urgen advice needed, please help!

Nicolelg

Recently we had the electrcis inspected on the property we are about to buy. The inspection said c. £2k of work was needed to remedy the urgent problems.

Our solicitor tried to get 'an allowance' from the vendor but she wouldn't budge as we had got the house just under the asking price anyhow (and in a seller's market in the area we are buying in.)

However, as I didn't understand the report I got a second opinion off an electrician friend and he was very concerned the electrician didn't suggest a total rewire as the electrics are 35 years old and in a poor and unsafe state. I called the original electrician and he said they quoted the very basic work needed (so as not to be accused of drumming up business) but that he would actually suggest a rewire would be the better option.

This will apparently cost us in the region of £4-5k and yes, you've guessed it, we are FTB and we really don't have this kind if money (plus the additional cost of total redecoration after a rewire.)

We really love the house and are ready to exchange apart form this and we don't know what to do! any advice very much appreciated right now. the seller won;t budge (and as far as she's concerned the work needed is £2k as per the report and not a total rewire.)

advent1122

If the seller will not budge on the asking price and you cannot afford the repairs then your only option is to look for another house.

pinkshoes

Have they had any other offers? How long has it been on the market? What's the price like compaired to other houses in the area? Maybe they considered the state of the electrics in the asking price already, hence by reducing the price it would be discounting it twice for the same thing...

porridge

As I have just said on another thread, it would appear that you're looking to screw the vendor. I have no problems with people pulling out of a deal if things aren't right, but it just doesn't sit right with me to use problems to bargain a price down after YOUR offer has been accepted.

Doozergirl

I think that's unfair porridge, a full rewire is a big deal and most people wouldn't have a clue what to look for.

OP, if she won't budge and you can't afford to pay it yourself then you force her hand. Show her the electricians report (did he do a safety check for you?) and his quote. Don't be nasty, don't make empty threats, just inform her that you're very sorry, but as this was a totally unexpected expense which you cannot afford, the only choice you have is to ask her to drop her asking price; the problem is with her house after all! If she is unable to do so then you will be very sorry to have to let the house go. Don't use the words 'pull out' - keep it friendly and hope that she'll she sense.

Give her some time to think it through. She may well encounter this again with another buyer so she needs to think hard.

Debt_Free_Chick

Nicolelg wrote: »

This will apparently cost us in the region of £4-5k and yes, you've guessed it, we are FTB and we really don't have this kind if money (plus the additional cost of total redecoration after a rewire.)

We really love the house and are ready to exchange apart form this and we don't know what to do! any advice very much appreciated right now. the seller won;t budge (and as far as she's concerned the work needed is £2k as per the report and not a total rewire.)

No-one will force you to do the work straight away - it's really down to you. Personally, I would never redecorate or undertake any work "immediately" - I wouldn't rewire unless the advice from two or more electricians was that the existing electrics were "life threatenately dangerous".

I would live in the house for 18-36 months and work out what needs doing. Save in the meantime ... then plan the works/decoration.

As for negotiating the price - it's just that ... down to negotiation between you & the seller. The asking price may well have taken into account the cost of any electrical (and other) work needed.

Debt_Free_Chick

I think there's a difference between negotiating a contribution from the vendor for work that "must be done" compared with "work it would be nice to do".

Is a complete rewire "necessary" or just "recommended"?

Doozergirl

http://forums.moneysavingexpert.com/showthread.html?t=364507

thesaint

Buy a 100 metre reel of 2.5mm(cubed) twin and earth and a "How to..." leaflet from Wickes(Or any other DIY outlet).

Nicolelg

thanks.

Porridge, we certainly aren't trying to screw her over for our own gain, she's really lovely and we appreciate her position too. And surely you have a survey done to pinpoint these problems before you commit your cash and to ensure that the price you pay is reasonable for the condition of the property?

But, we simply don't have that kind of cash and we weren't expecting it. (We only got £2k off asking price anyhow as in demand area and houses go v. quickly for asking price.)

The electrics weren't reflected in the price, we only found out after surveyor recommended we get a depth report as he suspected there were problems. Not only is there the cost of the rewire, but it's also a big job to redo all of the floors and decor as a result when we were planning on doing this over a period of months.

If we had the cash, I wouldn't think twice about it, but this is going to be a serious struggle for us before we even move in as we can't do anything until it's been remedied.

porridge

Nicolelg wrote: »

thanks.

Porridge, we certainly aren't trying to screw her over for our own gain, she's really lovely and we appreciate her position too. And surely you have a survey done to pinpoint these problems before you commit your cash and to ensure that the price you pay is reasonable for the condition of the property?

But, we simply don't have that kind of cash and we weren't expecting it. (We only got £2k off asking price anyhow as in demand area and houses go v. quickly for asking price.)

The electrics weren't reflected in the price, we only found out after surveyor recommended we get a depth report as he suspected there were problems. Not only is there the cost of the rewire, but it's also a big job to redo all of the floors and decor as a result when we were planning on doing this over a period of months.

If we had the cash, I wouldn't think twice about it, but this is going to be a serious struggle for us before we even move in as we can't do anything until it's been remedied.

Fair enough, in which case you either walk away or declare your situation honestly to the vendor and hopefully they take into account the repair work and adjust the price accordingly or could you meet them half way?.