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Searches revealed major works - help!
poozer140604
Posts: 21 Forumite
Offer on LH flat accepted mid May & survey was fine but searches revealed major works planned in 2010/11. Landlord if the local council & they want to sort out the roof, windows, electrical wiring & external decorations!
This bugs me because one of the very specific questions I asked before putting in the offer was whether there were any major works planned in the next few years & the council sent the current vendor a letter re. these major works way back in Dec 2006. At present the council will not give an estimate on these future works but a bill for external decorations from 2002 came to GBP 6500. Double glazed windows were put in in 2001 & I've asked about guarantees. There is no sinking fund & I have asked my sols to find out what previous such works cost/covered.
I certainly wouldn't have put in the offer I did had I known this was the situation. Should I put in a calculated revised offer?
This bugs me because one of the very specific questions I asked before putting in the offer was whether there were any major works planned in the next few years & the council sent the current vendor a letter re. these major works way back in Dec 2006. At present the council will not give an estimate on these future works but a bill for external decorations from 2002 came to GBP 6500. Double glazed windows were put in in 2001 & I've asked about guarantees. There is no sinking fund & I have asked my sols to find out what previous such works cost/covered.
I certainly wouldn't have put in the offer I did had I known this was the situation. Should I put in a calculated revised offer?
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Comments
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Does your survey take the work into account?
How does the price you've offered compare with the valuation put on it by the survey?
The way I see it any work done should only add to the value. Your only problem then is if you've offered to pay more than the valuation price...in which case renegotiate. After all it's based on current state.
The other issue is do you want to live there when the work gets done? If you don't you don't and you should move on.0 -
poozer140604, i would try and renegotiate the price to include some of the major works costs. The vendor should be accomodating of your request, as they will have the same problem with any future buyers. If you dont ask you dont get i suppose.......0
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Survey did not take the works into account because prior to my offer the vendor said no works were planned. The survey valuation matches the offer & I would have been so happy to proceed had these works not been planned!
Still awaiting queries to be answered by the vendorr's sols then I was planning to put in the revised offer. Or should I give them a heads up & say I'm planning to put in a substantially revised offer pending completion of enquiries so if the vendor wants to pull out now they can? Could we save a little money on both sides that way?0 -
If it affects the value of the property then just put in a lower offer and say why.
The vendor may have had the same trouble before which is why they didn't tell you about the major works.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0
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