Offering a reduced price close to contracts

jimbog

ReadySteadyPop said:

Ssubjecttocontract said:

I'd be more concerned about an upstairs flat leaking and flooding the flats below than my own breaking. If buying a flat always buy one on the top floor.

Lived in a block once where the top floor roof got damaged every year by strong winds, cue the owner coming round all the doors asking for people to chip in to cover it, just an expense you don`t want really. 

I 100% believe that this happened 

subjecttocontract

ReadySteadyPop said:

subjecttocontract said:

I'd be more concerned about an upstairs flat leaking and flooding the flats below than my own breaking. If buying a flat always buy one on the top floor.

Lived in a block once where the top floor roof got damaged every year by strong winds, cue the owner coming round all the doors asking for people to chip in to cover it, just an expense you don`t want really. 

With all the flats I've ever owned I've paid a service charge that covers maintenance & repairs for items such as roof & water leaks.

My comments were aimed not so much at the costs (as they should be covered by the service charges) but more at the disruption that large volumes of water leaking from a burst boiler or cylinder can cause to the flats below. The unlucky recipient of the large volume of water also better make sure they have their own contents insurance.....many don't bother at their peril.

saajan_12

FTB_Leeds said:

The reason for 4-5k and not 2-3k for my view is the higher than usually excess plus that I would need to play for the boiler upfront. The flat also needs other work doing to it but I accepted that initially but with having to replace a new boiler it would put my other plans back. 

IMO it should be lower not higher than the 2-3k. Working on the assumption that the boiler is an unexpected defect and a replacement boiler would behave as expected.

Reason is, you would have naturally expected an old-but-unlikely-to-explode boiler. £2-3k is the cost of a new-but-unlikely-to-explode boiler, putting you in a better than expected position. You'll likely have longer use out of the new boiler than you would have, which isn't the seller's responsibility. The fair thing would be to split the cost of the new boiler with the seller. 

Paying in cash is irrelevant, how you finance it is your problem.. you could increase your LTV to cover it, or pay in cash and save the interest. 

Re insurance excess, either its split into 73, in which case its tiny, or its covered by the flat with the issue, in which case once your boiler is replaced, its unlikely it'll explode so its unlikely you'd be covering the higher excess.