Can i withdraw from sale?

gary224

Hello

I am buying a house and just did the survey.

I got a report saying a major fault with the Boiler and needs to be replaced as well as problem with electricity.

Can i withdraw from the sale or wud i be charged fees by the lawyer or by others.

Secondly can i renegotiate the fee for the sale of the house or its that not possible?

patricia..xx

Where are you buying? The answer to both your queries is likely to be yes if you are in England. You will be liable to pay any solicitor fees incurred to date I would assume

What exactly does the survey say? people may be able to advise you better depending how much of a serious issue it is

DRP

england/wales - yes you can.

Negotiation/quitting is possible until exchange of contracts.

Your conveyancer may have already done work for you for which they may charge... look at your contract t&c you have with them?

pinkteapot

gary224 wrote: »

I am buying a house and just did the survey.

I got a report saying a major fault with the Boiler and needs to be replaced as well as problem with electricity.

Can i withdraw from the sale or wud i be charged fees by the lawyer or by others.

Assuming you're in England or Wales:

Firstly, you mean you want to pull out of the purchase?

You can pull out if you haven't exchanged contracts yet.

Your solicitor may charge you for work completed so far, and you'll lose any mortgage application and survey fees that you've already paid out.

gary224 wrote: »

Secondly can i renegotiate the fee for the sale of the house or its that not possible?

What fee is this? Do you mean that you're selling your current house to buy this other one?

An estate agent's fee for selling your house is normally only payable on completion, so you won't pay it if you pull out. But check their T&Cs.

dominoman

You can withdraw if you wish.

You will only pay a part of your solicitor fees.

Presumably this isn't the real reason you are withdrawing though? A new boiler is a negotiating point, but in the end do you really want to pull out for the sake of a couple of grand?

gary224

hi guys

the place is in Nottingham and accepted offer for 66,000. new boiler would be 2k, right?

anyway there is also major fault with electricity thats another cost. i was told by a electrician on the phone that this cud cost 1,500 to upgrade

Finally, before my offer was accepted another person was about to buy it (SOLD sign put up when i went to viewing) but he withdrew.

can i renegotiate the price, and say i want to reduce price by 2k to cover this.

thanks

m0bov

What is the leccy fault and why does the boiler need replacing?

gary224

its a 1970s boiler and the survey guy said major faults etc....

also with electricity, he mentioned some serious stuff too.

patricia..xx

If you are happy to do the work it could be worth asking if they will reduce the price a bit. But given the price agreed, was it priced to take account of the fact it needed work?

Did you notice the boiler was ancient?

DRP

gary224 wrote: »

its a 1970s boiler and the survey guy said major faults etc....

also with electricity, he mentioned some serious stuff too.

is he qualified to make those conclusions?

Usually a surveyor will recommend inspection by someone who is properly qualified.

Are you interpreting the written report or have you spoken to the surveyor? It would be worth speaking to them as they can offer off-the-record advice.

agrinnall

Of course you can reduce your offer, and I'd make the full £3.5K your starting point. If the seller won't negotiate then you can certainly walk away.