Renegotiating a Price based on Survey Results

newbieni

Hi All, 

I recently received the survey results for a house I'm proposing to purchase. I offered the asking price, which was accepted but this was based on no significant remedial action being needed, only cosmetic. However, today I have spoken to the surveyor in detail about the issues and received costings, the red flags include:

1. Oil tank is split and could burst at any point, this needs replacing immediately.

2. Issues with the roof need repairing including repointing and fixing a chimney that has damp and some structural issues.

3. A roof beam is missing from the garage roof extension, this has been flagged as very dangerous.

4. Some internal rotting roof beams and internal roof felt is damaged in the attic that requires attention.

5. A damp issue in the living room wall which was part of a previous extension needs urgent action.

6. Asbestos soil pipe needs replacing.

The cost estimates are £6k. It's obviously an expense that we can't afford but we also don't want to lose the house. What is the best way to approach this with the estate agent? I believe there was an underbidder at the time, approximately mid-December.

Thanks in advance.

jonnydeppiwish!

All look like reasonable things to go back and ask for a discount for except the asbestos soil pipe - is it damaged? If not, don’t touch it.

Also, what is the damp problem? Was it visible on viewing?

jonnydeppiwish!

On the bidding side, just go back to the EA with only the points above from the survey report (not the whole report). Ask for £6k reduction - should get £3k counter.

newbieni

jonnydeppiwish! said:

All look like reasonable things to go back and ask for a discount for except the asbestos soil pipe - is it damaged? If not, don’t touch it.

Also, what is the damp problem? Was it visible on viewing?

Two walls are full of damp within the extension, to resolve this there needs to be a external drain added as well as insulation to the walls. This wasn't visible during the viewing.

newbieni

jonnydeppiwish! said:

On the bidding side, just go back to the EA with only the points above from the survey report (not the whole report). Ask for £6k reduction - should get £3k counter.

Would they request to see the report?

TheJP

newbieni said:

jonnydeppiwish! said:

On the bidding side, just go back to the EA with only the points above from the survey report (not the whole report). Ask for £6k reduction - should get £3k counter.

Would they request to see the report?

Yes as they want to see the pudding before they pour the cream.

RelievedSheff

newbieni said:

jonnydeppiwish! said:

On the bidding side, just go back to the EA with only the points above from the survey report (not the whole report). Ask for £6k reduction - should get £3k counter.

Would they request to see the report?

Yes. They are not just going to take your word for it that there is work required!

Bigphil1474

OP, personally, I'd send them a copy of the report and say you can't afford the price and to get these essential repairs done, so you want £6k off the asking price. If you just say that the surveyor says these repairs need doing and you want £6k off, their first question would rightly be how do we know you aren't just trying it on. 

Does the survey value the house above what you are paying? If so, you might have a weaker argument. Ultimately it's a negotiation and they don't have to offer any reduction, and you may have to choose between paying what you've offered and walking away. Depends who is more desperate, you or the vendor.

Albermarle

If a surveyor says £6K for all that work, then it can not be that bad, as they tend to go OTT on the costs.
Or another way to look at it is that you could probably get the work done for significantly less than £6K.
Considering all houses have some kind of issues, I would be happy if I could get £3K off the price, or even £2K.

newbieni

Albermarle said:

If a surveyor says £6K for all that work, then it can not be that bad, as they tend to go OTT on the costs.
Or another way to look at it is that you could probably get the work done for significantly less than £6K.
Considering all houses have some kind of issues, I would be happy if I could get £3K off the price, or even £2K.

That's a fair point. I've provided my feedback to the EA as of now. They requested the report, I outlined that the list of medium issue such as damaged piping, uneven flooring, electrical repairs etc would be absorbed by me.

Albermarle

newbieni said:

Albermarle said:

If a surveyor says £6K for all that work, then it can not be that bad, as they tend to go OTT on the costs.
Or another way to look at it is that you could probably get the work done for significantly less than £6K.
Considering all houses have some kind of issues, I would be happy if I could get £3K off the price, or even £2K.

That's a fair point. I've provided my feedback to the EA as of now. They requested the report, I outlined that the list of medium issue such as damaged piping, uneven flooring, electrical repairs etc would be absorbed by me.

OK keep us posted .