On what grounds could I reasonably request a reduction in price?

Exodi

BigBoss said:

Why are so many posters on this forum so arsey? Please read the OP - it's a simple fact-finding mission for someone who's never bought a house before.

blinko said:

BigBoss said:

Why are so many posters on this forum so arsey? Please read the OP - it's a simple fact-finding mission for someone who's never bought a house before.

unfortunately a lot of people are idiots and don't really understand the situation properly, so you just get wild and nonsensical replies with a sprinkle of sense

I'm guessing I'm the arsey idiot.

BigBoss as I said, I don't mean to aim it at you in particular - first time buyers asking about knocking money off due to a survey comes up a lot. You say that people should "say nothing if you've nothing productive to say" yet I've given feedback that requesting money off for surveys is not reasonable (albeit it's obviously been perceived by you as arsey) whereas you've added nothing to the thread.

blinko, if you mean to suggest I'm an idiot and don't understand the situation properly - the OP has literally said "I've just had a survey done and in anticipation of its receipt, I just wanted to know what things would enable a buyer to, reasonably, ask for a reduction in price? I'm thinking things like servicing of electric/gas if there is no evidence of recent checks etc..."

As I'm sure you're well aware, most households don't get regular electric/gas surveys done at their properties - I certainly don't, so it is more than likely there is indeed no evidence of recent checks.

If you've ever had a survey done, you'd know that the surveyer is not qualified to conduct a comprehensive gas/electrical inspection, and the survey would say something like "You should have the entire installation tested by a competent electrician ('NICEIC/ECA' registered) prior to purchase so that you are aware of the likely costs and all recommendations implemented"

Ergo, they would then consider whether to ask a discount for one. Admittedly, I respect the OP for coming to these forums instead of immediately asking the vendor for a discount to cover the cost of the survey.

And this was the cause of my response. I think first time buyers are quite naive to the fact that you can't just go around haphazardly offering hundreds of thousands of pounds, but then start haggling over percents of a percent.

As [Deleted User] above says, the first two replies word this brilliantly.

BigBoss

@[Deleted User] - I wrote the OP and wrote nothing until @Exodi commented. So how do you know I didn't take the first two replies as the answers? In fact, if you check those replies, you can see that I thanked at least one of, if not both of them. I'm not responsible for a thread doing what a thread does AFTER I post it.

AlexMac

Glad you're still here Big Boss. Thanks; one wonders if OPs ever come back, lol!

I can't add facts but have an anecdote (pretty much the only reason I come on here is to bore the rest of the interweb with rambling stories; but this one may be relevant?)

My wife was selling her home (owned from before we met) so we could buy together.  After she accepted an offer,  the buyer tried for a £26k price reduction - then equivalent to about 8% of the price - on the basis of a survey which we swear was done by their mate.   Enormous list of really picky stuff; e.g

- that the mains water feed from the street was probably lead pipe (like every other Victorian house in London!)

- that in one room, the ground level outside was a few feet above the indoor floor level (like every other Victorian semi- basement house in London!), with the bizarre suggestion that this required excavation, external waterproof "tanking" and backfilling with shingle

- that there was no safety hand-rail on the gently sloping side driveway....

She was so incensed that she wanted to pull the sale, tell the buyer to go forth and multiply, or maybe buy a new build, rather than a characterful 100-year old pile!  Her view was that the less than pristine condition and age of the gaff was obvious at first viewing. I however was quite keen to move on, so I batted most of the suggestions back; on a "take it or leave it" basis, except for allowing a few grand off for some genuine damp and rot which we'd not previously known about.

So if you do go in hard, do it with a smile and risk 'em biting your 4r5e off, rather than biting your hand off!

Good luck with the purchase; I'm now encouraging the grand daughter to get on the property ladder; but will try to AVOID spoon feeding her advice!

