Advice on Negotiating Price Reduction Following Survey

[Bsociable2]

Hi All,

Not sure how to handle negotiations following a not so good survey on a 1930's, 3 storey, 6 bed property. The survey says the roof is at the end of it's useful life (theres a lot of roof), evidence of wood boring beetle, damp in the hallway, some rewiring, chimneys need rerendering etc, etc, ect. I'm thinking of asking the seller to drop 60K. The property has been on the market for over two years. Do you think 60K is a resonable amount to ask? Another thing. If their agents asks for a copy of the survey should I let them have it?

Many thanks to anyone that replies.

Kate

 

[Nige F]

Bit harsh if they`re asking £160k

 

[Bsociable2]

Bit harsh if they`re asking £160k

They are asking 460K

 

[chapeau]

Buyer's market right now.

We recently sold an house, Victorian property, original roof, clearly this is an older property and the roof isn't going to be brand spanking new.

Potential purchaser had survey, came back said roof knackered, cracks in wall caused by drains, bit of damp, and wanted £30k off, that is what their surveyor had said was price to fix.

We had a roof and house survey done by structural engineer so somebody who knew his stuff and was going to overengineer any solution. His cost £200 of timber and one day's work for two men to strengthen roof which he said wasn't going to fall down for another hundred years but refused to put that down on paper. No other structural problems with property he could see, drains clearly not cause of cracks in wall, Victorian propety and bit of movement.

Purchaser refused to provide copy of their survey, their right of course, just made us think they were telling porkie pies and having a laugh.

Told them to F Off and they did. Got damp fixed for £900.

But it's a buyer's market right now. You need to come to a price together. but one thing's for sure their estate agent will be desparate to sell it.

 

[jeds]

Work out what the value of the property with all works completed and then deduct the cost of the works plus inconvenience plus a contingency. The result should be somewhere close to your offer. You might want to adjust it up or down depending on how much you like it. If it's your dream house to live the rest of your days in it might be worth a bit more than one you want to live in for 5 years and sell on.

 

[joe-90]

If the house were in pristine condition then it would be on the market for £500K plus. You don't expect a new car when you buy second hand - why expect a new house?

I thought you had a builder look at the roof and he gave it the thumbs up?

You employed the surveyor to nit-pick - and that's what he's done.

 

[Diyisfun]

With the property we recently moved into, they wouldnt move on price & we liked the property, so through my solicitor we had the seller do a couple of things & they agreed to.
Whilst it didnt cost them bundles of money, it was things that we didnt have to do.
I would have bought the property anyway, its what we wanted & in the price range. We have been in it now about 3months & apart from getting my head round the heating system, we are well pleased with it.

 

[Bsociable2]

If the house were in pristine condition then it would be on the market for £500K plus. You don't expect a new car when you buy second hand - why expect a new house?

I thought you had a builder look at the roof and he gave it the thumbs up?

You employed the surveyor to nit-pick - and that's what he's done.

I would expect a second hand car to work without defect if I paid a lot of money for it but can understand what you're saying. However I don't think it's fair to say the following are nit picking.

The roof, which gave us most concern originally is listed as being at the end of it’s usable life and needs replacement.
Evidence of wood boring beetle and woodworm, historic and recent.
Damp in the hallway and breakfast room
Most windows show as having condensation between panes which means the seals have perished. It is suggested that it is more economic to replace than repair.
Three of the fireplaces are unusable due to no chimney stack
Wooden Lintels in fireplaces will need replacing due to fire and safety regulations.
Asbestos ceilings which will need specialist attention and disposal.
Porch stanchion supports have rotted at lower ends and need replacement.
Drainage requires supporting and lead pipework needs replacing.
The kitchen is classed as unusable as there is no mains water.

Is you're view still the same or am I just expecting too much?

 

[Bsociable2]

With the property we recently moved into, they wouldnt move on price & we liked the property, so through my solicitor we had the seller do a couple of things & they agreed to.
Whilst it didnt cost them bundles of money, it was things that we didnt have to do.
I would have bought the property anyway, its what we wanted & in the price range. We have been in it now about 3months & apart from getting my head round the heating system, we are well pleased with it.

That's a really good way to work things out. Thank you.

 

[Bsociable2]

Work out what the value of the property with all works completed and then deduct the cost of the works plus inconvenience plus a contingency. The result should be somewhere close to your offer. You might want to adjust it up or down depending on how much you like it. If it's your dream house to live the rest of your days in it might be worth a bit more than one you want to live in for 5 years and sell on.

Great plan. Thank you

 

[Nige F]

[Most windows show as having condensation between panes which means the seals have perished. It is suggested that it is more economic to replace than repair.
Three of the fireplaces are unusable due to no chimney stack
Wooden Lintels in fireplaces will need replacing due to fire and safety regulations.
Asbestos ceilings which will need specialist attention and disposal.
Porch stanchion supports have rotted at lower ends and need replacement.
Drainage requires supporting and lead pipework needs replacing.
The kitchen is classed as unusable as there is no mains water.

?

I`d knock off more than £60k That`s a period house with plastic windows ? and a dodgy asbestos lined ceiling ? was it flats once . It`s a neglected pile .

 

[kazuya]

i guess it depends on whoever came up with the price of 460k
normaly a valuation takes into consideration the condition of the property.
maybe if the roof was in better condition and there was no damp they would have valued it a 500k

 

[joe-90]

I've just said that.

Anyway most of the stuff on the list is minor. Never seen a roof collapse because of a bit of woodworm. Either make a sensible offer or walk away.

 

[chapeau]

a 1930's, 3 storey, 6 bed property.

What's the postcode. If it's a good one I might pop round and gazump ya !

 

[kazuya]

I've just said that.

Anyway most of the stuff on the list is minor. Never seen a roof collapse because of a bit of woodworm. Either make a sensible offer or walk away.

yea i know but he not listen lol