What to do on completion of homebuyers Survey

comprie

Hi there I’m in the process of buying a property. My homebuyers survey has been completed and thrown up a few issues. The bank will obviously be coming along later to do a valuation. My question is, should I send in the troops now to quote for the remedial works based on the survey and try to renegotiate (if necessary) the purchase price now, or should I wait for the banks valuation first and do this when I have all the information? What would be the standard approach? I don’t wanna !!!!!! the seller but want to make sure I’ve covered myself 

p00hsticks

If I was the seller, the first two things I'd be asking you is what does the valuation say, and are the issues things that are clearly visible (e,g, slipped tiles, damp patches) and were therefore presumably factored into the original asking price...

user1977

As above, what are the "remedial works"? Unless they are significant surprises, I wouldn't treat them as tools for renegotiating the price.

But yes, it would make sense to wait until you have the bank's valuation as well rather than have to go back and chip away at the price a second time

eddddy

If I was the seller, my main question would be "What is the valuation by your mortgage lender?".

Some surveyors will regard their homebuyer's surveys as negotiating tools for buyers. i.e. They will paint a bit of a negative picture, in order to help you negotiate a lower price - and perhaps value the property on the low side.

For example, you hear of buyers negotiating a discount because their survey said a new roof was needed. But then after the sale, the seller watches the property for many years, and the roof isn't replaced.

Some surveyors will even admit in private something like "When clients pay me £500 for a survey, I can usually find things to flag-up which will help them negotiate a discount of a few thousand. So a survey is a good investment."

But if your seller is less aware of this kind of thing, you might be able to renegotiate (but the EA might warn the seller).

But also a lot of builders and tradesmen are aware of this strategy. i.e. Buyers just want quotes in order to negotiate price discounts, and the builders/tradesmen never actually get the job. So lots of builders/tradesmen will refuse to give a quote in these circumstances - because it's a waste of their time.

comprie

Thanks. There are some issues that have been recommended to be looked at by structural engineer (bulging wall and cut roof truss), potential rewiring needed and replacement of faulty velux windows 

eddddy

comprie said:

Thanks. There are some issues that have been recommended to be looked at by structural engineer (bulging wall and cut roof truss), potential rewiring needed and replacement of faulty velux windows 

A bulging wall and cut roof truss should probably be investigated by a structural engineer. (In fact, I suspect the mortgage valuer would notice a bulging wall and insist on a structural engineer's report.)

When you say "potential rewiring needed", are you paraphrasing? Surveyors aren't qualified electricians. Better paraphrasing might be "The consumer unit isn't of the latest design. I'm not qualified to comment on electrics, so I can't say anything more. If you want to know more ask an electrician."

Do you know what the problem is with the Velux windows. For example, is the surveyor saying: "Very minor problem with the Velux windows, which most people would live with. But if I suggest that they need replacing, you might be able to use that to negotiate a discount."

comprie

eddddy said:

comprie said:

Thanks. There are some issues that have been recommended to be looked at by structural engineer (bulging wall and cut roof truss), potential rewiring needed and replacement of faulty velux windows 

A bulging wall and cut roof truss should probably be investigated by a structural engineer. (In fact, I suspect the mortgage valuer would notice a bulging wall and insist on a structural engineer's report.)

When you say "potential rewiring needed", are you paraphrasing? Surveyors aren't qualified electricians. Better paraphrasing might be "The consumer unit isn't of the latest design. I'm not qualified to comment on electrics, so I can't say anything more. If you want to know more ask an electrician."

Do you know what the problem is with the Velux windows. For example, is the surveyor saying: "Very minor problem with the Velux windows, which most people would live with. But if I suggest that they need replacing, you might be able to use that to negotiate a discount."

Okay thanks I will look into getting that report then. Re electrics he said they look ‘original’ and without a safety report dated in the last 10 years rewiring will be required. Velux issue is that they won’t close and causing water ingress which is damaging walls

user1977

comprie said:

eddddy said:

comprie said:

Thanks. There are some issues that have been recommended to be looked at by structural engineer (bulging wall and cut roof truss), potential rewiring needed and replacement of faulty velux windows 

A bulging wall and cut roof truss should probably be investigated by a structural engineer. (In fact, I suspect the mortgage valuer would notice a bulging wall and insist on a structural engineer's report.)

When you say "potential rewiring needed", are you paraphrasing? Surveyors aren't qualified electricians. Better paraphrasing might be "The consumer unit isn't of the latest design. I'm not qualified to comment on electrics, so I can't say anything more. If you want to know more ask an electrician."

Do you know what the problem is with the Velux windows. For example, is the surveyor saying: "Very minor problem with the Velux windows, which most people would live with. But if I suggest that they need replacing, you might be able to use that to negotiate a discount."

Re electrics he said they look ‘original’ and without a safety report dated in the last 10 years rewiring will be required. 

Hardly any property (older than 10 years) has an electrical safety report in the past 10 years - unless somebody had told you it had recently been rewired, I would view this as being entirely expected, not much of an excuse to chip away at the price.