Buyer renegotiate

2010bubba

Hi following on from my Electrical inspection post last week.

Buyer contacted estate agent late Friday afternoon, with request for us to accept £4K drop. Any advice how to deal with this ? .....buyer has had full survey 5 weeks ago...gas inspection (passed) electrical inspection (failed) with fuse board needed updating etc..... upon checking electrics with our own electrician all problems highlighted where basically down to regs changing couple plugs (which we have had repaired) any advice as where we go from here ?

Due to exchange Friday 26th with 8 of us in chain surely this is going to mess everyone about. All parties in chain ready signed and enquiries done.

Thanks

G_M

Duplicate post!

https://forums.moneysavingexpert.com/discussion/5644789

2010bubba

Sorry new to all this G_M

Atomix

Regulations change all the time, a 10 year old property may not pass current regs.
However it would have passed on the day it was built.... that's life.

£4k for a new fusebox seems very excessive, maybe get a quote for the work highlighted in the survey? (And send it to your potential buyer) -

glasgowdan

They're chancing it. Your risk is that they're willing to walk away. I'd suggest a response that doesn't flat out say no reduction, but simply that current condition has been factored into the agreed deal. Gives you a little wiggle room if they play stubborn.

AnotherJoe

Depends whether you wish to be held to ransom or not.
£4k is a rewire, not changing a fuse box. Thats maybe £400-£500.

Your options vary between telling them to FO, accepting being screwed over for £4k*, and accepting the blackmail but negotiating a lower figure. Being pragmatic I'd probably say "new fusebox is £500, take it or leave it" but i dont know the position you'd be in if your move didn't happen so thats easy for me to say.


* tells you what i feel about it

konark

A fusebox is about £75, how long would it take to fit?

hounsehunterftb

You could offer the fix the problem itself thus indirectly compelling them to stick to the price. Worst case scenario you could haggle price so its not straight up 4 K that you would end up losing

Alfrescodave

Is your buyer a First Time Buyer ? - who would therefore have less to loose if the sale fell through. If this is the case, I would probably make a generous offer of £400 max for replacement of fuse box.


If not a FTB then I would be less accommodating and offer £150

MobileSaver

konark wrote: »

A fusebox is about £75, how long would it take to fit?

For a qualified electrician, half a day to a day depending obviously on complications and how much post-install testing was done. As AnotherJoe said, shouldn't cost more than £500 in total.

Crashy_Time

2010bubba wrote: »

Hi following on from my Electrical inspection post last week.

Buyer contacted estate agent late Friday afternoon, with request for us to accept £4K drop. Any advice how to deal with this ? .....buyer has had full survey 5 weeks ago...gas inspection (passed) electrical inspection (failed) with fuse board needed updating etc..... upon checking electrics with our own electrician all problems highlighted where basically down to regs changing couple plugs (which we have had repaired) any advice as where we go from here ?

Due to exchange Friday 26th with 8 of us in chain surely this is going to mess everyone about. All parties in chain ready signed and enquiries done.

Thanks

Considering the general economic climate and sentiment I would take the 4k drop and let them get on with it TBH. Why put your life on hold for 4k?