If house needs re-wiring - seller won't negotiate

BexLondon

Hello,

We're quite far down the buying process on a semi-detached house where neither party is in a chain. We're getting the electrics asnd some other aspects checked out on recommendation from our RICS survey.

When I repeated to the electrician what the survey described he suggested that the electrics may need re-wiring - not definitely but they're going to take a look this week.

What I'm worried about is that the house looked quite modern and so we put a bid in which reflected very much at the high end of what the road is worth but it's also top of our budget. If the electrics need re-doing, we literally don't have money for this up-front.

But the estate agent is being very aggressive before we've even got the results and saying the seller won't negotiate whatever happens and that someone else will pay more than what we offered if they put it back on the market.

We don't feel this is true because all the other bids put in were the same as ours but they chose us because we're not in the a chain and they want a quick sell.

Do you think it is unreasonable for the vendor/estate agent to blank point refuse to renegotiate the price even if there are pricey problems that need fixing before we've even moved in?

BitterAndTwisted

Of course the estate agent is telling you the vendor won't negotiate! Their fees depend on it.

Wait until you've got the results and then see. it could be a a matter of a hundred quid or so, so negligable.

ReadingTim

Let me guess - did your survey say that it was noted that the property's electrics might not meet current standards and that further investigation from an appropriately qualified professional was recommended for greater certainty?!?

If that's the case then there are 2 points to note:

1 - this is standard @rse covering from a survey, many of which often contain so many caveats as to be useless. Take it with a pinch of salt, and remember that an electrician may play up minor points in order to drum up work.

2 - even if the electrical installation doesn't meet current standards it doesn't mean it's dangerous, any more than a classic car won't meet current standard because it doesn't have an airbag.

Therefore, if you want something to meet current standards, buy a new build, or a refurb; but unless the electrics are a real threat to life and limb or are seriously inadequate for modern life (one single round pin point per room), you're unlikely to get too far with expecting the vendor to foot the bill.

However, if the problems are real, they'll spook other buyers, so it's in the vendors' interests to either sort them out, or drop the price by roughly the amount it would take to fix the issue(s)

I_have_spoken

Vendor probably thinks you're trying a gazunder tactic by making a song and dance about something in the survey.

G_M

What I'm worried about is that the house looked quite modern

Be specific! How old is the property?

If it is, say, 20 years old

a) the electrics will NOT 'meet current standards' (because they've changed since then) BUT
b) will be perfectly safe (unless the occupant has done lots of dodgy DIY electrics)

Most houses don't 'meet current standards'.

My house is 150yearsold. Almost EVERYaspect of the property is below current standards. eg the foundations are far too shallow by today's standards. If I sold, would the buyer expect me to re-do the foundations (ie knock down and rebuild :rotfl:)?

By all means get an electrical report but

1) until you receive the report, stop getting your knickers in a twist and

2) when you get the report, distinguish between an electrician saying
a) it needs £x00 spending re-wiring to bring it up to current standards and
b) it needs £x00 spending re-wiring to make it safe

If the report doesnot clearly make this distinction, speak tothe electrician and pin him down to clarify which it is. Remember, he too probobly wants you to do the work too....

Old_Git

what is the mortgage valuation .
Lets say the mortgage valuation is £200,000 the same as the price you are paying .Therefore it could be argued that in its current condition its worth £200,000 ,before any rewire .

How old is the house and wiring.

Thrugelmir

BitterAndTwisted wrote: »

Of course the estate agent is telling you the vendor won't negotiate! Their fees depend on it.

EA would prefer a sale to be concluded. Than concern himself with an thousand or so on the offer price. That's going to earn them £30 in commission.

Vendor instructs the EA......