Renegotiating after survey

ss2020jd

kayen said:

ss2020jd said:

The level three survey I had done estimated the cost of potential works but did say also to get quotes before exchange. 

Most of them are minor things, so in my case didn’t warrant going back for a renegotiation, plus I didn’t pay over the asking price.

The costliest part from our survey being suspected damp in one small area and recommending injecting a DPC, but I instead (and being an older property) spoke to a very helpful and knowledgeable independent damp surveyor who gave many other reasons that cause have caused the reading other than ‘rising’’. I plan to have him come and have a look once moved in, 

if you could get the extracts and estimate from the surveyor, or builder quotes, you may be in a better position but it all depends on how urgent the works are and how much the house was priced to reflect that.

@youth_leader said: 

The works were obvious to viewers and my house was priced to allow for this.  If you allow your buyers to see the extracts, ask them to allow trades in to cost up the works, they may be amenable to a reduction. 

Thank you for sharing.  Yes ideally I'd get some quotes now before exchange/ proceeding further..but whether it's possible to find a willing builder, timeframes etc.   I'd have just let it go if damp was the only issue - surveyor said its one of the 'minor' things in the grand scheme of the other 3's....(eek!)

Main concern is there seems so much more work needed that I hadn't counted on in my offer.  Hard to know whether the seller priced in the condition of property or not.  Naturally they want the highest possible price.   If my offer at asking had (I wish) been successful I wouldn't be so worried. 

If it gives any indication, the surveyor recommended it was a property for a cash buyer who could do all the work themselves.  Well...I know its the surveyors job to look at the details so I don't expect that the house will be perfect (I haven't even mentioned the 2's yet...) but its a flag I can't ignore. 

Good idea...will see if I can send on some details from the actual report when approaching seller. 

That does sound like a lot of work. Might be suited to a cash buyer renovating for profit.

Most offers are made “subject to survey” but a different buyer might be willing to absorb the cost of work if they can do it themselves. 

youth_leader

The next buyer is going to have exactly the same survey as you kayen, and the vendor's know that.

If you let the vendor know what needs doing by sharing your extracts, they should be amenable to getting their own trades in to quote.  I had several people that were willing to come and help me by giving quotes, but the buyer was pushing the very expensive quotes his surveyor gave him.

Irishpearce26

Remember if you renegotiate a new price that is lower you will need to get a new mortgage offer which will be for the price of the house. How will you pay for the repairs? Would you adjust your deposit amount? This could affect your LTV.

Another note is that surveyors often say the problems are far worse than what they are and more costly that what they would be to get rectified.

kayen

thanks everyone for your comments, much to think about. 

If I manage to find a builder to come out to £estimate, is it the norm that I would go along with him when he visits? 

youth_leader

I'd ask the EA if the vendor's are agreeable - was the viewing with an agent?  My friend accompanied her structural surveyor on a property that needed underpinning. 

kayen

youth_leader said:

I'd ask the EA if the vendor's are agreeable - was the viewing with an agent?  My friend accompanied her structural surveyor on a property that needed underpinning. 

thanks @youth_leader.  The seller has always been at the property during viewings, usually with agent.  

for a builders visit I'd imagine the agent wouldn't be essential unless the sellers requested?