Asking for a price reduction due to a large new build proposed development!

MysteryMe

The one thing you can't change about a property is the location. If having a new housing estate takes away one of the main things you loved about the house, no price reduction is going to bring the view back.  TBH it might be better to keep looking.

lookstraightahead

MysteryMe said:

The one thing you can't change about a property is the location. If having a new housing estate takes away one of the main things you loved about the house, no price reduction is going to bring the view back.  TBH it might be better to keep looking.

This is a good point - I don't know why a price reduction changes things.

eidand

There is one bit I don't understand, why would anyone make an offer and not do their own research before hand?

All this information is public, you did not have to wait 4 weeks for anything. You spend a large sum of money and you don't do your homework?

I would say this, make up your mind quickly and let the vendor know. They can sell to someone else quickly, no need to drag this any longer. They've already lost 6 weeks for nothing.

Clara72

eidand said:

There is one bit I don't understand, why would anyone make an offer and not do their own research before hand?

All this information is public, you did not have to wait 4 weeks for anything. You spend a large sum of money and you don't do your homework?

I would say this, make up your mind quickly and let the vendor know. They can sell to someone else quickly, no need to drag this any longer. They've already lost 6 weeks for nothing.

To be perfectly honest, I thought I had. I checked all the Planning Policy documents, checked for any nearby planning permissions - nothing. I feel like the sellers knew this could be an issue, that's why they decided to sell quick and not say anything until they had to. A lot of people would not be willing to live next to a large new development knowing that there will be noise and disruption for years to come, so they must have realised it could become an issue when we found out. 

SpiderLegs

Clara72 said:

eidand said:

There is one bit I don't understand, why would anyone make an offer and not do their own research before hand?

All this information is public, you did not have to wait 4 weeks for anything. You spend a large sum of money and you don't do your homework?

I would say this, make up your mind quickly and let the vendor know. They can sell to someone else quickly, no need to drag this any longer. They've already lost 6 weeks for nothing.

To be perfectly honest, I thought I had. I checked all the Planning Policy documents, checked for any nearby planning permissions - nothing. I feel like the sellers knew this could be an issue, that's why they decided to sell quick and not say anything until they had to. A lot of people would not be willing to live next to a large new development knowing that there will be noise and disruption for years to come, so they must have realised it could become an issue when we found out. 

Your perception of this property has now been ruined. You won’t be happy living in it. A 2% reduction isn’t going to change that.

find another property.

michael1234

I normally don't like any kind of price change after offer. However, this isn't a lose tile that needs replacing or even a new boiler, this is huge and a big reason you wanted the house.

I don't agree with a couple of others on the thread about having to do all the due diligence before making an offer. The EA would have known about it as would the seller (maybe the reason they're selling). They should have told you because you'd find out anyway as you did. The EA sold you a vision (literally) which was false.

Remember you would likely be involved in the twists and turns of the planning permission and then finally when they start digging the foundations it will be very loud and if within say 50M you might well feel your house shake/vibrate. I would either pull out or request something more substantial than 2%.

Crashy_Time

Clara72 said:

Thanks all for all the useful opinions. Maybe I am just being a nervous FTB but I am just quite worried when we do come to sell the development will be in full swing no-one will want to buy with that going on and we could find ourselves selling at a loss/be in negative equity. If we were planning to stay longer I would be less concerned. I also feel a bit upset we weren't made aware until q a few weeks down the line when we had potentially missed out on other possibilities, but we prob should have asked the question. Lesson learnt, you can not rely on info in Local Plans!

That is a definite risk in this environment, if you find the idea that you might not get back what you paid or borrowed disturbing then find another house at a better price.

Crashy_Time

michael1234 said:

I normally don't like any kind of price change after offer. However, this isn't a lose tile that needs replacing or even a new boiler, this is huge and a big reason you wanted the house.

I don't agree with a couple of others on the thread about having to do all the due diligence before making an offer. The EA would have known about it as would the seller (maybe the reason they're selling). They should have told you because you'd find out anyway as you did. The EA sold you a vision (literally) which was false.

Remember you would likely be involved in the twists and turns of the planning permission and then finally when they start digging the foundations it will be very loud and if within say 50M you might well feel your house shake/vibrate. I would either pull out or request something more substantial than 2%.

10% should probably be your starting point.