FTB help - Reducing offer price after survey damp concerns

LondonS30

Hi all
Would appreciate some advice. I'm a first time buyer and in the process of buying a 1-bedroom ground floor period flat in London.

To summarise the sellers are very keen to complete and move quickly as they have found their onward purchase. They apparently had other offers (one of which was higher than mine) but "chose" me as I am able to complete quickly.

The full building survey came back with some high damp meter readings and so I paid a further £240 for an independent damp survey (not from a contractor). This highlighted a number of things including blocked gutters and broken waste pipe serving the above flat. I raised these with the estate agent and the vendors have raised it with the freeholder (flat is leasehold). I said I wanted this to be sorted before exchange but the EA said they cannot hold up exchange over this point as isn't the sellers responsibility and will be sorted "in due course."

The independent damp survey said the above issues should be sorted in the first instance but damp proofing may still be required and he advised me to obtain further quotes for these to negotiate. I obtained 3 quotes and the most comprehensive quote included more areas so I have put this forward to negotiate that off the asking price. This does not include the associated costs of builders works such as removing radiators, toilets, carpet, fixtures and fittings etc so I basically asked for £5000 off initial offer price (as these issues were not known about prior to offering). The initial accepted offer was 4.5% below asking price.

My question is:
- is the above reasonable to ask for reduction in offer in light of the survey findings which were not known about prior to the survey?
- should I get formal builders quotes for removing fixtures/ fittings and radiators to the areas required? Or should I just stick with asking for £5000 off? My concern is that the real cost is likely to be MUCH higher if I was to consider getting this done.

The sellers are being pressured from their seller to get everything sorted ASAP and I know they are desperate to move. However I am just concerned about inheriting tons of unresolved issues which might be costly. I do like the property so prepared to see it through but just don't want to be messed around!! I am a perfect buyer for them as can move quickly

Thanks in advance

hazyjo

You can do what you want - especially in this slow market - but if you were my buyer and if your valuation had come back the same price as what you'd agreed to pay, I'd say no and remarket - or give you a very generous grand off or something. Especially as it says 'MAY still be required...'.

Sounds like general maintenance to me... is there a service charge? Does the building look well maintained or scruffy?

Surprised you got a full building survey on a flat. Is it just one up, one down in a conversion?

Not usually a good idea to get vendors to do works anyway. Better off trying to reduce and sorting it yourself.

Five grand seems awfully expensive! Even if it cost that, I certainly wouldn't expect the vendor to pay the lot. Half maybe if I wanted to try my luck.

Buy a period flat and you should expect to pay ongoing maintenance. Buy a new build otherwise (although it still won't be perfect).

LondonS30

hazyjo wrote: »

You can do what you want - especially in this slow market - but if you were my buyer and if your valuation had come back the same price as what you'd agreed to pay, I'd say no and remarket - or give you a very generous grand off or something. Especially as it says 'MAY still be required...'.

Sounds like general maintenance to me... is there a service charge? Does the building look well maintained or scruffy?

Surprised you got a full building survey on a flat. Is it just one up, one down in a conversion?

Not usually a good idea to get vendors to do works anyway. Better off trying to reduce and sorting it yourself.

Five grand seems awfully expensive! Even if it cost that, I certainly wouldn't expect the vendor to pay the lot. Half maybe if I wanted to try my luck.

Buy a period flat and you should expect to pay ongoing maintenance. Buy a new build otherwise (although it still won't be perfect).

Thanks for the reply..Yes slow market and they are desperate to move. The valuation was the same. They **could** remarket but I think they are in a hurry to move and we are getting close to exchange!

