Valuation came back significantly lower than agreed price. Need help with negotiating techniques.

MEM62

maxxpayne said:

The surveyor also found major issues with windows, roof structure, fireplaces, chimney breasts and flues and recommended remedial work urgently and I assume it'll be another 15-20k extra work needed. Plus some additional recommendation for CCTV drainage inspection, roof inspection etc.

What can read as major issues on a survey often are not.  Surveyors are pessimistic.

maxxpayne said:

Based on the valuation and the extra work needed it;s clear that we have room for negotiation. We are not in a chain, so we're in a good position to negotiate.

Are you?  Only if the vendor is under pressure to sell. 

maxxpayne said:

We would love to know how we should approach this matter.

Just let them know your reduced offer.  There is no magical tactic that will make it more or less likely to be accepted.  
  
  

TheSpectator

OP's posting history suggests a slightly 'unconventional' approach to buying property.

Only a matter of time before the vendor thinks of them as a nuisance.

ReadySteadyPop

RelievedSheff said:

You are buying a £825k house and quibbling over £20k worth of repairs that may or may not be needed at some time in the future.

Just put that in perspective!!

For what it is worth when we bought our first house in 2007 the surveyor said it needed a new roof imminently. We sold it in 2019 and now in 2025 it still has the same roof.

Surveyor valued it at 775k

ReadySteadyPop

maxxpayne said:

Update. 

I’ve managed to get a very good builder to review the whole report and give me a quote. It’s approximately 20k. So with some contingency, we’re looking at around 25k worth of reduction. 

The main thing the builder highlighted was that a new roof will need to happen one way or the other.

Did they have loads of other offers?

Hoenir

RelievedSheff said:

For what it is worth when we bought our first house in 2007 the surveyor said it needed a new roof imminently. We sold it in 2019 and now in 2025 it still has the same roof.

We bought our current property in 2007 also. Advised that the roof would need replacing. The tiles made were of a concrete / asbestos mix. In the end despite no issues with the roof. We replaced it in 2019 of our own accord. 

Bigphil1474

OP, from the sellers point of view they have accepted an offer £75k below what they marketed it for. I expect they'll say that's quite a reduction. Whether the price is justifiable or not isn't really the issue, it comes down to whether you want to pay it or they are willing to remarket. If you want to to reduce your offer to £800k on the back of the survey then just tell them that, but be prepared to lose the purchase if they decide to remarket. Obviously you could say that the surveyor valued it at £775k, but you are happy to meet in the middle?

The mortgage company will just want to make sure they get their money back so if it's a 50% LTV, they won't be too fussed. I'd bear in mind that valuations of properties in London are a lot trickier than somewhere up north for example. The property itself is probably not worth much more than £300k - you can get plenty of 3 bed semis for around that price elsewhere in the UK (we paid £325k for our 4 bed semi in West Yorkshire last year), so more than half of the 'value' of your house is just it's location, which is far more subjective.

I'm really surprised a company that replaces roofs would tell you that the roof needs replacing though. Our old house needed a new roof for at least the last 10 years we lived there according to everyone except the guy who had been doing our roof work for years.

ReadySteadyPop

Bigphil1474 said:

OP, from the sellers point of view they have accepted an offer £75k below what they marketed it for. I expect they'll say that's quite a reduction. Whether the price is justifiable or not isn't really the issue, it comes down to whether you want to pay it or they are willing to remarket. If you want to to reduce your offer to £800k on the back of the survey then just tell them that, but be prepared to lose the purchase if they decide to remarket. Obviously you could say that the surveyor valued it at £775k, but you are happy to meet in the middle?

The mortgage company will just want to make sure they get their money back so if it's a 50% LTV, they won't be too fussed. I'd bear in mind that valuations of properties in London are a lot trickier than somewhere up north for example. The property itself is probably not worth much more than £300k - you can get plenty of 3 bed semis for around that price elsewhere in the UK (we paid £325k for our 4 bed semi in West Yorkshire last year), so more than half of the 'value' of your house is just it's location, which is far more subjective.

I'm really surprised a company that replaces roofs would tell you that the roof needs replacing though. Our old house needed a new roof for at least the last 10 years we lived there according to everyone except the guy who had been doing our roof work for years.

Yes, but the town might have one High St. that closes at 5pm, there is a premium for London for a reason, but I don`t think you should compare London to other areas of the country that are not remotely comparable to London, you should just compare London to London and look at the price history for the specific house you are buying because you might find that the seller has not grasped (or doesn`t want to grasp) how much the market has changed since borrowing costs started to rise.

maxxpayne

user1977 said:

You weren't being sold a house with a brand new roof, so you're not likely to get anywhere near the full cost chipped off.

Not contesting that - but there's a big difference between and old roof and an old roof that requires imminent replacement.

maxxpayne

RelievedSheff said:

You are buying a £825k house and quibbling over £20k worth of repairs that may or may not be needed at some time in the future.

Just put that in perspective!!

For what it is worth when we bought our first house in 2007 the surveyor said it needed a new roof imminently. We sold it in 2019 and now in 2025 it still has the same roof.

Totally get that. However, we're already overpaying for the property, there are two houses on the same road that are on market, one for 750 that needs full refurb and one for 825 that's got a conservatory plus an eaves room on market for 825. Neither have sold for months now. Our offer of 825 was based on the fact that we wouldn't have to do any extra work whatsoever, but this report threw us off...

maxxpayne

Albermarle said:

maxxpayne said:

Update. 

I’ve managed to get a very good builder to review the whole report and give me a quote. It’s approximately 20k. So with some contingency, we’re looking at around 25k worth of reduction. 

The main thing the builder highlighted was that a new roof will need to happen one way or the other.

What is your plan if the vendor says no chance of a reduction or if they only offer say £5K?

Normally you can not just look at what maintenance costs are likely in the next couple of years, and expect the vendor to effectively pay for them all. 

I don't know really - we've already spent 5k on solicitors fees and surveys etc. so it'll not a zero sum game for us.