Renegotiation after survey/contractor quotes

Johnjones7656

The main survey valued the house at the price we're buying it for however there was some concerns about damp and roof issues.
After getting specialist reports by independent surveyors and then following up their recommendation with contractor quotes, there's about £3000 worth of work to be done - especially to the roof where leaks are evident on the walls in the converted loft bedroom meaning it needs to be sorted asap.


So, is it reasonable to ask for this to be knocked off the price even though the survey did value it at the price we're paying in its current state? Or for £3000 is it not worth it?

dreyfuss

We had a survey done that showed urgent work needed doing. Got quotes for the varying amounts of work and then re-offered on price. They then came back saying x amount and no less so we then offered in middle which they accepted. Negotiate.

Our valuation matched what we offered originally but thats what surveys are for.
Though if it's work that would be normal to do 'at some point in future' would say maybe accept it'll cost you £3k?

AnotherJoe

You can ask. If I was the vendor I'd point out that the valuation included those faults, but maybe your vendors won't.

Johnjones7656

Thanks - is there a suitable response if they say that it was valued with these problems included? Or do we have to accept it if we want to continue?


Also, we're FTB so don't know the protocol - do we go through the estate agent for this? Do we need to inform solicitor or mortgage broker of our intention to renegotiate? Thanks!

AnotherJoe

Johnjones7656 wrote: »

Thanks - is there a suitable response if they say that it was valued with these problems included? Or do we have to accept it if we want to continue?

No. And yes. In that order.

Also, we're FTB so don't know the protocol - do we go through the estate agent for this? Do we need to inform solicitor or mortgage broker of our intention to renegotiate? Thanks!

Estate agent. No, you'd only inform them if the price changed.

3card

I have just actually gone through this process.

After offering the 'asking price' the house was on sale for we thought we had got ourselves a good house for an investment as were cash buyers.

I decided to go for a survey which itemised quite a few items but i was only interested in the 'major' problems that required urgent treatment

I got some prices for the work required which amounted to less than £2k so i said we would amend our offer to allow for this but the seller said they would not take a penny less than our offer because we didn't offer the asking price as the property was was on the market for 'offers in excess of'
You will find out more about the people you are dealing with at this point and we made a decision not to proceed

We have since seen a more suitable property which we are in the process of purchasing

Johnjones7656

How do you go about wording it to the estate agent?

I suppose the key is going to be if the seller is going to call our bluff and say no to see if we then call their bluff and pull out or just say ok we'll proceed as they know we've already spent money on fees and surveys!

sulphate

You can ask. The EA/vendor may ask to see the surveys before agreeing to a price reduction. Once they have the surveys they may say that your lender has agreed that the house is worth the price you are paying for it.

We have just had this and decided not to knock the vendor down because we don't want to hold the process up anymore. Also, we decided if the house wasn't perfect and was presented immaculately then it would be out of our price range. However, if i was your vendor and keen to sell, I would agree to a £1500 price reduction. I think it's fairly standard to meet in the middle.

A lot depends on the circumstances. If vendors are desperate to sell, if the house was on the market for a long time before accepting your offer, if they have already found another house etc etc they are more likely to be open to negotiating.

Jimmy_Neutron

You could string the vendor a long a bit by saying you are waiting for more quotes, adjusting your finances etc to make them sweat about if you are going to proceed. You may find them more amenable to accepting a slightly lower offer then?

Johnjones7656

Aah-that's an interesting one! The estate agents are very very eager to hear what the builders have had to say!!!

EachPenny

Jimmy_Neutron wrote: »

You could string the vendor a long a bit by saying you are waiting for more quotes, adjusting your finances etc to make them sweat about if you are going to proceed. You may find them more amenable to accepting a slightly lower offer then?

Johnjones7656 wrote: »

Aah-that's an interesting one! The estate agents are very very eager to hear what the builders have had to say!!!

You've already paid out for fees and surveys?

If you start playing games and trying to knock a few quid off what you've agreed then what's to stop the vendor deciding you are too much of a risk to continue dealing with and politely tell you to look elsewhere for your new home?

You need to decide whether it is more important to conclude a transaction at a resonable price, or spend weeks and months messing around.

For all you know the vendor may already have had higher offers but out of decency is sticking to the deal made with you. You've already spent good money - how much of that are you willing to gamble?