and replaced with regular gutters.

Tancred

bankholiday wrote: »

Hi Everyone

I wonder if anyone to help me?

I'm buying a house, I found a perfect house for price of 275k.
Next day, I made an offer for 260k, it was accepted immediately.
(same day, surprisingly), I felt I could have made an offer a little bit
lower, possibly 250k, which is the line of stamp duty, but it's too
late.

Now I have a mortgage, and have paid search and survey but the
surveyor rang me last night, he told me few issues:

- Old boiler in working order but maybe I have to replace.

- Old single glazing window so Energy Efficiency is very low. (rating
E) - so I should change to Double glazing window.

- Old electrics etc

I haven't received the proper survey document but the surveyor
mentioned if I want to, I could use this survey result to negotiate
the price, it inspired me to do so.

I understand the vendor already reduced 15k, and the problems the surveyor pointed out are not that big a deal.

At the same time I feel there is nothing to lose in trying to knock down the agreed price.

Any advice?
Would you try to do this?

If we ask to reduce the price for 10k more, is it too much? (I quickly researched the vague cost for replacing boiler, and window, and electrics. It's over 10k)

If it's too much, how much we could ask minimum?
Lastly, who we should talk to? our solicitor? or Estate agent?

Thank you so much for reading this,
any advice would be really helpful!

Did you not notice these things when you viewed the house?

If I was the vendor I would categorically refuse to lower the price further.

I recently had an offer for £298k accepted on a 4 bed house originally advertised for £310k. Pretty much the same issues as you: old boiler, single glazing, etc. I've accepted that I'll need to spend £10k on it, but I have the cash and moreover the seller dropped the price by £12k for me. Can't complain. Attempting extortion isn't going to endear you to the seller.

Tancred

G_M wrote: »

You got £1000 for leaking gutters?

I can only assume the leak had been going on for several years and the damphad penetrated deeply and caused real internal dmage, cos repairing gutters costs peanuts, and then most damp would just dry out gradually after that...

Can be fixed for £200.

DannyboyMidlands

Negotiating after the survey is fine - if it throws up stuff you couldn't have been aware of when making your offer. This isn't the case here. You have simply realised that you offered too much.

However the vendor also knows that you offered too much, thats why they bit your hand off, and that if you pull out they probably wont get over £250k.

You might as well be honest and offer £250k on the basis that you have changed your mind rather than try to claim that the survey has thrown up problems.

I reckon they'd accept the reduced offer.

Tancred

DannyboyMidlands wrote: »

Negotiating after the survey is fine - if it throws up stuff you couldn't have been aware of when making your offer. This isn't the case here. You have simply realised that you offered too much.

However the vendor also knows that you offered too much, thats why they bit your hand off, and that if you pull out they probably wont get over £250k.

You might as well be honest and offer £250k on the basis that you have changed your mind rather than try to claim that the survey has thrown up problems.

I reckon they'd accept the reduced offer.

I don't think the buyer offered too much - if anything the vendor accepted too quickly. And the most important question of all hasn't been asked: what did the surveyor value the house at?

JQ.

Tancred wrote: »

And the most important question of all hasn't been asked: what did the surveyor value the house at?

^ ^ ^ This

If the surveyor says it's worth £260,000 with the issues, then there's no room for negotiation.