survey done- some issues

mutley74

I am in contact with the vendor directly now to arrange any checks since the survey (their request as too much time going via EA).

What's the best way to ask them if they are willing to renegotiate based on the surveyors valuation coming 10k less? i.e. £200k vs £210k (current agreed offer).

kinger101

I'd hold fire on renegotiating price until you've had all the checks done. And then I'd be inclined to submit the revised offer via the agent. Their negotiation skills might come in useful knocking the vendor down. They EA just wants their commission, and whether the property sells for £210K or £200K is fairly insignificant. The key will be convincing the agent there's a good chance you'll walk away if the price isn't reduced.

mutley74

kinger101 wrote: »

I'd hold fire on renegotiating price until you've had all the checks done. And then I'd be inclined to submit the revised offer via the agent. They're negotiation skills might come in useful knocking the vendor down. They EA just wants their commission, and whether the property sells for £210K or £200K is fairly insignificant. The key will be convincing the agent there's a good chance you'll walk away if the price isn't reduced.

very good point. Thing is last week vendor said he preferred to talk with me directly about everything rather than going via agent. He told me last week he cannot match the valuation from the survey, and reduction would be minor (if any). But will get the other checks done before going back.

chappers

mutley74 wrote: »

very good point. Thing is last week vendor said he preferred to talk with me directly about everything rather than going via agent. He told me last week he cannot match the valuation from the survey, and reduction would be minor (if any). But will get the other checks done before going back.

this is the sort of situation where being a cash buyer might actually hinder you, Your lender could have been your excuse to reduce the price by 10k, maybe agree to split down the middle.
I would nearly always keep the financial side of any deal conducted via the agent.

mutley74

currently renegotiating via the estate agent. Vendors only dropping £1500 off and don't seem to budge more. I feel like I am still a bit overpaying, but hardly any other properties come on the market in the area. To repair the rising damp is £500 plus some roof repairs and electrical consumer unit upgrade.

chappers

take it, that will just about cover those repairs and £10k isn't significant enough not to be discounted as surveyor opinion.
Have you tried to counter their £1500

mutley74

chappers wrote: »

take it, that will just about cover those repairs and £10k isn't significant enough not to be discounted as surveyor opinion.
Have you tried to counter their £1500

I told agent my budget is £250 below what they have asked to cost for repair required before I move in

mutley74

we have re-agreed the house price as per valuation and some repair costs. I was sent a copy of a letter from the agent saying the vendors are giving me a "contribution to repairs" of £1500.
Why is the new difference from previous offer to new price classed as a "contribution to repairs" rather than new offer price?

mutley74

Letter received from Solicitor today indicates following issues:
1. Mining search - a claim within 50m of the property address.
Is this something i need to be concerned about?

2. Building Regulations Approval - previous vendors build an extended garage, porch, conservatory and WC. The approval only covers the garage and wc (although plans show the conservatory and porch).

3. What is Covenant Consent? As I'm told this was never passed down when the house was sold previously.

Crashy_Time

mutley74 wrote: »

I asked the Surveyor why house has not appreciated in 10years, he thinks the post code area has not appreciated. Although searching for a long time now all I have ever seen is house prices keep going up!!!

You will have been limiting your searches to posts on here then?