Vendor refuses to renegotiate

OliviaWw

The house we are buying came to market in September originally for £600k, then reduced to £550k late October. Our offer got accepted for £532k early November. 

We’re very close to exchange of contracts - no chains involved. But the building survey came back reveals that most window frames have come to the end of serviceable life and double glazing has failed mostly. There are other issues like fuse box, rewiring needs etc. 

we got a window fitter to quote on the windows and patio door, they came back with £17k after some discount. We probably can negotiate it a bit further down, but I don’t think it would be far off. 

We asked the sellers to reduce £6k against the agreed sale price. We thought it’s very reasonable. 

We have communicated with the EA about the reason for the request of £6k reduction. 

- survey result indicates big repair cost, it’s a surprise to all parties. 

- We are willing to shoulder costs regarding major repair needed discovered by surveyor, which can be easily over £25k
- agreed price is already higher than market value (listings of those two properties can still been seen on Rightmove, a house opposite the road was in a much better condition, and semi-detached (v.s terraced for the one we are buying) was selling cheaper. We had trouble deciding on the two then, but I guess the reason we went ahead with this one is that it has a front door entrance while the one opposite only has side entrance)
- we are not asking a reduction of £17k or higher because we really want to proceed with the purchase

The vendor said he is not gonna reduce the price further, because he has already reduced £18k. But that £18k was not intended for window repair while our offer was accepted. 

What are your insights? Should we walk away or accept the fact that the seller is not reducing the price?

Thrugelmir

Walkaway, there's no obligation on the vendor to negotiate anything. 

JosephK

If he doesn't want to reduce, he doesn't want to reduce. If he's right the property will still sell, if he's wrong it'll still be up for sale in a few months.

You could start looking again but leave your revised offer on the table.

74jax

If you will only go ahead on the condition of reducing and the owner won't, you have no choice but to walk away. If you are willing to pay what you offered then continue the sale.
I was in a similar situation but as the seller. I knew we could lose the buyer, but we didn't want to reduce anymore and I had faith we could sell it again. So didn't reduce further. 
It's really up to you if you can /want to go ahead and at what cost to you. 

MysteryMe

I guess windows in a poor state of repair are pretty easy to identify when viewing so really it's something that you needed to factor in t the outset. How large is the property, that does seem quite  high quote TBH. Was it with one of the large national firms and were the windows like for like?  Has the valuation come in at less than the agreed price? If it did that would strengthen your position.

Bottom line is they don't need to reduce further and you don't need to proceed on a property your research has shown is at the top end of comparables.  Are the other properties you refer to still available? Would it be better to go with one of them? There is no point paying more than you feel it is worth.

johnny182

Did you request a valuation from your surveyor? Does the vendor live at the house? Stuff like replacement of fuse box and rewiring should only be required if there's a safety concern.

TheJP

What did the surveyor value the house at?

comeandgo

You surely saw the state of the windows when you viewed so it should be no surprise new ones would be needed but you can’t force the owner to reduce the price further.  If I was the owner I would remarket the house, you offered low on the house but still are looking for ways to reduce price, what else would you try and reduce the price on.

greensalad

Leave your offer, but start looking for other places.

Sandtree

So you buy at the price agreed or walk away. In the sellers mind its been priced based on the condition, they'll know about the windows if they are blown etc and rewiring/fusebox is most likely just an advisory and not an actual requirement to replace it - many homes have fuseboxes that dont meet current code but thats no in itself an issue.

lookstraightahead

You can either walk away or accept the price, I can't see any other options?