Vendor won't negotiate following survey problems

r.mac_2

sarahllord wrote:

My understanding of seller's packs is that they will include a basic survey - I don't know if this equates to a Hombuyer's Report/Level 2 survey or something more basic. It definitely won't be a "full" survey, so in the case of older properties in particular, buyers will still need to pay out for a more detailed survey to be completed.

Seller's packs should still help though - at least there will be a basic level survey to look at, which should provide an indication of the state of the property.

sarahlord - seller's packs are being introduced to give both the vendor and the buyer more information on the proprty involved in the transaction. However, although the survey in the pack will be more than a valuation it will NOT be the equivalent of a homebuyers report.

They are introducing a similar scheme in Scotland called the single survey - although not for a number of years yet as the legislation is not yet through parliament, but I, personally would not rely solely on a single survey or seller pack for a number of reasons.

Firstly it is commission by the seller, not the buyer, so there is a conflict of interest there. Secondly, I was as much information on a property as possible and that means a homebuyers/level 2 survey and specialist advice if necessary.

HTH r.mac

Lemoncurd

r.mac wrote:

The other thing I am a little confused about is that you say you are near completion stage, but sound like you have only just found out about the true costs involved. Without wanting to sound patronising (and I obviously don't know your circumstances) but I would suggest that this information should have been sought before an offer was submitted to the vendor. I do realise this isn't always possible, but it is the sensible option......

I find this a kind of chicken and egg situation - there is no point in spending money on a survey first if the vendor isn't even going to contemplate your offer. Seems safer to agree a price then get the survey as you can always renegotiate/drop out after that.
Our survey (homebuyers) was done a couple of days after our offer was accepted, after getting the results of this we arranged for the electrical inspection. This took ages because after phoning at least 15 registered electricians who claimed to offer this service we only found a couple who would do it and they couldn't fit us in for a few weeks. We then ended up chasing them for weeks before actually getting a copy of the report (apparently lost in the post!). In the meantime we were arranging quotes for other work which we had already accounted for. We had a fair idea of what was involved but felt we needed the paperwork in front of us before going back to the vendor.

We tried to do everything concurrently as this is a no chain purchase and both we and the vendor wanted move quickly.

loanranger_4

LemonCurd

As you have not mentioned any other potential buyers I think you are in a very strong position.

It seems to me that you can't/won't walk away from this property. The agent/vendor are playing on this. In order to break the stalemate I would suggest put your best offer forward (you probably already have) with a deadline to withdraw. Say you are willing to negotiation until this date but not after.

Can't see how else you can bring things to a speedy resolution.

Good luck!

Kenny4315

I am looking at a property that needs around £175k to £200k of work on it (by my estimation verified by talks with some other developers/agents), although I intend to do alot myself, and have put my offer on the table, the seller wants his price, which is some distance from mine, but I offer what I want to pay no more, at the end of the day you have to live with your own decisions for a long time, especially house purchases.

If your not happy with the price walk away, the market is on the edge, its the buyer that's taking the risk in this market. Sure you'll lose the cost of the survey but there are plenty more fish in the sea.

Another way of thinking of it is, what it worth after the work ? Not forgetting the current slowness of the housing market.

As for estimates it is often the case that even with a survey items are missed, or under-estimated. Depending on the level of the survey and what the surveyor has had access to given carpets/furniture/etc.