Would you drop your offer price?

steampowered

I can't see anything that would justify trying to get some money off.

If the only issues that came up in the survey were that a wall could do with a fresh lick of paint and lintel could do with replacing - perhaps patching up the ceiling in the garage - consider yourself lucky! That's a clean survey. 

You are buying a used property, so you can't expect everything to be "brand new". You saw that when you viewed the property and knew that when putting your offer in. 

powerful_Rogue

sienew said:

powerful_Rogue said:

sienew said:

powerful_Rogue said:

sienew said:

powerful_Rogue said:

sienew said:

It's worth noting that if the house has asbestos that some lenders won't give you a mortgage or will hold some of the money back until you get it removed. 

As for offer, it all depends on what you think they'll accept. Best case is £790k (valuation minus work to be done). Worst case is they think they can get the full valuation and they put the house on the market again. Just got to gauge how much you want the house and how willing you are to potentially tell you were to stick your offer.

What nonsense. Majority of houses built pre 1990's have asbestos in some form.

Not nonsense at all. Google it for MANY examples.

https://www.onlinemortgageadvisor.co.uk/property-types/asbestos-and-mortgages/

For some lenders, this can be a deal-breaker and their lending criteria will prevent them from providing a mortgage for property with asbestos.

The good news is that there are lenders that will consider mortgages for properties with asbestos and the expert brokers we work with know who they are and can help you get the best deal.

-----------------

If the mortgage valuation reports that asbestos is present and there is a recommendation for work to be carried about, some lenders will ask that the asbestos is removed before they agree to lending to you.

I've never seen a thread or heard of anyone having a mortgage refused because the house contained asbestos. That's even with the myriad of threads on here where a survey has highlighted asbestos.

Going by what you have posted, nearly all houses built 1990 would not be able to get a mortgage.

It's not true that "nearly all houses built before 1990" have asbestos. Sure, some houses built had asbestos, especially in the 80's but the vast majority that did have had it removed. I also didn't state that they wouldn't be able to get a mortgage, just that it can be an issue with some lenders and they may hold some money back from the mortgage until it's removed.

Again, absolute nonsense.

People don't just get asbestos removed when it's doing no harm, let alone the 'vast majority'. Lots of properties still have artex, including those that have just had it skimmed over.

Yes you did, you said 'It's worth noting that if the house has asbestos that some lenders won't give you a mortgage' - Which mortgage lenders are these as i've never heard of it.

I said some. Not all.

A quick search on this forum shows someone who had this exact issue earlier this year: https://forums.moneysavingexpert.com/discussion/6325419/asbestos-advice

And a mortgage advisor who says they have had clients applications denied because of asbestos https://forums.moneysavingexpert.com/discussion/comment/78888753/#Comment_78888753

It might not be an issue for the OP. The asbestos might be acceptable to the lender but like I said it's worth noting and being aware of. And if nothing else it's a very good negotiating tactic (the word asbestos instantly screams expensive/scary to most people).

That's why I quoted what you said including the word 'some' - However who are these lenders you talk about?

The thread you posted there was no update and the information has come via the EA from the buyers lender. I'd expect any request like this to come via the solicitor so don't really believe what was said in that thread.

The mortgage advisor said its very rare and normally only happens when 'the asbestos is damaged or no longer in its 'normal' status, thus posing a risk of the fibres being disturbed or released.' - Which is totally different to the many many houses that have it in their artex.

It's also not a good negotiating tactic - Anyone buying a property from me that wanted money off because there is asbestos in an artex ceiling would be told a very firm no.

Gavin83

Housebuyer1983 said:

We've had the survey back on the house we are buying. It has identified £10k worth of work to be done. Repointing the south side the house, drain chambers need fixing, lintel across a giant lounge patio door window, a ceiling patched up in the garage with added costs as it may be asbestos... Nothing we weren't expecting but the valuation came back at £800k and we offered £825,000 and the vendor also wants an extra £3,000 for a wood burner. The garden office, it also turns out there is a restrictive covenant preventing putting structures up on the land without written consent of the original builders. Wondering whether we should reduce the offer and if so how much? 

How much was the house listed at?

Woolsery

£3k is a lot for what's effectively a second hand wood burner. I'd tell them to take it away and get my own. Like cars, most look shiny and smart, but they vary in efficiency and suit slightly different purposes.

Noneforit999

user1977 said:

sienew said:

powerful_Rogue said:

sienew said:

powerful_Rogue said:

sienew said:

It's worth noting that if the house has asbestos that some lenders won't give you a mortgage or will hold some of the money back until you get it removed. 

As for offer, it all depends on what you think they'll accept. Best case is £790k (valuation minus work to be done). Worst case is they think they can get the full valuation and they put the house on the market again. Just got to gauge how much you want the house and how willing you are to potentially tell you were to stick your offer.

What nonsense. Majority of houses built pre 1990's have asbestos in some form.

Not nonsense at all. Google it for MANY examples.

https://www.onlinemortgageadvisor.co.uk/property-types/asbestos-and-mortgages/

For some lenders, this can be a deal-breaker and their lending criteria will prevent them from providing a mortgage for property with asbestos.

The good news is that there are lenders that will consider mortgages for properties with asbestos and the expert brokers we work with know who they are and can help you get the best deal.

-----------------

If the mortgage valuation reports that asbestos is present and there is a recommendation for work to be carried about, some lenders will ask that the asbestos is removed before they agree to lending to you.

I've never seen a thread or heard of anyone having a mortgage refused because the house contained asbestos. That's even with the myriad of threads on here where a survey has highlighted asbestos.

Going by what you have posted, nearly all houses built 1990 would not be able to get a mortgage.

It's not true that "nearly all houses built before 1990" have asbestos. Sure, some houses built had asbestos, especially in the 80's but the vast majority that did have had it removed. I also didn't state that they wouldn't be able to get a mortgage, just that it can be an issue with some lenders and they may hold some money back from the mortgage until it's removed.

There are no lenders which insist on all asbestos being identified and removed. It's really only an issue if you've got e.g. damaged asbestos sheeting or loose-fill insulation - but something like a solid garage roof, or asbestos embedded in Artex or vinyl tiles, isn't going to be a showstopper.

I think every one of our ceilings had asbestos Artex, we just skimmed over them. The garage roof may have it for all I know, its old enough to be possible but I wont be volunteering that information to my mortgage company. 

movilogo

Don't pay anything for previous owners baggage. In all likelihood they would leave it at the house anyway since removal would cost them money.

Regarding revised offer, it depends on how badly you want the house. 

Sarah1Mitty2

If mortgage rates keep rising their next buyer could get an even lower valuation (this happened to a relative of mine) so you probably have nothing to lose by offering exactly what you feel it is worth, as another poster said, getting you to pay for odds and ends they would be leaving anyway is just cheeky.