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#1017507 - 16th Aug 2016 1:30pm Need property advice please!
Gold_Moon Offline
Smartchild

Registered: 26th Nov 2011
Posts: 438
Loc: Wallasey
Hi! hi I'm a 1st time buyer and, after much looking, I found a house I wanted. I made an offer of £5k under the asking price, (subject to survey,) which was accepted.

The survey revealed the chimney needs immediate repair, the front wall is in poor condition (due to height of garden being raised without first strengthening it,) and it has some damp.

In short, the survey values the house at a full £15k less than the asking price (or £10k less than my accepted offer.)

My question is, how do I proceed from here? I know I can renegotiate the price, but what to? I'm sure the owners won't accept a full £15 less than their asking price.

I would welcome any and all advice, please?

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#1017508 - 16th Aug 2016 2:58pm Re: Need property advice please! [Re: Gold_Moon]
Gibbo Online   content
Forum Addict

Registered: 27th Dec 2010
Posts: 1740
Loc: Oxton
https://www.theguardian.com/money/2012/aug/08/withdraw-offer-house

Do it quickly though in case the other party is getting their solicitor to draw up paperwork.

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#1017511 - 16th Aug 2016 3:30pm Re: Need property advice please! [Re: Gold_Moon]
granny Offline

Wiki Master

Registered: 29th Jun 2011
Posts: 13872
Loc: Wirral
Did you have a FULL survey done ? If not, then I suggest you do, or drop out of the Sale. There might be hidden 'extras' that might not have shown up.

Subject to survey.. Nothing is in concrete until contracts are signed, which I assume you have not done yet and until you are 100% sure, don't sign anything. They'll wait.
_________________________
...and those who were seen dancing were thought to be insane by those who could not hear the music.FN

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#1017512 - 16th Aug 2016 3:34pm Re: Need property advice please! [Re: granny]
Gold_Moon Offline
Smartchild

Registered: 26th Nov 2011
Posts: 438
Loc: Wallasey
I had a Home Buyer's survey done.

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#1017514 - 16th Aug 2016 3:51pm Re: Need property advice please! [Re: granny]
granny Offline

Wiki Master

Registered: 29th Jun 2011
Posts: 13872
Loc: Wirral
I do think they will try to make you offer more, however that is your choice, they can refuse any offer but with that in mind, it will not change the valuation the surveyors have placed on the property. Therefore, anyone else coming along will be hit with the same problem

If the survey was done by a Building Society for mortgage purposes, you may have to stump up the extra for the price they will accept if it's more that the surveyors valuation. Not too sure.


Edited by granny (16th Aug 2016 3:54pm)
_________________________
...and those who were seen dancing were thought to be insane by those who could not hear the music.FN

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#1017516 - 16th Aug 2016 3:58pm Re: Need property advice please! [Re: Gold_Moon]
granny Offline

Wiki Master

Registered: 29th Jun 2011
Posts: 13872
Loc: Wirral
Originally Posted By: Gold_Moon
I had a Home Buyer's survey done.


I don't think that is a full survey.

You may find some advice here. Dated 2014

http://www.telegraph.co.uk/finance/prope...yer-Report.html


Edited by granny (16th Aug 2016 3:59pm)
_________________________
...and those who were seen dancing were thought to be insane by those who could not hear the music.FN

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#1017528 - 16th Aug 2016 5:17pm Re: Need property advice please! [Re: Gold_Moon]
Heswall1958 Offline
Enthusiast

Registered: 30th Mar 2013
Posts: 177
Loc: Heswall
Usually the surveyor puts a price on what he thinks the property is worth for mortgage purposes. If you are a cash buyer you don't have to go with this valuation. Sorry, just noticed you are a 1st time buyer so scrap this.


Edited by Heswall1958 (16th Aug 2016 5:18pm)

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#1017530 - 16th Aug 2016 5:26pm Re: Need property advice please! [Re: Gold_Moon]
Gold_Moon Offline
Smartchild

Registered: 26th Nov 2011
Posts: 438
Loc: Wallasey
Just to clarify - I still want the house and I'm willing to get the necessary work done to correct the problems mentioned in the survey, but I'm no longer willing to pay the price I offered.

To clarify further, the asking price was £95k, I offered £90k subject to survey, which was accepted, and the survey's valuation is £80k.

Any suggestions as to what my new offer should be please?

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#1017539 - 16th Aug 2016 6:09pm Re: Need property advice please! [Re: Gold_Moon]
granny Offline

Wiki Master

Registered: 29th Jun 2011
Posts: 13872
Loc: Wirral
If the property in empty, you might as well go for £80,000 to start with. You can increase it a little at a time if you want to, but the estate agents will try to get the max out of you. (never trust an estate agent, they work on both sides of the fence, for their own advantage).

