Reduce offer after survey

sc32365

Hi,
So we have had an offer accepted on a house, this was at 330 which was 5k over asking. The survey has thrown up quite a few issues the main being the roof, in total repairs are about 12k, roughly 3-4k are general things which were visible, the roof was not which is the other 8-9k. Essentially it has been very poorly maintained and needs a good bit of work. 

Would I be unreasonable in asking for an 8k reduction? I don't want to lose the property but really can't afford to take on all the repairs. 

Slithery

Please post the relevant parts of the survey. The costs are very often nowhere near what the surveyor suggests.

p00hsticks

Did the survey include a valuation of the property, and if so what figure did they put on it ?

sc32365

The costs are the average of 3 builders quotes for the work so hopefully fairly accurate but it needs new chimney stack, new felt, new tiles, wood rot, holes in brick wall, new ventilation, new insulation so essentially almost replacing the whole roof. 

There was no valuation we did a building survey stupidly so didn't get a value. 

hazyjo

sc32365 said:

The costs are the average of 3 builders quotes for the work so hopefully fairly accurate but it needs new chimney stack, new felt, new tiles, wood rot, holes in brick wall, new ventilation, new insulation so essentially almost replacing the whole roof. 

There was no valuation we did a building survey stupidly so didn't get a value. 

Are you needing a mortgage? They will have valued it.

lookstraightahead

Were these a 3 and dangerous/urgent and did you have builders look at the property?
is it an old property? 

AdrianC

What would the property be valued at with no issues at all? Have these issues already been priced-in?

StandingInTheSun

Welcome to MSE where apparently asking for a reduction after a survey is akin to murdering someone.

You want the house.
The survey has brought up serious issued you were unaware of (which is the whole point of a survey!)
You've had these issues priced.
It is 100% acceptable to ask for the reduction based on this. It's up to the seller whether they accept it or not.

Please ignore those saying to follow the valuation given for your mortgage and if it is OK then don't ask - this will have been a separate valuation survey and they will have barely looked at the place, if at all. It is meaningless.

StandingInTheSun

Welcome to MSE where apparently asking for a reduction after a survey is akin to murdering someone.

You want the house.
The survey has brought up serious issued you were unaware of (which is the whole point of a survey!)
You've had these issues priced.
It is 100% acceptable to ask for the reduction based on this. It's up to the seller whether they accept it or not.

Please ignore those saying to follow the valuation given for your mortgage and if it is OK then don't ask - this will have been a separate valuation survey and they will have barely looked at the place, if at all. It is meaningless.

AdrianC

StandingInTheSun said:

Welcome to MSE where apparently asking for a reduction after a survey is akin to murdering someone.

Nobody has said that.

If we're doing reductio-ad-absurdum, then is it not similarly ridiculous to say "But the survey listed £50k of things that need doing, ergo I want £50k off"? When the property was clearly a project in the first place...?

btcp

Quite often the work needed to be done reflects the asking price. I am selling my house for over asking because it is all newly done and turn key. I am buying a house that was priced cheaper than houses on the street and understand that my building survey may come back with a list of things to do. The house was priced cheaper as it wasn’t touched in the last 20 years or so. The survey I am doing is more for me to understand what exactly I need to do and what I can live with. Of course if they say that the roof will fall in the next few months I would probably ask for a reduction or walk away. All houses need work, but some of it just nice to have, if it doesn’t present a danger.