Bought flat "as is", but further issues came up in survey. Renegotiate?

stator

I suspect they would reset the clock. They would readvertise the property as 'an offer has been made at' giving new buyers extra time to come forward. So you would risk losing it.
If you want to exchange quickly you'll have to accept it.

mattyprice4004

euromike wrote: »

did not. It was a very quick sale, it's in London and went within 48 hours of being put on the market. It was priced competitively, unlike 95% of properties in Zones 1&2...

But it's not sold - you haven't paid for it or exchanged contracts yet.

HouseBuyer77

It was priced competitively, unlike 95% of properties in Zones 1&2...

If the cost of fixing the system is taken into account is it still priced competitively? Have you considered replacing the system with something cheaper?

It sounds like a purely electrical system currently so moving to more tradiational electrical heating shouldn't give you drastically different energy bills. If it's gas powered then have you looked at standard gas central heating?

macman

Everything is negotiable, the bank's only concern is to recover the mortgage exposure.
That's why repo's are priced 'competitively'-because they need to move them quickly.
If the property was described as having xyz heating system then it's reasonable to assume that it's in working order, so negotiate, as long as you are prepared to lose it.

davidmcn

euromike wrote: »

did not. It was a very quick sale, it's in London and went within 48 hours of being put on the market. It was priced competitively, unlike 95% of properties in Zones 1&2...

In that case safest to assume that everything is faulty (subject to what you can tell from a visual check). Often lenders won't even allow surveyors to turn systems back on to test them, so it all comes as a surprise after completion...

booksurr

"as is" is a common and accepted means of telling the buyer that they, not the vendor, are responsible for identifying the condition of the property and the vendor does not (and cannot in the case of a repo) offer any comment or assurance regarding the condition of anything

so now you have found a problem you can of course attempt to renegotiate, however, as others have said the bank has a duty to obtain "best" price and a legal requirement to advertise that they have received an offer so if you change your offer it will go back on the market and you could lose it if someone else comes along now and offers higher than you

your choice....

euromike

booksurr wrote: »

"as is" is a common and accepted means of telling the buyer that they, not the vendor, are responsible for identifying the condition of the property and the vendor does not (and cannot in the case of a repo) offer any comment or assurance regarding the condition of anything

so now you have found a problem you can of course attempt to renegotiate, however, as others have said the bank has a duty to obtain "best" price and a legal requirement to advertise that they have received an offer so if you change your offer it will go back on the market and you could lose it if someone else comes along now and offers higher than you

your choice....

fair enough. Makes me wonder only why I spent several hundred on a survey, knowing that whatever the outcome, I'd have to pay for fixing it myself, anyway..

lisyloo

Makes me wonder only why I spent several hundred on a survey, knowing that whatever the outcome, I'd have to pay for fixing it myself, anyway..

But you can pull out if it's (now) not worth the money..........
People have said you can't re-negotiate but you can walk away.

It'd be thousands, if not >£10k, worth of work to fix/replace it.

Has this actually been looked at in detail?
Is there an alternative heating system that might be cheaper to install and/or more attractive to buyers?

euromike

lisyloo wrote: »

But you can pull out if it's (now) not worth the money..........
People have said you can't re-negotiate but you can walk away.



Has this actually been looked at in detail?
Is there an alternative heating system that might be cheaper to install and/or more attractive to buyers?

yes I can pull out, I don't want it going back on the market, I've spent too much time, effort and money on my search and this purchase so far.

It hasn't been looked at in great detail, but it most likely needs replacing. The very rough estimates of brand-new electric heating system for the whole >1000 sq flat I saw indicated costs of no less than £10k

Thrugelmir

macman wrote: »

Everything is negotiable, the bank's only concern is to recover the mortgage exposure.

The bank has a duty to obtain the best possible price for the property on behalf of the debtor. Hence why offers have to be advertised.