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Advice about renegotiating price, please

I've lost confidence in my ability to be logical so would really appreciate your thoughts.
Currently renting; viewed and put in an offer on a house which was accepted 3 months ago. House was originally marketed at £250,000, sat there for a couple of months and was then reduced to £240,000. I offered £240,000 originally then increased to £245,000 to secure it as another offer was on the table - think that was legit.

First of all the mortgage valuation survey found the cavity wall ties need replacing, which is now a condition of the mortgage - estimated cost £3000. Then my buildings survey this week highlighted 2 urgent issues - rebuilding a bay window and replacing flashing and mortar around the chimney together with assorted other repointing etc which needs to be looked at quite soon. Surveyor estimates £2-3K for the bay window; not sure about the chimney but I'd guess I'm looking at about £10K of work overall.

I told the agent I'd be asking for a reduction in the price when the wall ties issue came up but he (sensibly) suggested waiting for the survey.

So my question is, what is a reasonable revised figure to put on the table? £240,000? Less than that? I don't want to play games or be unfair but I'm looking at rather more urgent and expensive building work than I expected...
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Comments

  • Cakeguts
    Cakeguts Posts: 7,627
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    What did the mortgage valuation say about the value?
  • Scootsy
    Scootsy Posts: 8 Forumite
    Sorry, didn't get the notification that there was a reply - not ignoring you! Mortgage valuation downvalued by £2K and attached wall tie replacement condition but was very basic valuation-only survey so didn't look at the other issues that came up in my survey.

    My solicitor came back from her holiday a day early so I spoke to her and she advised asking for a £12K reduction as an opening gambit so I've emailed the EA to put my case. Now just have to wait and see what the vendor says. The house is definitely slightly overpriced compared to similar properties and because the work that needs doing is remedial rather than improvement, it's not going to add value so I probably do need to be prepared to walk away and lose the £2K+ I've spent so far :(
  • Denspe
    Denspe Posts: 19
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    We are in a similar position mortgage valuation came back 14k lower than asking price & home buying report came back with a number of issues and also down valued by 24k. Vendors are not willing to reduce even though we offered full asking price. So looks like we also will be walking away and losing a considerable amount of money. I!!!8217;ve tried to explain any other buyer will have the same issues.
  • Lauralou79
    Lauralou79 Posts: 268 Forumite
    Our valuation matched the asking. Our private survey mentioned the chimney pointing, roof work and House repointing amongst other things.
    We didn't ask for a reduction as it was valued at the same price. Also it's a 1930s semi that will need regular maintaince.

    Who knows what your vendor will reduce to, if they will. They may need a certain amount to fufil their own purchase. I think your solicitor may be ambitious with that figure tho!
  • Scootsy
    Scootsy Posts: 8 Forumite
    The vendor doesn't have a mortgage so shouldn't *need* the money to purchase her new property. On the other hand, she was apparently very reluctant to reduce the asking price from the initial £250K at which it was marketed, so who knows? What's clear is that she hasn't done any maintenance to the outside of the property in the 12 years she's been there...

    Good luck to anyone in the same situation and thanks for the replies.
  • Lauralou79
    Lauralou79 Posts: 268 Forumite
    On the other hand the vendor could state that you could see it was in need of maintenance when you offered what you did.
    Anyway good luck with whatever you decide!
  • kinger101
    kinger101 Posts: 6,273
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    It was probably a mistake in hindsight to not get a valuation with your survey. There's an inherent maintenance obligation with any old house I'm afraid. Re-pointing and flashing a chimney isn't going to be that much. Easily under £1K, unless scaffolding is required.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • AdrianC
    AdrianC Posts: 42,189
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    Scootsy wrote: »
    First of all the mortgage valuation survey found the cavity wall ties need replacing, which is now a condition of the mortgage - estimated cost £3000. Then my buildings survey this week highlighted 2 urgent issues - rebuilding a bay window and replacing flashing and mortar around the chimney together with assorted other repointing etc which needs to be looked at quite soon. Surveyor estimates £2-3K for the bay window; not sure about the chimney but I'd guess I'm looking at about £10K of work overall.
    But what did it say for valuation?

    If it agreed with your £245k offer, then the surveyor is saying that price is fair WITH that work needed, because that work is taken account of in the current offer.

    Scootsy wrote: »
    Sorry, didn't get the notification that there was a reply - not ignoring you! Mortgage valuation downvalued by £2K
    There y'go, then. You can ask for £2k off, if you really feel the need.
  • Scootsy
    Scootsy Posts: 8 Forumite
    Hi all,
    It was probably a mistake in hindsight to not get a valuation with your survey. There's an inherent maintenance obligation with any old house I'm afraid. Re-pointing and flashing a chimney isn't going to be that much. Easily under £1K, unless scaffolding is required.

    Just a couple of clarifications - scaffolding definitely required for chimney and there wasn't the option of getting a full survey with the mortgage (I would definitely have taken it if there was!)

    Anyway, we'll see what the week brings...
  • AdrianC
    AdrianC Posts: 42,189
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    There is ALWAYS the option of getting a full survey. Even if the lender's valuer doesn't offer the choice of upgrading their visit, you can get your own surveyor to visit.
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