How does renegotiating house price raise funds for work needed?

desgirl14

Thanks everyone for your input.
I know my options are to pull out, renegotiate, or carry on as is. The house ticks SO many boxes that I am trying to renegotiate first. I wont be paying the full price based on finding out so much of the work done to the house has been very DIY and is causing problems (e.g. sagging floor) and if they don’t agree to renegotiate then I will pull out. I thought renegotiating is worth a try first, if they say no than so be it.
My reason for the question is for every article on what to do when you get a bad survey it lists the option to renegotiate to fund the works and I couldn’t understand (without having additional cash available) how this actually could help a lot of people to get the money so I thought I was missing something. Thanks to peoples input here It doesn’t, I just wish the articles made that clear!!

I am in a lucky position that I have some cash “spare”. Initially I was going to use it for the kitchen, it’s very dated and I would like to Update it but 100% it isn’t urgent and can wait - it is functioning which is the most important thing. I’d rather use that money to ensure the house is structurally sound.

As I’m quite far along in the process I am reluctant to pull out having spent quite a bit already and seeing very few other houses available - in my price range and the type of house I’m looking at I expect them all to have some sort of structural or damp issue that would need fixing but I also understand that it may be the right thing to do if the money I have available doesn’t cover the work needed.

I didn’t notice the floor sagging in the front room but to be perfectly honest I didn’t know to look for it so I didn’t. I’ll know for next time when there are converted basements!

So far I have one quote for work to be done and a couple of quotes for a structural survey that would need to be paid for to then give me a quote for the actual work required. I’m waiting on a couple more builders quotes and from then will decide if I have the money available to continue and pay for the work or not. I don’t want to pay the additional £600 for a survey now only to find out I wouldn’t have been able to afford the contractor’s fees anyway!

Thanks again everyone.

jonnydeppiwish!

desgirl14 said:

Thanks everyone for your input.
I know my options are to pull out, renegotiate, or carry on as is. The house ticks SO many boxes that I am trying to renegotiate first. I wont be paying the full price based on finding out so much of the work done to the house has been very DIY and is causing problems (e.g. sagging floor) and if they don’t agree to renegotiate then I will pull out. I thought renegotiating is worth a try first, if they say no than so be it.
My reason for the question is for every article on what to do when you get a bad survey it lists the option to renegotiate to fund the works and I couldn’t understand (without having additional cash available) how this actually could help a lot of people to get the money so I thought I was missing something. Thanks to peoples input here It doesn’t, I just wish the articles made that clear!!

I am in a lucky position that I have some cash “spare”. Initially I was going to use it for the kitchen, it’s very dated and I would like to Update it but 100% it isn’t urgent and can wait - it is functioning which is the most important thing. I’d rather use that money to ensure the house is structurally sound.

As I’m quite far along in the process I am reluctant to pull out having spent quite a bit already and seeing very few other houses available - in my price range and the type of house I’m looking at I expect them all to have some sort of structural or damp issue that would need fixing but I also understand that it may be the right thing to do if the money I have available doesn’t cover the work needed.

I didn’t notice the floor sagging in the front room but to be perfectly honest I didn’t know to look for it so I didn’t. I’ll know for next time when there are converted basements!

So far I have one quote for work to be done and a couple of quotes for a structural survey that would need to be paid for to then give me a quote for the actual work required. I’m waiting on a couple more builders quotes and from then will decide if I have the money available to continue and pay for the work or not. I don’t want to pay the additional £600 for a survey now only to find out I wouldn’t have been able to afford the contractor’s fees anyway!

Thanks again everyone.

Don’t wait for builders, you need a structural survey carried out by a structural engineer to determine if there is actually an issue.

As there’s a basement I’m assuming it’s and older property?
How long ago where the alterations actually completed?
Was there building control sign off for the works?

desgirl14

jonnydeppiwish! said:

desgirl14 said:

Thanks everyone for your input.
I know my options are to pull out, renegotiate, or carry on as is. The house ticks SO many boxes that I am trying to renegotiate first. I wont be paying the full price based on finding out so much of the work done to the house has been very DIY and is causing problems (e.g. sagging floor) and if they don’t agree to renegotiate then I will pull out. I thought renegotiating is worth a try first, if they say no than so be it.
My reason for the question is for every article on what to do when you get a bad survey it lists the option to renegotiate to fund the works and I couldn’t understand (without having additional cash available) how this actually could help a lot of people to get the money so I thought I was missing something. Thanks to peoples input here It doesn’t, I just wish the articles made that clear!!

I am in a lucky position that I have some cash “spare”. Initially I was going to use it for the kitchen, it’s very dated and I would like to Update it but 100% it isn’t urgent and can wait - it is functioning which is the most important thing. I’d rather use that money to ensure the house is structurally sound.

As I’m quite far along in the process I am reluctant to pull out having spent quite a bit already and seeing very few other houses available - in my price range and the type of house I’m looking at I expect them all to have some sort of structural or damp issue that would need fixing but I also understand that it may be the right thing to do if the money I have available doesn’t cover the work needed.

I didn’t notice the floor sagging in the front room but to be perfectly honest I didn’t know to look for it so I didn’t. I’ll know for next time when there are converted basements!

So far I have one quote for work to be done and a couple of quotes for a structural survey that would need to be paid for to then give me a quote for the actual work required. I’m waiting on a couple more builders quotes and from then will decide if I have the money available to continue and pay for the work or not. I don’t want to pay the additional £600 for a survey now only to find out I wouldn’t have been able to afford the contractor’s fees anyway!

Thanks again everyone.

Don’t wait for builders, you need a structural survey carried out by a structural engineer to determine if there is actually an issue.

As there’s a basement I’m assuming it’s and older property?
How long ago where the alterations actually completed?
Was there building control sign off for the works?

Thanks. I’m waiting for a quote from a recommended structural engineer too.

property is approx 1900 small semi detached. Alterations were completed a long time ago potentially, I think before the current owner but I need to reread the paperwork so before the 90s it seems and no building control sign off that could be found.

TheJP

Just out of interest as I'm not sure if you have mentioned this. What valuation did the surveyor give based on the house condition taking into consideration the work that needs doing?

desgirl14

TheJP said:

Just out of interest as I'm not sure if you have mentioned this. What valuation did the surveyor give based on the house condition taking into consideration the work that needs doing?

The surveyor didn’t do a valuation as he (and many others explained to me) that the additional cost isn’t worth it with such a volatile housing market. A house is worth what someone is offering at the moment.
He didn’t disagree with the value but highlighted that the costs of the work he had pointed out should be taken into account - I don’t remember the exact wording.

Caz3121

was this a separate survey to the one for the mortgage lender?

desgirl14

Caz3121 said:

was this a separate survey to the one for the mortgage lender?

Yes, that one was a basic free valuation by the lender. This was the homebuyers survey.

TheJP

desgirl14 said:

TheJP said:

Just out of interest as I'm not sure if you have mentioned this. What valuation did the surveyor give based on the house condition taking into consideration the work that needs doing?

The surveyor didn’t do a valuation as he (and many others explained to me) that the additional cost isn’t worth it with such a volatile housing market. A house is worth what someone is offering at the moment.
He didn’t disagree with the value but highlighted that the costs of the work he had pointed out should be taken into account - I don’t remember the exact wording.

None of that makes sense.

Of course at this point of time at sale there is a valuation that takes into account the work that needs doing. I.e. does he feel you have a right to negotiate based on the work or does the current value of the property reflect the price taking into consideration the works he raises.

So by his words you don't have a right to negotiate on his findings as he agrees with what your paying and the house is worth what you are offering at the moment.