Opinions required - negotiations

Katekoom

Hello,

We're in the process of buying a house and in need of outside opinions. If I have to think on it any more my head is likely to explode! I'm really grateful in your time for reading this.

Found a house we like, was on at 149,950 but reduced to 139,950. At 139 it is competitive compared to similar properties in our area. We offered 132,000 they counter offered 136,000 and we we're happy on the condition that the house was taken off the market. And that if anything big came up at survey they'd re negotiate.

Survey completed and voila! Something big! It needs a whole new roof and the timbers need treating in the loft, plus a new boiler at some point in the not too distant future. I'm having other more in depth surveys done now in regards to the timbers, but I'm estimating 500-1000 for this and between 2,000 and 5,000 for the roof.

So we need to take a loan on for say 6,000 - 7,000 to cover these costs. Here's the tricky bit...

The valuer has undervalued the property by 2000, on the basis that the roof could be 'patched up' for that amount but he recommends in the survey that we have a full job done. We've returned to the vendor who has agreed to drop the price to 134,000 to come in line with the valuation. However, that still leaves us with 4,000 - 6,000 that we need to borrow. The valuer hasn't really done us any favours. The vendor is being fair by agreeing to the sale price there on that valuation document.

Is it fair/viable to try and knock more off? Once we've got all the quotes in my intention is to email a counter offer, but I feel a bit rubbish having haggled initially and then again after the survey.

The way I've left it at the moment is that we're happy to proceed at 134,000 unless the quotes are really expensive ... But to us 6,000-7,000 is expensive.

I know the vendor is a single lady, looking to downsize, she's not got a mortgage on the house and I think it'll make up some of her retirement fund. She's had a sale fall through before for other reasons. She's found a house, made an offer and had that accepted.

All opinions welcomed!!!

Thank you!

BitterAndTwisted

What makes you think that a new roof is going to cost in the region of £2000 to £5000? You might have to treble that amount. Are you certain that you'd be able to raise a loan of that magnitude after buying this house?

Katekoom

We've had a few verbal quotes for around 4-5, I'm just awaiting some in writing. I'm fairly certain we'd be accepted for the loan amount. We've good incomes and fair credit scores. If we can't get a loan from a lender then we may have other means to borrow the money. My employer for example. It is a concerning thought that we might not be able to get the loan, but it's a bit of a suck it and see type situation!

ihatemyhouse

get some proper quotes for the work, and then decided, as like twisted says, I have seen roofs cost 15k + when it is all finished

you need to know how bad the timber is really, as could be a can of worms

camptownraces

Well, the surveyor says you could have the roof patched up, which might not cost more than a few hundred, and could buy you a year or two.

That gives you time to find a really trustworthy roofer to do a very good job on the roof. Meanwhile you can save the (possibly) £5,000 at about £400 per month.

What's worth more to you, a sound and permanent roof or fancy kitchen, bathroom and furnishings? There are possibly other competing repairs too. Only you can decide.

Katekoom

Hi, yes I intend to fully understand the condition of the house in regards to quotations. I was just wondering if anybody had an opinion on the negotiating element, I know this depends on the quotations, but do you think we're in a position to negotiate further? Would you aim to get the vendor to pay half for example?

Katekoom

Thanks camptownraces - good point. I think not doing it would lead to further costs as all of the felt has disintegrated also.

daniel80

I was told that the roof needed relining on the house we were buying. Homebuyers report put the roof down as a 2 obviously this would mean stripping all tiles and battens re felt and replace tiles. Apparently the felt was starting to shred and did not overlap enough ? Spoke to a few builders I know and they said most houses built pre 70s would be the same, if the tiles are ok no need to worry. The vendors did get some quotes and we have gone 50/50. Quite happy will just get the ridge tiles checked.