First time buyer - Survey results

Mary83

Hi can anyone provide me with some advice. I am a first time buyer and had an offer accepted for £96500, ( it was on the market for offers over £95000) I have just had my home buyer report and a long with the obvious such as new kitchen and bathroom ( I was expecting these costs and have budgeted for them) the report also advises the house has damp and may need a damp proofing course, the roof is not sufficiently ventilated and the roof lining needs to be replaced. I have contacted the estate agents yesterday and made a lower offer of £91000, but I have not heard anything back, how long should I wait, and does my lower offer seem fair? Any advice would be appreciated.

TrickyTree83

Do you know that the work required to resolve the damp (if it even exists, surveyors aren't the best people to ask unfortunately), the work to resolve the issues with the roofing will come to £5,500?

If you've not done the sums or gotten the quotes (don't take the surveyors estimates as quotes for the work) then you cannot possibly know if the £5,500 drop in your offer is fair or not.

davidmcn

No idea whether it's fair if you don't tell us what the surveyor valued it at!

andrewmp

Mary83 wrote: »

Hi can anyone provide me with some advice. I am a first time buyer and had an offer accepted for £96500, ( it was on the market for offers over £95000) I have just had my home buyer report and a long with the obvious such as new kitchen and bathroom ( I was expecting these costs and have budgeted for them) the report also advises the house has damp and may need a damp proofing course, the roof is not sufficiently ventilated and the roof lining needs to be replaced. I have contacted the estate agents yesterday and made a lower offer of £91000, but I have not heard anything back, how long should I wait, and does my lower offer seem fair? Any advice would be appreciated.

The bit about ventilation will probably just be standard survey talk, I'm sure mine said similar, something to do with changing standards since your house was constructed.

AdrianC

davidmcn wrote: »

No idea whether it's fair if you don't tell us what the surveyor valued it at!

This is key.

For all anybody knows, the price may have taken into account the condition already. The surveyor will have factored that in. If he's said that - despite the problems - it's worth the agreed price, then you have zero grounds to renegotiate. If he's down-valued it, then goferit. And be prepared to show the survey to back your request up.

Of course, whether you have "grounds" or not doesn't make any difference - you can always ask. The vendor can always refuse. You then have to decide whether to continue to pay the agreed price or walk away.

G_M

Mary83 wrote: »

........ the report also advises the house has damp and may need a damp proofing course,
unlikely, but needs confirming, and a proper quotation.
More likely there is another cause of the damp - needs confirming.
If indeed there IS damp......

the roof is not sufficiently ventilated
a couple of ventilation tiles cost £5 + half an hour's labour

and the roof lining needs to be replaced.
Many older roofs (eg mine) don't even have lining. Not essential. Just modern regs
I have contacted the estate agents yesterday and made a lower offer of £91000,
based on what?
but I have not heard anything back, how long should I wait, and does my lower offer seem fair? Any advice would be appreciated.

If I was the seller, I might well not bother to reply unless you'd provided decent documentation (the report, the quotes etc) and discussed it properly.

Simpy contacting the agent with a lower offer, I'd caste you as an unrelible buyer, and start re-marketing.

Mary83

davidmcn wrote: »

No idea whether it's fair if you don't tell us what the surveyor valued it at!

Sorry it was valued at £96000

Mary83

AdrianC wrote: »

This is key.

For all anybody knows, the price may have taken into account the condition already. The surveyor will have factored that in. If he's said that - despite the problems - it's worth the agreed price, then you have zero grounds to renegotiate. If he's down-valued it, then goferit. And be prepared to show the survey to back your request up.

Of course, whether you have "grounds" or not doesn't make any difference - you can always ask. The vendor can always refuse. You then have to decide whether to continue to pay the agreed price or walk away.

Thank you Adrian, I appreciate the advice.

Mary83

G_M wrote: »

If I was the seller, I might well not bother to reply unless you'd provided decent documentation (the report, the quotes etc) and discussed it properly.

Simpy contacting the agent with a lower offer, I'd caste you as an unrelible buyer, and start re-marketing.

I did supply the Home Buyer report!! I certainly do not want to be seen as an un-reliable buyer and I am surprised this can be the case, when I have had quotes and sent the survey, I have also not wanted to re-negotiate on things I knew needed to be done, just on the things I didn't expect.
This is my first experience buying a property and all I am wanting to do is get as much advice as possible to ensure I make a sound investment!

AdrianC

Mary83 wrote: »

Sorry it was valued at £96000

So the surveyor thinks you're overpaying... by £500.

If I was the vendor, I might well agree to that, or I might decide that you're unlikely to walk over it. It'd all depend on my financial situation (people selling houses in that price bracket are rarely flush), and - frankly - on how nicely you asked, and how kindly disposed I felt to you...

amateur_house

Mary83 wrote: »

Hi can anyone provide me with some advice. I am a first time buyer and had an offer accepted for £96500, ( it was on the market for offers over £95000) I have just had my home buyer report and a long with the obvious such as new kitchen and bathroom ( I was expecting these costs and have budgeted for them) the report also advises the house has damp and may need a damp proofing course, the roof is not sufficiently ventilated and the roof lining needs to be replaced. I have contacted the estate agents yesterday and made a lower offer of £91000, but I have not heard anything back, how long should I wait, and does my lower offer seem fair? Any advice would be appreciated.

I am in a similar situation to you at the moment. My offer on a house in need of modernisation was accepted, my homebuyers report says there is rising damp and penetrating damp, possibly caused by poorly installed cavity wall insulation.

The valuation is the same as my offer, and the surveyor has recommended a £3k retention but says the work could cost far more. I have not contacted the estate agent to discuss it yet, but my concern is that the estimated valuation after completion of the work is £3k more. So if it costs much more than £3k to sort out I am in effect paying more than the house is worth.

Sorry I can't offer any advice, but will be interested to hear how you get on.