Areas of concern from valuation report HELP!

LouLouHelen

After writing the letter to agent we have had the electrical work confirmed at 4K plus redecoration + 1K for porch

We originally had offer accepted at 220K on 224950. They have now gone down to 217500 on the condition that we bring forward exchange by 2 days to 28th Sept. This is because they are going to an auction because they have now seen a house they like for sale and want us to exchange before the auction starts at 2.30pm.

a) we originally only had 19 working days to exchange at the original condition was exchange 30th Sept - this was a tall order which my and my buyers solicitor could not guarantee was possible.

b) the house needs a total rewire - its dangerous and they shouldn't really have put it on the market in such a state but still seem to be acting like they are doing US the favour letting us buy it!

c) we cannot afford to buy the house at 217500 and then have 5k of work done and then pay 1-2k to put it back to state it was before hand.

I am really unhappy and worn out with it all.

What would anyone else do if they were me?? - the agent is waiting for us to go back in response to 217500 with the condition of exchange on 28th.

Ian_W

LLH wrote: we cannot afford to buy the house at 217500 and then have 5k of work done and then pay 1-2k to put it back to state it was before hand.

You said it yourself, LLH. But then you also said....

its dangerous and they shouldn't really have put it on the market in such a state

Personally, and it can only be a personal thing, I'd go back to the EA tell them that it's £215k [which allows you to do the work, if not the cosmetics, within your original offer] or you're out of it. But I'd also make it clear that I believed the electric work in the bathroom and kitchen was unsafe and didn't conform to part "p" requirements. To save anyone else the expense and hassle you've been through I would let the EA know I'd be informing Building Control at the LA of my safety fears about the electrics.

It's a last throw of the dice and if it's refused I'd walk away but would inform the LA. Only you can decide, but if it wasn't meant to be ....

Best of luck.

LouLouHelen

:think: Thanks Ian - its good to get the opinion of objective people when you are so close to the issue you can see straight!

Jake54

>>>>Electrican - has condemned the electrics in the house. He thinks that the vendors have done some piecemeal work themselves.<<<<

>>>>Personally, and it can only be a personal thing, I'd go back to the EA tell them that it's £215k<<<<

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'DEFINETLY YES'!!!!
FOR THESE BUNCH OF COWBOYS!!
:mad:
__________________________
>>>>>the electric work in the bathroom and kitchen was unsafe and didn't conform to part "p" requirements. To save anyone else the expense and hassle you've been through I would let the EA know I'd be informing Building Control at the LA of my safety fears about the electrics.<<<<<

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>>>>>but would inform the LA. Only you can decide, but if it wasn't meant to be ....<<<<<<<
_____________________________
I may sound like a hypocrite but for this house sale it's different
When I say I would not drop the price of my house it's because there is nothing, at all, that needs attention.
_____________________________
The arguement is over House values of which,
If your a seller you don't want to drop.
And if your a buyer you don't want to pay the asking.
_____________________________

I agree with Ian W

It's Idiots like them that have cocked it up for everyone else. :mad:
I am a builder. I don't get funny with people who have ago at all types of DIY and if any body want's advice and are competent then crack on
But when it comes to Electrics, That's a No!!! No!!!!
I use to do my own electrics, But I don't bother anymore or more to the point I can't, unless I submit plans applications and have inspections of the wiring.

Yes!! LLH, you shuve it up em!!!
I wish you well!

Ian_W

The other side of that though, LouLou, is it's far easier being a nine o' clock quarter-back than a player in the game! :rolleyes:
I'd certainly wait until DoozerG posts, she seems very experienced and very good instincts with these things ... sure she'll be along soon.

Doozergirl

Hey LLH!

I think this is good. They've made a mistake and given you something to get your teeth into. If they've seen a house at auction, they're now desperate to get shot of this one. Go back at £215,000 agreeing to exchange on 28th. I think you'll get away with £216k if not £215k.

I know it needs work, but remember you were going to buy across the road for £211k - you have got the better house!

What's included for your £4,000 in the rewiring?

Good luck! :j

LouLouHelen

:mad: I am very angry that they seem to be so incapable yet so arogant about how and under what conditions they will allow us to proceed!

So would I really be able to get hold of Building control at LA? It makes me so mad to think that if we don't proceed someone else is going to get really stitched up or even worse injured!

I think 215k would be ok budget wise but I am not sure they wil go that low. They will have the same problem however buys the house.

Looking forward to Doozer's opinion, she has been really helpful throughout this godforsaken process!!!

Thanks again guys!

Doozergirl

Ian_W wrote:

I'd certainly wait until DoozerG posts, she seems very experienced and very good instincts with these things ... sure she'll be along soon.

You scoff! :blushes and goes to hide behind sofa icon:

rozeepozee

I read your post and thought: surely they have weakened their position since, if they want to buy a house at auction, who else but your good selves would be in a position to move quickly enough to enable them to do this? (In which case you potentially have them over a barrel, no?) Then I thought I must have misread your mail and it was this property they were intending to sell at auction if you did not complete???

If that is the case, if they don't accept your reduced offer, what's to stop you going to the auction and bidding? You might even get it at a lower price - wouldn't that be ironic?

LouLouHelen

They want to buy a new house at auction and therefore exchange on the one we've offered on on 28th. Really worried that we go back at 215k and agree to try and exchange on 28th what would happen if for some reason it doesn't happen. This really is a tight time scale for our buyer's solicitor and ours - they won't commit to whether they will manage 30th (original required exchange date) let alone if we went back and asked for it to be moved forward to 28th.

Where would we stand if they agreed 215k and 28th and we didn't manage it - surely we are nearer than anyone else but I suppose they could increase price or put back on market - hey I guess they could do that anyway.

Basically I have been verbally quoted 4k for full rewire. Plastering and paint need to be allowed for as well.

I am no DIY expert and so I do not know what is worth doing or not. If this is a really big job and this is a particularly low quote them maybe my budget isn't realistic.