BigBoss

So my level 3 survey has come back with a list of issues that: "Require attention but are not serious or urgent"

These are as follows:

• D1 Chimney stacks

• D2 Roof coverings

• D4 Main walls

• D5 Windows

• D6 Outside doors (including patio doors)

• D8 Other joinery and finishes

• E1 Roof structure

• E2 Ceilings

• E3 Walls and partitions

• E4 Floors

• E5 Fireplaces, chimney breasts and flues

• E7 Woodwork (for example, staircase joinery)

• E8 Bathroom fittings

• E9 Other

• F1 Electricity

• F2 Gas/oil

• F3 Water

• F4 Heating

• F5 Water heating

• F6 Drainage

• G1 Garage

• G3 Other

Thoughts?

billy2shots

BigBoss said:

So my level 3 survey has come back with a list of issues that: "Require attention but are not serious or urgent"

These are as follows:

• D1 Chimney stacks

• D2 Roof coverings

• D4 Main walls

• D5 Windows

• D6 Outside doors (including patio doors)

• D8 Other joinery and finishes

• E1 Roof structure

• E2 Ceilings

• E3 Walls and partitions

• E4 Floors

• E5 Fireplaces, chimney breasts and flues

• E7 Woodwork (for example, staircase joinery)

• E8 Bathroom fittings

• E9 Other

• F1 Electricity

• F2 Gas/oil

• F3 Water

• F4 Heating

• F5 Water heating

• F6 Drainage

• G1 Garage

• G3 Other

Thoughts?

Require attention but are not serious or urgent"

You say it better than anyone else can. 

hazyjo

blinko said:

lookstraightahead said:

blinko said:

lookstraightahead said:

LegallyLandlord said:

BigBoss said:

I've just had a survey done and in anticipation of its receipt, I just wanted to know what things would enable a buyer to, reasonably, ask for a reduction in price? I'm thinking things like servicing of electric/gas if there is no evidence of recent checks etc...

Looking for simple one word answers here e.g.  "damaged roof"

There are other things that can help to highlight real life problems that might cost money to fix afterwards that might not be in the survey  (I know from experience!)

I'd download the full Energy Performance Certificate (google EPC checker gov and you'll find it - can't post link as newbie). That will tell you the work that needs doing to the property to improve the energy efficiency, which the survey might not highlight.

Check the age of the boiler - will it need replacing? Is there a full service history? If it hasn't been serviced for a long time, you may well need to replace it.

Is the fuse board new? Is there an EICR (electrical installation condition report) which highlights work that needs doing?

Look for damp patches, cracks, signs of recent decorating covering up problems. Have a chat to the neighbours - they might know!

Hope that helps.

Suzanne

To be honest I am all for buyers getting a good deal, usually prior to offering. I think vendors have been living in cloud cuckoo land for too long.

But, if a buyer came to me with these things, especially with a house that is at least second hand, i would honestly never sell to them. 

You may not want to , with interest ratings setting to hit 3% on Wednesday you won't get a better price by going back to market . 

This is definitely a pride one

Oh I don't disagree that the market is turning at all. I will never ever buy even at listed price.

however, the reasons quoted prompting my response are normal house buying issues, and as a vendor I would just think it was going to fall through anyway with a buyer trying to negotiate on those points.

I'm in the same situation I need to spend about £6k to bring a flat up to scratch, vendor refusing money off, mortgage is locked at 3.64%, i go straight into negative equity and probably will be 3 years odd to break even on price but  the yield is quite good (i'm renting it out )on the income side for what I want, painful but when has the housing market been an enjoyable experience

To confirm, negative equity is when your property is worth less than what is owed on it, not that it's worth less than you paid. Wasn't clear from your post if you thought it was the latter.

blinko

hazyjo said:

blinko said:

lookstraightahead said:

blinko said:

lookstraightahead said:

LegallyLandlord said:

BigBoss said:

I've just had a survey done and in anticipation of its receipt, I just wanted to know what things would enable a buyer to, reasonably, ask for a reduction in price? I'm thinking things like servicing of electric/gas if there is no evidence of recent checks etc...

