Survey returned problems - advice on negotiating price please

beanandbean

The results of our survey came back with more problems than expected.
There were a few problems at level 3, namely -
rotting timbers near chimney stack in loft (probably due to leak)
possible woodworm in roof timbers/ some of doors and floorboards (not sure if this has been treated yet or not)
water tank will need replacing soon (has leaked in past and is old)
high readings for damp on ground floor


Our current offer is at £139,000, which has been accepted (but we wish to re-negotiate in light of potential outlay)
Owner has been trying to sell the house ~5 years and has already put in an offer on a house herself.
We were wondering if it would be appropriate to attempt to negotiate on price a little? (how much)
Also how does one go about negotiating in an appropriate manner (etiquette etc).
I think we're going to get another survey done to get a quote for repairs soon.
Thanks in advance.

Annie1960

These issues are fairly standard in old houses.

Can you negotiate a discount? It depends on the housing market in your area. Are houses selling very quickly with prices still rising (as in the South East)? In this case, little chance of a discount for a few issues on a survey.

Is the house in a location where properties take a long time to sell, or where prices are dropping? If so, perhaps you could negotiate a discount.

Before you consider that, however, you need to get a roofer in to inspect the roof and give a quotation for how much it will be to repair. You also need to find out if the woodworm is real rather than just 'possible', and if it's real then has it already been treated, or is it progressing? If the latter, than you need a quotation to fix it.

High readings for damp on ground floor - surely the surveyor said more than this? What is causing it? You need to identify the cause, and find out how much it would cost to repair.

Replacing the water tank - this is routine maintenance when you own a property, you need to replace things as they age. I would say a very firm no if someone tried to reduce the price for such an issue.

How old is the property?

beanandbean

Annie1960 wrote: »

These issues are fairly standard in old houses.

Can you negotiate a discount? It depends on the housing market in your area. Are houses selling very quickly with prices still rising (as in the South East)? In this case, little chance of a discount for a few issues on a survey.

Is the house in a location where properties take a long time to sell, or where prices are dropping? If so, perhaps you could negotiate a discount.

Before you consider that, however, you need to get a roofer in to inspect the roof and give a quotation for how much it will be to repair. You also need to find out if the woodworm is real rather than just 'possible', and if it's real then has it already been treated, or is it progressing? If the latter, than you need a quotation to fix it.

High readings for damp on ground floor - surely the surveyor said more than this? What is causing it? You need to identify the cause, and find out how much it would cost to repair.

Replacing the water tank - this is routine maintenance when you own a property, you need to replace things as they age. I would say a very firm no if someone tried to reduce the price for such an issue.

How old is the property?

Property was built 1860.
I agree we will obviously have to wait until the roofer has seen the place before negotiating a discount. House market (mid wales) is very slow, this lady in particular has been trying to sell for almost 5 years.
Sorry, I was quoting the survey off the top of my head.
There is evidence of woodworm but we do need to find out if it has been treated.
The ground floor which has high damp readings is built against high-external ground level.

macman

The fact that it's been on the market for 5 years is far more ammunition than the relatively minor (for a 150 year old house) defects you've mentioned. There is no etiquette-offer the lowest price you think will be accepted, if rejected raise your offer-you don't have to get it right first time. Try at 125K and if successful you'll have no Stamp duty to pay. It would be useful to know how far the price has already been dropped.

Annie1960

beanandbean wrote: »

Property was built 1860.

Then it sounds in very excellent condition if the only issues are the ones you mention!

I have no idea about the market in Wales - is it usual to take 5 years to sell? Without understanding the local market, it's difficult to give advice, so hopefully people from Wales will be along soon with suggestions for you.

mrginge

What did the valuation come back at?

beanandbean

macman wrote: »

The fact that it's been on the market for 5 years is far more ammunition than the relatively minor (for a 150 year old house) defects you've mentioned. There is no etiquette-offer the lowest price you think will be accepted, if rejected raise your offer-you don't have to get it right first time. Try at 125K and if successful you'll have no Stamp duty to pay. It would be useful to know how far the price has already been dropped.

Was initially on the market for £149,500 but hadn't sold (we think due to the fact it's marketed as a 3 bed, when realistically it's a 2 bed with a small study. plus only has a shower room so not really suitable for a family)

To clarify - this is re-negotiation of our existing offer. Not a new offer

beanandbean

mrginge wrote: »

What did the valuation come back at?

The valuation basically confirmed our offer of £139,000

mrginge

beanandbean wrote: »

The valuation basically confirmed our offer of £139,000

So why do you think you are in a position to renegotiate?

beanandbean

mrginge wrote: »

So why do you think you are in a position to renegotiate?

Due to extent of works that need doing? IT said on the survey that the price is acceptable if we're willing to then spend x amount on the required repairs.
Fair enough if not though. We are merely wondering if we could renegotiate what with unexpected outlay and expense on the property.
But that's why we were posting, to see if it was possible or not (what with being novice homebuyers n that)

mrginge

beanandbean wrote: »

Due to extent of works that need doing? IT said on the survey that the price is acceptable if we're willing to then spend x amount on the required repairs.
Fair enough if not though. We are merely wondering if we could renegotiate what with unexpected outlay and expense on the property.
But that's why we were posting, to see if it was possible or not (what with being novice homebuyers n that)

Anything is possible. Your position is weakened by the confirmed valuation, but (may be) strengthened by the fact the house has been on the market so long.

Ask yourself this. If the valuation today is 139k, why should the vendor accept a reduction so that you can then improve the value further using their money?
Personally, if someone tried gazundering me using that logic I would tell them to sling their hooks and get the house remarketed. But then again i'm an obstinate old git :rotfl: