How do I re-negotiate?

evilbunny77

So, absolute housebuying n00b here. We've had an offer accepted on a house, and now the survey has come back with a few issues concerning the roof, plus some bits and bobs. We are now getting an estimate of costs for these repairs.

I would like to use this estimate to go back to the seller and ask them to either fix it before we exchange (my preference), or to reduce the price accordingly. We believe our offer is more than fair, and it was based on the property's condition as visible to us, these are defects we weren't able to see without a ladder etc.

My question now: How do I do this, precisely? Do I ask our solicitor to do this on our behalf, or do I speak to the seller's estate agent?

motherofstudents

Don't ask the vendor to fix anything, you will have no control over how well the work is carried out. If you want to renegotiate, contact your estate agent and ask them to negotiate on your behalf, that's what you are paying them for. Of course it will be up to the vendor whether they agree or not.

marksoton

motherofstudents wrote: »

Don't ask the vendor to fix anything, you will have no control over how well the work is carried out. If you want to renegotiate, contact your estate agent and ask them to negotiate on your behalf, that's what you are paying them for. Of course it will be up to the vendor whether they agree or not.

Op is the purchaser not the vendor so it isn't their EA and they're not paying them anything.

pinkteapot

Speak to the EA. Solicitor will put it in a formal letter to their solicitor - it'll take ages. Just phone the EA you offered through, explain that the survey highlighted unexpected issues, estimates say £x, so your new offer for the house is £y.

Vendor will say yes or no. If they refuse to budge on price, it's up to you as to whether you still think the house is worth the original price.

BJV

100% I would re-negotiate. We have just had an offer accepted on a house and have a structural survey booked for next Tuesday. We have sold ours and are waiting for the purchasers to get the report from our house. We do not anticipate any issues but if there where I think it would be reasonable to ask for a discount.


I know that we would be prepared to discount the price of ours is there was something wrong ( which I sincerely hope that there isn't ) just hope that our vendor is as reasonable as we did get the house for what we consider to be a very good price so not sure if they will go any lower.


I do agree though that if there is anything wrong we will ask for cash discount and not the work to be done as we would want control over who, to what standard and when any work would be done.

martinsurrey

evilbunny77 wrote: »

So, absolute housebuying n00b here. We've had an offer accepted on a house, and now the survey has come back with a few issues concerning the roof, plus some bits and bobs. We are now getting an estimate of costs for these repairs.

I would like to use this estimate to go back to the seller and ask them to either fix it before we exchange (my preference), or to reduce the price accordingly. We believe our offer is more than fair, and it was based on the property's condition as visible to us, these are defects we weren't able to see without a ladder etc.

My question now: How do I do this, precisely? Do I ask our solicitor to do this on our behalf, or do I speak to the seller's estate agent?

The most important thing the vendor will ask is

"What was the value of the house in its current condition as noted on the report?"

That will be their basis for negotiation, if the house is worth the offer price in its current condition, they may not care that you thought it was in better condition.

G_M

evilbunny77 wrote: »

....and now the survey has come back with a few issues concerning the roof, plus some bits and bobs.

As others have said, speak to the vendor's estate agent. Be prepared to be asked
a) what valuation was put on the property and
b) to show the survey, or at least the relevant parts

* what is the issue with the roof? a few slipped tiles? Forget it. Structurally unsafe and may collapse due to removal of supporting beams? Re-negotiate hard.

* what are the 'bits & bobs'? Every 2nd hand property has 'bits & bobs'.

AlexMac

Endorse G_M's advice; while it's perfectly normal to re-negotiate after survey, it really depends on the house's price, the likely cost of repairs relative to these, what you thought you were buying (Victorian character with inevitable age-related flaws, or newer place which you could expect to be relatively sound...?). The seller's personality and expectations might figure.

Overall, the survey sounds reassuring in that there is no major structural movement, no need for a complete re-plumb or re-wire and no uncertificated extensions? A slate roof will only last 50-70 years so repairs are inevitable sooner or later

Above all, be reasonable and be polite; anecdotal case in point- when my wife sold her Victorian place ten+ years ago at a little over £300k, we'd priced it to take account of a problematic roof. We were lucky to find a buyer who wanted a loft conversion so was planning to re-roof anyway. So far so good. But then they tried to reduce the price by about £20k after survey based on a lot 'bits and bobs' . She was so incensed at them dissing her family home that she wanted to abandon the sale with the advice that they should buy a new build.
I moderated and we settled for about £5-7k off for a few legitimate probs; some timber and damp and an aging boiler.

You can't always expect a seller to make everything perfect, so either be prepared to meet in the middle- or be prepared to threaten to walk away, and mean it? Good luck.

motherofstudents

marksoton wrote: »

Op is the purchaser not the vendor so it isn't their EA and they're not paying them anything.

Sorry Evilbunny77, totally senior moment there.

GoldenShadow

Depending on the age of house it might be sold as needing lots of bits and bobs. Ours has slipped roof tiles, few cracks in the render, cast iron guttering is broken in places, few missing bricks in fire wall, barely any loft insulation, but none of this is major or uncommon given our property's age (1930's). If we had asked to renegotiate based on this we would have been told to take a running jump, but it is a seller's market here also.

lincroft1710

evilbunny77 wrote: »

So, absolute housebuying n00b here.

Housebuying noob you may be, but at least you had the common sense to commission a proper survey!