How to Renegotiate Accepted Offer

Cola133

We viewed a house at £250k. When viewing we notice peeling plaster on the ceiling in the front lounge bay window and a back upstairs bedroom in the window recess. There is no other sign of damp or water present - but it is summer. We discussed for a week and then put an offer in of £240k which was accepted. We did a 2nd viewing last week and took a builder with us (to quote for a bedroom wall removal, nothing to do with the faults) whilst there he did see the peeling plaster and found that the bay window flat roof had a fairly large tear in the felt on the outside of the bay window and that he felt the upstairs bedroom window was likely something to do with the water getting in the roof - he didn't go in the loft.

We will be getting a RICS Level 3 survey done, but due to being on a tight budget, we are doing everything in order, so as to reduce the risk of losing money as much as possible; so getting the survey done is next on the list after getting a Mortgage application accepted (why spend out £600 on a survey, if our Mortgage application isn't accepted!)

My question is, when should I go back and renegotiate my offer/what should I do at this point?

Right now I'd like to ask the sellers Estate Agent to ask the sellers to get the water leaking issues fixed, as the longer they leave it, the bigger the job to fix it will be. At this point I don't want my offer to be reduced as the likelihood is we won't complete until December and that would mean a whole wet Autumn until I would be able to get the repairs done when the property is mine. 

I should also say that the property has been for sale since Feb 2024 at £280k, then in April they reduced too £270k and July 24 they reduced to £250k - that's when it came on my radar! There is a large new housing estate due to start being built in 2025, so lots of properties are for sale and it puts a lot of people off. But we would be getting a house we wouldn't be able to afford usually, for some discomfort for the next few years - so we're ok with it. 

Any thoughts and opinions are very welcome please. What would you do about the damp issues and bearing in mind that the survey may show more issues for which I would want to renegotiate.

Thank you

bobster2

Cola133 said:

Any thoughts and opinions are very welcome please. What would you do about the damp issues and bearing in mind that the survey may show more issues for which I would want to renegotiate.

Thank you

Would strongly recommend that you don't attempt to renegotiate anything until you've had your survey done.

Otherwise you'll be asking 3 times. As a seller - on the 3rd occasion I would assume you would try again right at the point of exchange so put the house back on the market.

eddddy

Cola133 said:

Right now I'd like to ask the sellers Estate Agent to ask the sellers to get the water leaking issues fixed, as the longer they leave it, the bigger the job to fix it will be. 

The problem might be... you probably won't know if the sellers do a good repair, or a cheap botch job (to save money, as they are selling).

For example, they might decide to cover rotten timbers with new felt - which could hide problems, and so the problems become much more serious in the future.

Cola133 said:

Any thoughts and opinions are very welcome please. What would you do about the damp issues and bearing in mind that the survey may show more issues for which I would want to renegotiate.

More generally, it's difficult to suggest the best negotiating strategy. It depends on things like the mindset of your specific sellers; the mindset of the estate agent; who is better at negotiating - you or the sellers; who is more desperate to move - you or the sellers; who is on the tightest budget - you or the sellers; etc, etc.

And anything that you and/or the sellers agree now won't be binding - either or both of you can go back on your word.

Albermarle

What would you do about the damp issues and bearing in mind that the survey may show more issues for which I would want to renegotiate.

Regarding the damp issue, it was clearly visible on your first viewing, and presumably affected your price offer. So you will have limited scope using this issue to drop the price further, although if the survey comments on the issue are particularly bad, you could have some more room for argument.
For the rest of the survey, it is inevitable that many points will come up in the survey. Surveyors are very cautious and want to cover their backs. Many of the points will not be that important or urgent, and to be expected in an older property. 

Cola133

Albermarle said:

What would you do about the damp issues and bearing in mind that the survey may show more issues for which I would want to renegotiate.

Regarding the damp issue, it was clearly visible on your first viewing, and presumably affected your price offer. So you will have limited scope using this issue to drop the price further, although if the survey comments on the issue are particularly bad, you could have some more room for argument.
For the rest of the survey, it is inevitable that many points will come up in the survey. Surveyors are very cautious and want to cover their backs. Many of the points will not be that important or urgent, and to be expected in an older property. 

@Al@Albermarle The only thing evident was slightly peeling plaster over both windows. No evidence of black mold or water and no flakes of plaster on the windowsill. So no, it was not taken into consideration for the offer we made. The offer was based on other properties (of which there are many) that are for sale in the area due to the new development - for example one large house in the next road, sold for £229,000, well below its value. It was our builder who came to quote for a wall removal that spotted that there is a water problem - that was on the 2nd visit last Thursday, hence I am asking now if I should do anything or wait for the survey. It's all such a game of chance, wish it was more straight forward. Thanks for your help.

youth_leader

Definitely wait for the survey.  As a seller, I would be very irritated if you asked now, and after the survey as well.  I would anticipate you also trying to gazunder at exchange.

Bigphil1474

Wait for the survey, so you have something to back you up. If somebody was buying from you and asked for a reduction because their builder said it needed some work doing, what would you say? At least if it's in the survey report, you have something that you can show to support that. Bear in mind, they might turn round and say that's why they accepted £240k knowing it needed £10k spending on it.