Renegotiation after building survey - stamp duty deadline

kzzhar0

We offered asking price on a property we are purchasing which was accepted.

At the time vendor didn't have anywhere to move so we were happy to wait for them to find somewhere. They did and their upper chain wanted to get things moving fast. 
Our building survey has thrown a few things up which we weren't expecting. Notably springiness in kitchen floor where concrete has been laid and impeded ventilation to the suspended timber floor. Now if this is a small problem, that's fine but it has potential of being thousands of pounds worth of damage. It could cause for us to have to rip up floor and kitchen. 
Seller wants to live fast now apparently as to not miss out on the stamp duty discount and we are being pressured from the ea. We sent through the survey as to negotiate as it had a few cat 3 items on there but seller won't budge and EA is saying he potentially wants the property back on the market by Monday.
We could get a timber survey done and this has been agreed to however could take a couple of weeks to come back and throw up more damage. 
We could put in a lower off (taking 2/3k off) which is likely to be rejected as apparently he won't negotiate. 
Or we could pull out and he would have to start the process again. The house would probably sell as it's in a desirable location however he'd then have the hassle of his new buyers potentially having the same issues and timescales with new buyers getting surveys (would they share ours??) Mortgage etc. 
Really need advice as ea acts like they're on our side but obviously they work for them not us. 

UnderOffer

What was the banks/surveyors valuation compared to your offer, was it the same? Or did the property get down valued? It’s tricky as you are not asking for much, however the vendor sounds like they are staying firm and confident they can sell again, though I doubt they’d meet the stamp duty deadline if they were to go with a new buyer. 

Angela_D_3

Depends how much the stamp duty is.  Id decided that if anything came back on my buyers survey id offer to pay the stamp duty rather than drop the price 

kzzhar0

The banks valuation has apparently stayed the same but we haven't actually had any report back from them yet. I imagine it'll be much the same as it is a good location. I think he probably could get another buyer quickly but like you say would be risking it. Unless the EA has another buyer lined up? Or am I being paranoid!

kzzhar0

Angela_D_3 said:

Depends how much the stamp duty is.  Id decided that if anything came back on my buyers survey id offer to pay the stamp duty rather than drop the price 

That's so good of you, wish ours were like that! 

GDB2222

The stamp duty holiday normally benefits your vendor more than you. So, they’d be foolish to put the property back on the market, as they will lose out on the stamp duty holiday. There’s absolutely no possible way a new buyer can complete in two months, the way things are with delays.

 The estate agents are on only one person's side, that is their own. They want the sale to proceed so they get paid. If you show some backbone and insist on a reduction, the agent will start working hard on the vendor to agree. At the moment, you look like the softer touch, so the agent is working on you.

GDB2222

Oh, and RICS, amongst others, is forecasting that prices will fall back a bit after the SD holiday ends. Have you worked out how much SD you are saving?

kzzhar0

We are saving about £5000 as we are also selling out property (it's sold). 
Our thoughts were that once it ends, people may be reluctant to put their houses on the market? 
I might be being foolish buy why does it benefit our vendor more than us? Thank you 

GDB2222

The usual way this works is that your vendors are buying a more expensive home than you are. Hence, they are saving more SD from the holiday than you.

kzzhar0

Of course yes, didn't think. They are an older couple and as far as I'm aware they are downsizing into a bungalow I think and are cash buyers so I'm not entirely sure this is the case for them but it could be. 
 I've been told we should call their bluff and advise them to put it back on the market if he won't budge and see what they say. 

FreeBear

kzzhar0 said: We could get a timber survey done and this has been agreed to however could take a couple of weeks to come back and throw up more damage.

If you get one of these PCA "damp & timber" surveys done, it will throw up plenty more problems and recommend some very expensive "treatments". Your previous surveyor has already identified a potential problem with the kitchen floor and made a suggestion as to the cause - Have a chat with him and see what he has to say about repair costs. You won't need to spend £xx,xxx on dubious damp & timber treatments when a respectable carpenter/builder can fix it for relative peanuts.