Homebuyer report found serious issues with roof, vendor not want to re-negotiate pric

paulsad

Surveys never come up with much good news it's more about covering their backsides. How bad are the problems? Flat roof leaking for years causing rotten timbers? Or just an old one that's still sound? Tree roots coming through drains and walls? Or no sign of imminent problems?
Houses that have stood without problems for 100 years on surveys are suddenly in danger of collapsing any minute now.
Tradesmen obviously want the work as well so they (unless they are friends or totally honest) are not going to come in and say everythings ok for the next few years.

[Deleted User]

Personally, I wonder about the trees needing extensive work. The garage can wait or if you have it done, you know its done and won't need doing again while you live there. You could see if you can get cheaper quotes from other reputable builders/tree surgeons and negotiate. Remember a surveyor will usually err on the side of caution because he doesn't want to be sued later.

You have already negotiated 20k off the price. Look at comparable prices for the area and see if £234 (with your repair costs) is still a good price. if it is, take this into account.

The house may well still be a good deal, just not quite as good a deal as you thought.

lol.., I see we are all posting at the same time with the same ideas lol.

anear

Branches of the trees have grown and reach the telephone line opposite the road. Since the trees are in the front garden, it is owner's responsibility to prune them.

Garage roof is felt covering, which is in very pool condition, with ponds of water. There are internal sign of dampness suggesting leakage already happened. Those felt covering only lasts 10-15 years.

These are urgent repairs which need to be done before new owner moves in. I have asked quotes from two roofers after seeing the homebuyer report.

Yes, that was exactly the vendor said. They have knocked off 20k already and think it is big enough reduction; and they can't afford to reduce it further.

We are in the same position. If our LTV is exactly 80%, if we have to borrow £4k more, it will be above 80% and rates are different.

The EA just told me that the EA from the top of the chain (the house they are buying) contacted them and the owner of that house wants to exchange by this Friday.

:mad::mad::mad::mad:

G_M wrote: »

Presumably the seller has lived with those trees happily (for years?) so sees no need for ny work.

Similarly a garage is not critical - car gets wet? Big deal! And flat roofs inevitably have more limited lives.

On top of that, you already knocked £20K off the price. Seller probably thinks that's enough!

and maybe if "they cannot afford to reduce the price." that means they'd lose th place they are buying so the whole deal would fall through anyway. Or they'd go into negative equity.

paulsad

These are urgent repairs which need to be done before new owner moves in.

... No they aren't

kinger101

anear wrote: »

Branches of the trees have grown and reach the telephone line opposite the road. Since the trees are in the front garden, it is owner's responsibility to prune them.

Garage roof is felt covering, which is in very pool condition, with ponds of water. There are internal sign of dampness suggesting leakage already happened. Those felt covering only lasts 10-15 years.

These are urgent repairs which need to be done before new owner moves in. I have asked quotes from two roofers after seeing the homebuyer report.

Yes, that was exactly the vendor said. They have knocked off 20k already and think it is big enough reduction; and they can't afford to reduce it further.

We are in the same position. If our LTV is exactly 80%, if we have to borrow £4k more, it will be above 80% and rates are different.

The EA just told me that the EA from the top of the chain (the house they are buying) contacted them and the owner of that house wants to exchange by this Friday.

:mad::mad::mad::mad:

So the condition of the trees and the garage roof was evident before the survey. I can understand why the vendor won't budge.

kingstreet

You appear to have omitted two important pieces of information.

What is the current valuation?

What is the suggested value after any essential repairs are done?

If the current value is £230k and that is the agreed price, you appear to be getting the property for the right price for its condition.

If the post-repair value is higher than the agreed price, it appears you will get the benefit of any money spent on repairs, so expecting the vendor to pay for them appears unrealistic.

anear

Yes, the trees are evident, but we didn't notice. Our fault.

But we can't see the garage roof during viewing. There is no window on the first floor facing that direction, unless you climb a ladder you won't be able to see the condition of the felt roof. One roofer described it like rivers on top of the roof and definitely needs re-boarding and re-covering.

Like you guys suggested above, I will search 'Sold price' on rightmove and see whether it worths 230k and if I can find similar properties at that price.

DaftyDuck

They are not that urgent... Flat roof is on a garage. Short-term measure, bug tub of bitumen, apply in dry spell. Costs forty quid from Wickes, DIY job. Trees attacking phone line.... depends on size, but most tree surgeons would trim back a few branches from a tree fir under a hundred quid. Trees attacking phone lines aren't necessarily your responsibility, may rest with BT.

I would have thought trees and (perished) flat roof would have been fairly obvious prior to offer.
Anyway, what valuation did the survey place on the property? If I were the vendor, I'd only even entertain the thought of further reduction if there was a clear valuation that was well below offer price. Otherwise, I think you are vastly overinflating the importance, and certainly the cost, of fixing these issues.

anear

The current valuation on homebuyer report is 230k. I know that surveyors usually put the agreed price in their valuation report, unless the market value is significantly different from the accepted offer. If they think a house worth 200k, but the accepted offer was 205k, they would just put 205k on the report.

I don't know the suggested value after essential repairs are done, this info is not on Homebuyer report.

kingstreet wrote: »

You appear to have omitted two important pieces of information.

What is the current valuation?

What is the suggested value after any essential repairs are done?

If the current value is £230k and that is the agreed price, you appear to be getting the property for the right price for its condition.

If the post-repair value is higher than the agreed price, it appears you will get the benefit of any money spent on repairs, so expecting the vendor to pay for them appears unrealistic.

kingstreet

The current valuation on homebuyer report is 230k. I know that surveyors usually put the agreed price in their valuation report, unless the market value is significantly different from the accepted offer

You are mistaking the homebuyer's report and your mortgage report & valuation from your lender's surveyor.

However, you have a homebuyer's report saying the property is worth the agreed price, £230,000?

So anything spent on the property is going to improve it for your benefit and you expect the vendor to pay for it?

Good luck with that.

If the vendor was my client, we'd be asking for a copy of the valuation, mortgage or homebuyer's.