Money Off Post Survey

MardyBum1977

Hi,

Just after a bit of advice as to what is reasonable. We have an offer accepted on a place which was about 2.5% below asking. Having had the survey through, it suggests about 15-25k worth of work required.

we let the agent know as a courteous ahead of our full report coming through, who in turn informed the vendor. They said they were aware of the issues and factored it in when they accepted the lower offer.

we have not yet got the full report or a quote so am born aware of full costs, but surely they should have made us aware of the issue if that was the right reason for accepting a lower offer? 

Any thoughts on what to do? 

davidmcn

What are the "issues"? Depends whether they're reasonably obvious. 

numbercruncher8

2.5% is not really much of a lower offer in lieu of repairs, in fact I'm sure the average price buyers negotiate off asking for standard properties is better than that.

That said, the sellers don't owe you an explanation, it's up to you to find out the issues. Most older houses will come with a list of things to be repaired, some more urgent than others.

Whether the reduction is fair nobody is going to know on here without seeing the property, it could be that the thing was priced at the start to take into account the repairs.

I would look at comparable properties in the area that don't seem to need the work; if they are around the same price, why not go for one of them.

MardyBum1977

davidmcn said:

What are the "issues"? Depends whether they're reasonably obvious. 

Wont go into detail as I know the vendor uses this board, but certainly things that were not obvious and could only be picked up In a survey. 

lookstraightahead

MardyBum1977 said:

davidmcn said:

What are the "issues"? Depends whether they're reasonably obvious. 

Wont go into detail as I know the vendor uses this board, but certainly things that were not obvious and could only be picked up In a survey. 

Im buying an old house. We knew that when we put in an offer. My opinion is that if repairs are needed in the next 3-5 years or so then that's acceptable. If it's something urgent like the roof won't last a year, that's different. If you were buying second hand clothes you would expect them not to look new, but you would expect them to be wearable. 
Thats how I see it. 
If , for example, you've been told the window are three years old, but the survey discovers that they are leaking, then I think you are entitled to negotiate.
its all in what the survey says.

MobileSaver

MardyBum1977 said:

Having had the survey through, it suggests about 15-25k worth of work required.

On what basis is the work required? To make the place habitable or because "Wouldn't It Be Nice If" you had brand new electrics throughout even though the current owners have obviously been perfectly happy with them for many years?

greatcrested

The sellers may well have factored the condition of the property into their pricing.

But you are being premature - you've not even seen the report. Why on earth are you raising difficulties via the agent and seller before you even have the facts?

As for re-negotiation, it depends

* what the issues are

* whether the seller was aware and factored that into their pricing

* how deperate he seller is to sell, to you

* how desperate you are to buy this property

* what other similar local properties are going for in this condiion and/or in good condition

* how willing you are to risk annoying the seller who might decide to sell to smoeone less troublesome

etc

robatwork

MobileSaver said:

MardyBum1977 said:

Having had the survey through, it suggests about 15-25k worth of work required.

On what basis is the work required? To make the place habitable or because "Wouldn't It Be Nice If" you had brand new electrics throughout even though the current owners have obviously been perfectly happy with them for many years?

This is key. You used the word "required" but if you're not prepared to go into details, advice on here will be a bit pointless.

For example. A structurally dangerous roof that's in danger of imminent collapse may get the same "level 3" warning on a survey as a boiler not inspected but looks old warning. One needs immediate investment, the other a £100 service.

elsien

My survey said my ceilings were coming towards the end of their useful life and would need replacing.
20 years on, they’ve not fallen in my head yet. It really does depend on what is being suggested and why. 

hazyjo

What was it valued at? If the same as you're paying, I certainly wouldn't be dropping much (if any).

Even a new build won't be perfect. You could probably put on a new roof, a new boiler, windows, and fix a few smaller issues for £25k!