Vendor won't lower price but will pay for works?

rhubarb86

Hi,
We're first time buyers and we have found a property we would like to buy, it needs a lot of work though.
We offered slightly under the asking price but the vendor wouldn't accept, however he said he will pay for a new boiler (of our choice) to be fitted if we come up to the asking price. He said the work would take place between exchange and completion.
Has anyone been in a similar situation and did it work out ok? It just seems weird he won't drop the price but will pay money for work.
Any advice would be greatly appreciated! Many thanks in advance

WibblyGirly

You could exchange and then he doesn't replace the boiler. Then you'd be stuffed. I wouldn't agree to it, I'd rather choose my own boiler and person to fit it when I was in the house myself.

Lokolo

Once you have exchanged he would have no obligation to carry out the works, nor to a good standard.

Never in a million years.

LandyAndy

As above. Don't agree to it.
He might be fair and reasonable about it but ask yourself whether you'd rather have the same amount of money in your pocket with or without the hassle of a boiler installation as you were packing up.

G_M

No.

Or to explain in full - no.

Counter-offer:

* you send in your 3 gas enginneers for quotes and choose the one you like
* you give the quote to the seller
* the seller pays you the money (cash)
* you exchange (but only on receipt of the money first)
* you Complete
* you instruct the engineer to do the work.

See if he agrees.... :rotfl:

AnotherJoe

Or a variation on the above from GM, seller pays the money over to your solicitor for safe keeping.

It may be a dodgy seller, or it may be one with contacts who can get one fitted for much less than retail (which is why he wants to do it himself) , or a paranoid seller thinking you will pocket the money and not install a new boiler at all and resents that. Or maybe just an idjut who thinks a £200k house sale is worse than a £203k house sale where he spends an additional £3k.

gingercordial

You'll also pay more stamp duty under his way of doing things because the price you have to declare you've paid for the house will be higher.

If you're buying somewhere for £200,000 and it is £1,000 for the boiler, that £1,000 is charged at 2% so you'll pay £20 more in SDLT than if he'd knocked it off the house price. If you're buying at £300,000 then it is 5% so £50 extra cost. You could use that as a reason if you don't want to suggest he might try to get away with not doing the work.

teddysmum

Would the boiler warranty pass to a new buyer ?

Cakeguts

No. If he knows that the boiler needs replacing he should have done it before he put the house on the market.

Forget this house and find another the vendor is being unreasonable. Find one that doesn't need money spent on it.

mark5

It could be another reason such as he needs the asking price to get the required equity to move on etc while putting the boiler on a credit card which he will pay back later.

Crashy_Time

mark5 wrote: »

It could be another reason such as he needs the asking price to get the required equity to move on etc while putting the boiler on a credit card which he will pay back later.

If things are that tight he shouldn`t be moving house IMO, and there will probably be loads of other things he has neglected as well. Offer really low or walk away.