Areas of concern from valuation report HELP!

Doozergirl

So you know, I feel most vunerable when selling, not even a fraction as much when buying. A buyer can find another house tomorrow, a vendor can't pull buyers out of a hat. If they've already bought another house in their heads, this one is sold to them and they've lost interest now. See, rozeepozee picked up on it too - you have them over a barrel!

LLH, you are so close that this house has to be yours. Nobody coming in with an offer now will be anywhere near exchanging before you and the vendor knows that these problems will come up on anyone's survey.

You can't make exchange on 28th, hard luck to them. If you haven't exchanged, they can't get you! They could potentially put the price up and they will certainly be unhappy if they don't make the auction but I doubt you will lose the sale. Get the price agreed tomorrow and those contracts typed up and sent out for signing! You need your solicitor to know the date is imperative to the sale taking place (it wasn't really before, but it is now!). You need your mortgage offer and deposit in place.

I know how hard it is to make exchange quickly, you just have to keep everything crossed. I will cross things for you too, okay? Keep us updated tomorrow.

xx

Doozergirl

Sorry, regarding rewiring, £4k does not include plastering? Hubby is asleep now, but I will check costs with him, but he sounds in the right ball park. Maybe higher than we would pay but many will argue.

LouLouHelen

Ok thanks - hubby's opinion would be very helpful.

To be honest my gut feeling it that they aren't going to budge from 217500.

I don't really think this is enough movement to make it affordable for us so we will be pulling out it this is the lowest they will go.

misesther

I would pull out NOW and look for another house.
Having read the whole thread, I think you are admirable buyers but the same can't be said for the sellers. They should be so pleased to have buyers like yourselves.
I wouldn't even offer them £215000 as there is so much work to be done and remember all the other expenses such as solicitor's fees, stamp duty etc.
I'm sure if you put this property out of your mind you could find a really first class house.
Good luck.

Ian_W

LLH,
The way to find out about the part p issue is to ring Building Control at your local Town Hall and ask if you wanted to do electrical work [which you will be doing if you buy] of the type they have done in kitchen & bathroom [shower, extra sockets etc from existing circuits] would it need to be done by a qualified contractor or, if diy, need approval? With their answer you'll have a good idea if you can put the vendor between a rock and a hard place!
Work out [sure you already have] the max you can afford to offer and still do the work, then make that as a final offer to the EA [with an undertaking to try your very best to complete in 6 days time] but otherwise you're out of it.
Whilst I agree to an extent with Doozer & Rozee that the prop they wish to buy at auction may make them more agreeable, I don't think it will have the pull of a private "home" sale, it's another "business" [botch-up!] venture for them. But they will still want your sale to go through, and you are the ONLY game in town that can complete in time for them!
There is probably a lot to be said for misesther's approach but knowing how much you've invested aleady, emotionally more than financially, I would probably give it a last shot of the dice before before pulling out.
All of us can only advise and keep our fingers crossed for you, but as always, BoL.

Slider

LLH,

Have just been catching up on your posts.

Regarding Part P, most of the regulations only came in force earlier this year, so proving when the work was done etc could be complicated.

I think you have to consider this from a cold view point. i.e House, needs work 215/217k. Would that have been on your shopping list?

If so, I wish you all the best. If you need electrical opinion, I am along way away, but happy to receive pm's.

LouLouHelen

We went back to the agent and said this.....

We have spoken in depth to the electrician and the builder. Full rewire is actually going to cost over 4000. Total cost to us will be around 8000.

Maximum price we will pay is 215000 and we'll exchange contracts as soon
as we possibly can. On the condition that the Boiler certificate is
produced and we get it see it working.

Between you and I, I am not convinced of the integrity of the vendors
and suspect they had prior knowledge of wiring and porch problems that they
did not disclose and hoped would go unnoticed. You have seen the valuation report, you know the problems with the property. Presumably this information has to be disclosed to any buyer and any valuation would flag the same issues. Perhaps it would help to point this out to the vendor.

The vendor cam back at 217000 - £500 less than before and no mention of boiler. We then said it was 215000 or no deal so we have pulled out

The agent has said he will inform our buyers tomorrow (same agent selling my house as well) and tell them the chain has broken and ask them to hold on - suppose its in his interest to keep them interested but I am just worried it will mean they will walk away - should I tell agent we are still keen for our buyers to proceed? Should we think about renting, should I reassure the agent with this info so he will reassure my buyer? The buyer is coming round next week in inspect my boiler and see service certificate should I say anything to them?

misesther

Oh LLH,
How I wish I could advise you! This is VERY difficult.
What I think you should do is write down what you yourself think you should do and then ask folks their opinion. That way you should get more help.

LouLouHelen

I don't want to loose my buyer. I guess I will find it difficult to rent as I have 2 cats and work from home but I think I would rather do this than have to go through the process of viewing etc again.

I don't want to stretch myself or buy somewhere that will do because I will regret this once the emotional roller coaster has stopped.

My boyfriend would agree with all of this.

This is so stressful!!! :eek:

Doozergirl

LLH, I've sent you a pm.