Looking for simple one word answers here e.g.  "damaged roof"

There are other things that can help to highlight real life problems that might cost money to fix afterwards that might not be in the survey  (I know from experience!)

I'd download the full Energy Performance Certificate (google EPC checker gov and you'll find it - can't post link as newbie). That will tell you the work that needs doing to the property to improve the energy efficiency, which the survey might not highlight.

Check the age of the boiler - will it need replacing? Is there a full service history? If it hasn't been serviced for a long time, you may well need to replace it.

Is the fuse board new? Is there an EICR (electrical installation condition report) which highlights work that needs doing?

Look for damp patches, cracks, signs of recent decorating covering up problems. Have a chat to the neighbours - they might know!

Hope that helps.

Suzanne

To be honest I am all for buyers getting a good deal, usually prior to offering. I think vendors have been living in cloud cuckoo land for too long.

But, if a buyer came to me with these things, especially with a house that is at least second hand, i would honestly never sell to them. 

You may not want to , with interest ratings setting to hit 3% on Wednesday you won't get a better price by going back to market . 

This is definitely a pride one

Oh I don't disagree that the market is turning at all. I will never ever buy even at listed price.

however, the reasons quoted prompting my response are normal house buying issues, and as a vendor I would just think it was going to fall through anyway with a buyer trying to negotiate on those points.

I'm in the same situation I need to spend about £6k to bring a flat up to scratch, vendor refusing money off, mortgage is locked at 3.64%, i go straight into negative equity and probably will be 3 years odd to break even on price but  the yield is quite good (i'm renting it out )on the income side for what I want, painful but when has the housing market been an enjoyable experience

To confirm, negative equity is when your property is worth less than what is owed on it, not that it's worth less than you paid. Wasn't clear from your post if you thought it was the latter.

Good point . What I meant was the property is worth less 

Noneforit999

BigBoss said:

I've just had a survey done and in anticipation of its receipt, I just wanted to know what things would enable a buyer to, reasonably, ask for a reduction in price? I'm thinking things like servicing of electric/gas if there is no evidence of recent checks etc...

Looking for simple one word answers here e.g.  "damaged roof"

Honestly, if a buyer had a survey done on our house and the only things of note were missing electrical/gas certificates and they came back wanting money off, my answer would be no.

At the end of the day, as a seller you know the buyer has already spent money on a survey and possibly conveyancing costs so the ball is in your court if these are the only issues.

An EICR is about £250 and a gas/boiler service about £100 ish. 

I would just say no, simple as that. No reduction at all for those thing. You want them done, you can pay for them to be done after you have bought it. 

A buyer is not going to pull out having spent probably a grand or so on Conveyancing and a Survey over gas and electrical certificates unless its clear the installs are very old and possibly dangerous etc. 

[Deleted User]

BigBoss said:

So my level 3 survey has come back with a list of issues that: "Require attention but are not serious or urgent"

These are as follows:

• D1 Chimney stacks

• D2 Roof coverings

• D4 Main walls

• D5 Windows

• D6 Outside doors (including patio doors)

• D8 Other joinery and finishes

• E1 Roof structure

• E2 Ceilings

• E3 Walls and partitions

• E4 Floors

• E5 Fireplaces, chimney breasts and flues

• E7 Woodwork (for example, staircase joinery)

• E8 Bathroom fittings

• E9 Other

• F1 Electricity

• F2 Gas/oil

• F3 Water

• F4 Heating

• F5 Water heating

• F6 Drainage

• G1 Garage

• G3 Other

Thoughts?

Is requires attention just another way to state the obvious...

In general, houses need maintenance. Give it 1,3,5 or 20 years. Eventually repairs may be needed.

Sarah1Mitty2

sidneyvic said:

Why offer a price then try knocking the seller with any little excuse....

I had a buyer do this once and house went straight back on the market, no discussion.
They ended up writing directly to me with an apology asking me to re-accept their original offer.

Why offer a price you are not willing to pay ????

Can`t really see that happening in this market though, can you?