HomeBuyers Survey results - what do do?

robcyb · 11 April 2017 at 3:06PM

Hi all,

Currently in the process of purchasing our first home, and we've hit a snag with a few issues that have been raised in our RICS HomeBuyers report.

The report highlighted all the usual items, and included the items which were were expecting to "make good" as part of our offer. When I made the offer (which was later accepted) I put clearly that this was "Subject to satisfactory survey".

So far our progress for purchase is the following:

Offer accepted on property (£5,000 under asking since it needs a lot of work!)
Mortgage valuation complete and OK
Mortgage offer secured
Instructed RICS HomeBuyers survey
Contract still not received from seller's solicitors

The report has highlighted a potential structural issue with the single-brick walled garage which is attached to the rear of the property (it's leaning to). The report states it could be "progressive" but the owners insist that it's been present since before she moved into the property.

In addition to the above, there was a very high amount of moisture content found on the rear external wall due to a leaking tap and it's connections. Again - the owners were not even "aware" that they had an outdoor tap!

I'm hesitant to provide the report to my Solicitors or to the Estate Agents, since it would potentially reduce any leverage we might have going forward.

So do we:

Instruct building firms/surveyors to provide quotations to "make good" the issues raised?
Go to my solicitors and ask them to negotiate on our behalf (with outcome of 1)
Go to the Estate Agents and only provide them with excerpts from the report pertaining to the big issues above and ask for a reduction? (with outcome of 1)

If anyone has experienced a scenario like this before, I would love to hear your thoughts.

robcyb · 19 April 2017 at 11:23AM

A polite bump on this post, please.

I appreciate that the above is a 'million dollar' question - but would be nice to know if anyone has past experiences when dealing with EA's?

Thanks,

Robert

stator · 19 April 2017 at 11:37AM

If you send a copy to your solicitor they might have to inform your mortgage lender. So I wouldn't normally do that.
If you want to negotiate on price go straight to their Estate Agent.
If you want some remedial work done do the same. But this is unlikely to happen.

Do you care about the garage?
Would you still want the house if it had no garage?
Would it matter if you had to knock it down?

robcyb · 19 April 2017 at 11:43AM

Hi Stator - thanks for the reply.

The garage is attached to the property, so it's something that needs to be remedied either prior to completion or shortly after. Sadly the seller is not in a great financial situation which makes it hard to push them to do the remedial works.

I will attempt negotiations with the EA, but I guess they're going to resist as they're on commission as well.

another_casualty · 19 April 2017 at 11:49AM

What you could do, is phone up the surveyor and have a nice polite chat with him, voicing your concerns . I did this a few weeks ago, when I had an issue and he was great .

You could after that, potentially chat to your estate agent and it could work in your favour . The seller can only say no to a further reduction if you think it merits it . Depends on how much you want it .

Hope it works out

robcyb · 19 April 2017 at 11:52AM

Thanks "Another casualty's" for the reply.

Having spoken to the surveyor he believes it's impact damage I.E., a vehicle or something similar has reversed/parked into it. The damage is marked as "progressive" but he said that's a term they use to say it needs fixing quickly.

We've obtained various quotes from different firms and will present these, along with the excerpts from the report to the EA. As you say, worst case the seller could turn down the revised offer.

If, and when a revised offer is accepted do you have to re-apply for mortgages etc.? Or is it a case of working with broker to inform lender change of price?

Thanetia · 19 April 2017 at 11:59AM

As always, look at the valuation that the survey has established - if this equals the sale price then the buyer may not be willing to budge too much. Or they may respond to negotiation. Don't share the full report, be willing to share specific content which backs up any reduced offer you make.

You may need a structual engineers to give you a view on the movement. Lots of good advice above - remember the Agent works for the vendor, not you.....

robcyb · 19 April 2017 at 12:01PM

Thanks Thanetia for the reply.

The surveyor refused to provide a valuation on the proviso that the garage wall was to be inspected by a "reputable" firm and quotations received. Only then would he provide a valuation. I have provided the various quotes received and waiting to hear back from them.

Thanks for all the pointers everyone.

another_casualty · 19 April 2017 at 12:03PM

Hi robcyb
I would think that you Would have to negotiate with your estate agent
and your solicitor . Always keep your solicitor informed , and they will guide you .
Hope that helps

PLEASE READ BEFORE POSTING

HomeBuyers Survey results - what do do?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free