Buyers wanting to renegotiate price

Em3010

Hi, hoping someone can give is a bit of advice on this one.

We had an asking price offer accepted on our property at the start of August.

Our buyers have only recently had a homebuyers survey completed (we are due to move in 3 weeks) and this has noted a few issues, some of which we have already had fixed.

They are now trying to negotiate a £3500 discount due to some minor electrical work that needs going (the electrics are safe there is just some wiring that needs replacing) and some 'substantial' work that needs doing on the roof.

As it turns out their surveyor made some suggestions as to potential problems with the roof and they have had a roofing company quote them £3000 based purely on this, no separate roof survey has been done.

We don't know where to turn now, the estate agent is suggesting we meet them half way but I'm reluctant to do this. I can't help feeling they've intentionally left the survey to the last minute in order to force our hand.

Any advice would be greatly valued.

anselld

Your hand is not forced, you are perfectly entitled not to negotiate at all.

If electrics are safe it is difficult to understand why wiring "needs" to be replaced. "Bringing up to current standard" should be at buyers cost.

Roof - a certain level of regular maintenance is to be expected. £3000 sounds a very large quote and unless you know the roof is dilapidated I would expect a very good explanation what the defect was and why it is considered beyond routine maintenance before I even considered negotiation.

It is worth asking what the surveyor valuation was in current condition and if any retention was required by the lender.

motherbored21

The ball is in their court really and it depends on how much you want to move.

Offering the asking price guaranteed you accepting them as buyers really and yes, I would have got a survey sooner.

Good luck!

xylophone

Get the electrical work done yourself?

What is the problem with the roof?

Em3010

Hi, thanks for the advice so far.

As far as we can tell the work on the roof is some repointing work (it's a 3 bed semi), a small of the felt in the loft needs replacing which apparently needs the roof tiles removing and the chimney, although safe and well structured may need resealkng.

stator

Personally as a buyer if roofing work was needed I would expect a reduction in price of at least 50% of the repair cost. Whether the work is needed or not may be disputed but as a buyer you would err on the side of caution.

anselld

Em3010 wrote: »

Hi, thanks for the advice so far.

As far as we can tell the work on the roof is some repointing work (it's a 3 bed semi), a small of the felt in the loft needs replacing which apparently needs the roof tiles removing and the chimney, although safe and well structured may need resealkng.

Does the roof leak? Yes or no?

Yes: fair enough meet them half way.
No: work is not "needed", if the buyer wants it done they can pay.

Either way it doesn't sound like £3000 worth.

Old_Git

how much are you selling for .
What % is the £3500.
What is the surveyors valuation figure .
What would you do if you got a similar survey.

Em3010

Hi,

They're paying £205000 so £3500 is about 1.7%.
Their mortgage company valuation more than covered the £205k.
As we've done with the house we're buying I would have surveyed it much earlier on and then discussed with the vendor whether they were going to sort things out or lower the price. This is why I feel they've intentionally left it until late in the day in order to pressure is into a price reduction.

xylophone

How much would it cost you to have the work done?

Kynthia

My roof doesn't even have any felt, so repairing existing felt is a choice and not a necessity. A small bit of repointing could be considered ongoing maintenance and if the electrics are safe and working then upgrading them is not something you have to pay for. If they want a perfect house they can buy a new build, otherwise tell them the price reflects the property as it is and as homeowners they have to accept there will be upkeep.