There is a service charge of £750 but that covers buildings insurance. The maintenance of gutters/ pipes in the upper maisonette is freeholder responsibility. It didn't look horrendous but I'm not an expert and its and old building circa 1910

Yes its upper and ground floor. There wasn't a huge difference in cost between homebuyers and full building survey and I had a previous bad experience with only getting a homebuyers

The most comprehensive quote was just over 4000! (London prices)

That's very true re period property maintenance but it seems unfair given that these were not issues known about at the time I put in my offer. If I'd known it might require damp proofing I would have offered less.

jonboy321

If they had a number of offers and they had already accepted yours on the basis you could move quickly it sounds like you have already had that discount. If you had offered any lower then the other offer may have been comparatively more attractive and you may not have secured the property at all.
They accepted your offer on the basis you could move quickly - you are now reneging on that part of the bargain, you need to stop thinking of yourself as being 'the perfect buyer' because you most certainly aren't at the moment

hazyjo

LondonS30 wrote: »

Yes its upper and ground floor. There wasn't a huge difference in cost between homebuyers and full building survey and I had a previous bad experience with only getting a homebuyers

Just mentioned it as they don't usually offer them on flats, only houses. If the other flat is accommodating enough to allow access, sometimes they do.

LondonS30 wrote: »

That's very true re period property maintenance but it seems unfair given that these were not issues known about at the time I put in my offer. If I'd known it might require damp proofing I would have offered less.

I've bought loads in my time and have rarely bought Victorian without finding/expecting some damp somewhere (my current one's Edwardian and there was some in/around the chimney). It's very rarely a £5k problem! If it was, I doubt the report wouldn't have said 'may'. Didn't seem to give much evidence, more a**e covering from what you've said.

LondonS30

I've bought loads in my time and have rarely bought Victorian without finding/expecting some damp somewhere (my current one's Edwardian and there was some in/around the chimney). It's very rarely a £5k problem! If it was, I doubt the report wouldn't have said 'may'. Didn't seem to give much evidence, more a**e covering from what you've said.[/QUOTE]

Thanks - yes I know it's very common in ground floor properties and could be multi factorial. High levels of damp were found in the toilet room, cupboard and also on the wall of the bedroom with some rust in kitchen. The damp proofing quotes I got were between 2500 - 4000. But these don't include costs of builders to prep the area (eg. Removing fixtures fittings carpets radiators) - do you know roughly how much extra that would cost??

To be honest I think time is running out and it will take too long to get builders quotes for this, so I guess I will just see if there are prepared to negotiate or meet halfway.

SG27

"they cannot hold up exchange over this point as isn't the sellers responsibility and will be sorted "in due course."

You can hold up exchange as long as you wish, for whatever reason you wish. And it is the sellers responsibility to put pressure on the freeholder to get this sorted.

Similarly you can reduce your offer for whatever reason you want.

Don't let the estate agent bully you.

LondonS30

Thanks SG27 - I'm worried as I feel the EA and especially their "sales negotiator" are being very pushy!

Obviously I am able to move and complete quickly BUT this was on the provision depending on the results of surveys etc and the contract - which I have still not received to look through

The sellers seller is leaving the country and so they are putting pressure on my sellers to complete quickly who are in turn putting pressure on me. I just don't want to rush and then have lots of unresolved serious problems (eg leaking pipe blocked gutters) that need to be solved by freeholder and I don't want these to become my problem when they have been neglected by the sellers for the last 4 years!!

I also need to give my landlady 4-weeks notice to move from my current tenancy and don't know what the best course of action is.. Sigh

hazyjo

LondonS30 wrote: »

I also need to give my landlady 4-weeks notice to move from my current tenancy and don't know what the best course of action is.. Sigh

Give notice when you exchange. Ask for 3-4 weeks between exchange and completion (bear in mind that could be a long-ish overlap still depending on the date you need to give notice on).

LondonS30

Update - they have agreed to cover half of the cost of the "middle" priced damp proofing quote which is good news. As expected, they emphasised that the property had been recently reduced and that I got it for £18,000 less than asking price etc and had wanted to sell to a FTB

I think that is fine and fair..just fingers crossed I won't have tons and tons of issues. I do really love the property though and excited/ nervous about it

Doozergirl

Do not damp proof it. Unless it's partially underground then damp proofing is going to do nothing.

I'm amazed you paid £240 for someone who pointed out above ground problems and then suggested damp proofing, which is supposed to be for under ground level problems! It doesn't make any sense at all.

Think you found yourself another snake oil salesperson, unless you've missed some detail off about where the damp is coming from.

What didnthey actually say about the floor levels? Suspended floor or solid? Air bricks? Where is the ground level in relation to the original damp proof course?