Negotiating lower price after survey

ele_91

Crashy_Time said:

ele_91 said:

As a vendor I wouldn’t reduce for those things either and especially not if I was in a sellers market. Windows painted shut you can see at viewing. Shower needing replacing you can also see at viewing. Conservatory may leak in the future sounds like standard surveyor !!!!!! covering. Unless it was actually leaking I would not give a reduction on that. Are you a FTB? Unfortunately if you feel a property needs work to bring it to the standard you want, you need to budget and offer accordingly. If those are the only issues it sounds perfectly liveable.

I would wait for the mortgage valuation, if they downvalue the house and you therefore can’t get the mortgage this is a stronger negotiation point as it jeopardises the chain. But even then a vendor may tell you to jog on to be honest. 

What is the house price and an estimation of the works? That would give a bit more context. 

Same will likely happen to the next buyer as well?

Depends on the buyers situation surely. Barclays downvalued the house we are buying by £10k but still approved the mortgage as we have a 50% deposit. The market is moving super fast, we were the first people to view and made an asking price offer as the house ticks all our boxes and we wanted to secure it. We plan on living there for 10 years+. We don’t want to renegotiate as bottom line, we want the house. Next buyer could be in the same position. 

RobHT

jimbog said:

RobHT said:

So you wanna buy an house with all these problems already... RIP

Here are 'all these problems'. 

1. All windows on the ground floor are painted shut 
2. PVC conservatory is showing its age (installed c. 15 years ago) 
3. Shower cabin should be replaced

@RobHT: From your other thread I now strongly recommend you continue to rent rather than thinking about buying 

Yeah I'm aware of all these problems, and much more, actually if I remember well from this thread, also the roof was showing problems, but all this is the minimum in UK, in fact British don't stay longer than 10 years in an accommodation, it's pretty obvious why, it's not only for changing job.

I was anyway having few doubts recently  

hazyjo

RobHT said:

jimbog said:

RobHT said:

So you wanna buy an house with all these problems already... RIP

Here are 'all these problems'. 

1. All windows on the ground floor are painted shut 
2. PVC conservatory is showing its age (installed c. 15 years ago) 
3. Shower cabin should be replaced

@RobHT: From your other thread I now strongly recommend you continue to rent rather than thinking about buying 

...in fact British don't stay longer than 10 years in an accommodation, it's pretty obvious why, it's not only for changing job.
 

Very sweeping statement lol. My mum's been in her house since 1979. My sister has been in her's since the early 1990s. Of course changing job isn't the only reason to move. I've moved loads, but not because my houses were falling apart lol.

AdrianC

14sprocket said:

For example, painted over windows is a poor form, and I wouldn't be able to tell if there's dry rot myself.

Yes, it is poor form - but it would have been obvious to anything beyond the most casual of glances pre-offer. Likewise the conservatory and shower.

The surveyor hasn't said there is rot (and I'd assume he means wet rot in the frame, not dry rot), just that there's potential. There's always potential.

End of the day - you've asked for a reduction, the vendor's said no. Pay the original price or walk away.

robatwork

@14sprocket I see on a previous thread that you were gazumped - is it possible that has affected your mindset? 
Other than well known forum house price loon Crashy, it seems overwhelming opinion is that dropping your offer is unreasonable. I do hope you'll be polite enough to let us know what you do/intend to do.

Redwino222

the surveys will always flag issues - if you are buying an older house there will always be wear and tear.  Often these surveys will flag very thing. And anything and are now seen as a tactic for the homebuyer to try and get the house cheaper.

to Be honest this would irritate me too - particularly the risk that the conservatory roof will leak.  

Houses are priced for The condition they are in.  If you don’t hink it’s worth it you can of course offer a lower price, they can say no.  Their arguement could easily be if the house was perfect, the original price would have been higher.

Crashy_Time

ele_91 said:

Crashy_Time said:

ele_91 said:

As a vendor I wouldn’t reduce for those things either and especially not if I was in a sellers market. Windows painted shut you can see at viewing. Shower needing replacing you can also see at viewing. Conservatory may leak in the future sounds like standard surveyor !!!!!! covering. Unless it was actually leaking I would not give a reduction on that. Are you a FTB? Unfortunately if you feel a property needs work to bring it to the standard you want, you need to budget and offer accordingly. If those are the only issues it sounds perfectly liveable.

I would wait for the mortgage valuation, if they downvalue the house and you therefore can’t get the mortgage this is a stronger negotiation point as it jeopardises the chain. But even then a vendor may tell you to jog on to be honest. 

What is the house price and an estimation of the works? That would give a bit more context. 

Same will likely happen to the next buyer as well?

Depends on the buyers situation surely. Barclays downvalued the house we are buying by £10k but still approved the mortgage as we have a 50% deposit. The market is moving super fast, we were the first people to view and made an asking price offer as the house ticks all our boxes and we wanted to secure it. We plan on living there for 10 years+. We don’t want to renegotiate as bottom line, we want the house. Next buyer could be in the same position. 

I meant likely to down-value, not refuse a mortgage. The market is only moving because of the SD holiday, when that ends sellers will have to face a different reality IMO.

Falafels

The purpose of a survey is to report on a property. It's not designed as a shopping list for the vendor to pay for, but to make the potential occupier aware of issues they may face in the future. Of course the vendor isn't going to be paying for windows that they themselves will never benefit from, and any conservatory roof MAY leak in the future. On the other hand, it may not. There may be potential for rot underneath the paint, but no actual evidence that there is any existing at the moment. There will undoubtedly be maintenance issues with the house in the future, because that's part and parcel of home ownership.

If I were your seller, I'd be seriously thinking about relisting, and the tone of their responses suggests that they're ****ed off with you. If I were buying the property, I'd be looking at the survey and thinking "Great - nothing major!" and unless the mortgage situation was going to be jeopardised by a retention or major undervaluation, would carry on. They wouldn't necessarily encounter these problems with another buyer, either - certainly not one with a bit of experience.

By all means wait for your valuation before trying to negotiate anything, and if you're willing to take the risk that your vendors will walk away - then go for it. The bottom line is that you, and only you, can decide how much this property is worth to you, and how much of a risk you're prepared to take that you'll lose it.

Crashy_Time

Most property isn`t in the category of being a "risk" if you don`t get to buy it, there is plenty more to look at, just get the valuation OP and take it from there.

14sprocket

robatwork said:

@14sprocket I see on a previous thread that you were gazumped - is it possible that has affected your mindset? 
Other than well known forum house price loon Crashy, it seems overwhelming opinion is that dropping your offer is unreasonable. I do hope you'll be polite enough to let us know what you do/intend to do.

I get the point of the collective wisdom - this has been useful
I'm going to wait for the mortgage valuation report and take it from there