If the owners are having to buy another property it can be a bit more difficult. It's your shout really., they can either accept or refuse.
_________________________
...and those who were seen dancing were thought to be insane by those who could not hear the music.FN

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#1017580 - 17th Aug 2016 10:34am Re: Need property advice please! [Re: Gold_Moon]
fish5133 Online   content
Forum Master

Registered: 22nd Mar 2010
Posts: 2824
Loc: Heswallish
Lot depends how desperate each party is. House Sale prices for that street and area can be checked on a few websites. I sold my late fathers house a few years back and dropped the price quite a bit because it was being divided between 5 of us. Your seller may just want to get out asap.


Just make a new offer based on the survey.

Home buyers report is only a basic look over the property and poking a damp meter here and there plus surveyor covering his backside.i dont think it carries any liability to the surveyor.did they even bother to look in the roof space..a structural survey costs more but is more comprehensive. How high is the front wall you mentioned.wirral council very twitchy since that poor girl got killed by a collapsing one. Very high sandstone one in wallasey recently collapsed ...i hate to think how much to repair and who liable. Insurance companies wriggle out of everything.

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#1017614 - 17th Aug 2016 7:44pm Re: Need property advice please! [Re: Gold_Moon]
kamikazi Offline
Smartchild

Registered: 12th Jul 2010
Posts: 493
Loc: Wallasey
Bid them low, they still have the option to decline your offer, if your mortgaging your lender might also come up with the same valuation meaning your loan to value will shift or they may refuse to lend at the price you want to pay.

Be brave and be honest, talk to the vendors or their estate agent and tell them what you think, and what you know, chances are it will be overpriced anyway to try and leave room in the deal to negotiate.

Bid them at £75k and let them talk you up, have lost a few properties even after investing in a full survey it can really sting, you have the perfect bargaining chip, play it wisely.

K

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#1017636 - 17th Aug 2016 10:58pm Re: Need property advice please! [Re: Gold_Moon]
Gold_Moon Offline
Smartchild

Registered: 26th Nov 2011
Posts: 438
Loc: Wallasey
Thank you all for taking the time to offer your advice, it's very kind of you! happy

I've sent the estate agents an email with the survey results attached and offering the surveyor's valuation price of £80k, which I'm sure they'll reject, but I'm open to counter offers. yes

I'll let you know how I get on... fingers crossed! pray

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#1017640 - 17th Aug 2016 11:29pm Re: Need property advice please! [Re: Gold_Moon]
granny Offline

Wiki Master

Registered: 29th Jun 2011
Posts: 13872
Loc: Wirral
All the best,Gold_Moon. We will be waiting ... yes
_________________________
...and those who were seen dancing were thought to be insane by those who could not hear the music.FN

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#1017831 - 20th Aug 2016 1:09am Re: Need property advice please! [Re: Gold_Moon]
Wally1 Online   content
Addict

Registered: 13th Feb 2010
Posts: 277
Loc: Wallasey
I would not go much above the valuation initially.
The sellers have a problem now as there is that
valuation. At best I'd meet them halfway, but
only if you really want the property.

Was your survey done for the mortgage company
or for you? If it was for you, it may be that
the mortgage company's own valuation may come lower.
This happened to me and we split the difference
with the seller otherwise the deal could not
have gone through. We were down to the bone!

Good luck! Be prepared to let it go if you cannot
get the right deal. There's plenty of houses out there.

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#1018070 - 22nd Aug 2016 9:52pm Re: Need property advice please! [Re: Gold_Moon]
Gold_Moon Offline
Smartchild

Registered: 26th Nov 2011
Posts: 438
Loc: Wallasey

@Wally1: The survey was done for me, and I chose the surveyor.

And as an update, my revised offer was rejected, (as I predicted), and the seller's estate agent has come back with a counter-offer of £85k saying she'll "meet me halfway", (referring to my original offer of 90k.)

But that offer was made before the survey report which valued the house at 80k due to the faults that need to be addressed.

In all, 10 areas have been flagged as needing immediate repair/replacement/attention. They are as follows:

1. Chimney stacks - flaunching, lead flashing and saddles need replacing, and brickwork needs repointing.
2. Roof - some loose slates, ridge tiles not bedded, and damp penetration so needs checking for timber rot.
3. External brickwork - some bricks bulging, and some with spalling and cracking.
4. Ground floor interior wall needs a new damp proof course.
5. Sub floor has damp - needs air bricks for ventilation.
6. Ceiling - poor condition and damp stained.
7. Kitchen - a main wall has been removed with evidence of inadequate support.
8. Floors - rising and penetrating damp, with possible rotten timbers.
9. Front garden wall needs rebuilding.
10. Electricity and Gas supply need an immediate safety inspection. As does the main water supply pipe as it could be the original lead. If it is, it's a health hazard and will need replacing.

So a lot of messy and expensive work needs to be done. HOW expensive, I don't know. I DO know that I have to think of a counter offer, because as I told the estate agent on the 'phone, I'm NOT paying £85k. Not when I have NO idea how much it'll cost to fix all of the above problems. But as it's a 120 year old house and likely to have hidden problems too, it's a safe bet it's more than 5 grands worth!

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