Homebuyers survey suggest our offer is too high by 15k and we should renegotiate. Now what?

[cluelessfirsttimebuyers]

Renegotiate or leave it?

Major problems identified are; need new front door, bannister installation recommended, bath poorly fitted and needs regrouting, sealant round bathroom fixtures deteriorating so needs replacing otherwise risks wood rot, mortar bed on roof is starting to weather and so some tiles need fixing or replacing.

Should we take their advice and try to renegotiate with the seller? They had a lot of offers but their purchase is ready now so they are waiting to move asap- I can’t see they’d choose someone else over us, surely?

First time buyers and a bit clueless. As stated they’ve said it’s worth £15k less in their opinion than our offer.

Offer accepted at 210k, was on rightmove for offers over 200k and had about 10 offers in total. They are recommending 195k.

Thanks in advance!

I can’t see those things costing £15k, or being of structural necessity, ‘major’ issues are usually things like subsidence/major roof repairs etc not needing a new front door and upgrading a bannister.

It depends if they’ve priced the house to take into account the work that needs doing, a homebuyers survey isn’t the same as a mortgage valuation - what has that priced it as?

Waiting to hear about the mortgage valuation, we’ll know next week.

I just don’t want to lose money when we come to sell in future, which will probably be sometime in the next 5-10 years.

I don’t know if lowering the offer is cheeky at this stage and would make them back out, or not, as not to lose the sale.

The bathroom isn’t in great condition tbh and nor is the door. We don’t really want to have to pay for these out of our own pocket. Love the rest of the house though.

Nine of those issues are 'major', and as the vendor, I'd tell you to jog on.

I think it was down valued anyway. Other properties on the street go for £170-180 so that might be why. The one we are buying has had a small extension and redone kitchen, but I wonder if the asking price was too high

If it had 10 offers you're taking a big risk dropping your offer by 15k. As stated above these are not 'major' issues.

You say neither the front door or the bathroom are in great condition. This would have been obvious when you viewed the property so if you felt this way and you have no funds to replace then you should have offered accordingly.
The works you have listed, none of which are high risk or structural do in no way equate to a £15k discount at the price point you are talking

Also if other properties on the street go for much less then why did you offer £210k???

Other than the roof (and I'm no expert so don't know how urgent that is) those are all pretty cheap diy or handyman jobs aren't they? Maybe a couple for a joiner? If this is your dream house, I wouldn't risk it given the other interest.

Those aren't issues worthy of serious negotiation. Snags like this are to be expected when buying a house, it's just standard home maintenance stuff really. I wouldn't risk your vendor pulling out for this.

Thanks everyone. What do we do if the lender valuation comes back at down valued too?

You sound very naive. You don't want to pay out of your own pocket? Welcome to house buying/adulting.

You sound very unpleasant. Happy to pay out of our own pocket for things we’d like to improve, not for matters that have been highlighted as safety issues. Clearly the qualified surveyor has done that for a reason.

What do we do if the lender valuation comes back at down valued too?

Then you won't be able to afford it at the price you have offered.

You can try to renegotiate but it's a big ask. More usual to ask for a small reduction, not the whole lot. You offered based on what you could see when you viewed. Door and bath would have been obvious surely?

Sealant is between £4 and £7 a tube and takes a steady hand and a couple of hours. Grout, a day, and £20 max.

The roof isn't likely to be urgent, and tiles aren't that expensive.

You saw the door, so you knew about that, so it's a bit cheeky to offer having seen it, and now want money off for it. Same with the bathroom - you were happy with your offer having seen it in all it's old glory, now it needs £27 of work you want thousands off...

There's no chance anyone is coming down £15k.

Sadly buying a house there will always be snags. If you want everything spot on, buy new (and even that will have some snags - my brother's chimney separated from their £450k new build, and mushrooms grew on the subsequently damp carpet behind a cupboard).

I'm not unpleasant. I'm trying to help. You thinking you can get 15k off for superficial things, non serious, a new bloody front door! Is naive in the extreme.

As I’ve said though, it’s not been down valued BECAUSE of those faults, it’s been down valued anyway, and those are the faults.

We offered over because we were told other people were interested too, and it was on Rightmove for offers over.

Why does it need a new front door? Does it not shut?

So send the survey to your vendors, if they have any sense they’ll do the grouting and the sealant, get a quote/ the work done on the roof and get the proper price for their house.

Thank you

There’s apparently a crack internally which was concealed, no we didn’t move belongings out the way to check on viewing though maybe we should’ve

Yeah I'd tell you where to go tbh.

Do surveyors really take grout and a new bannister etc into consideration?

I thought it was like damp, structural stuff.

They want to move asap and I’m sure those things would take time

Yeah, they check everything.

I think it’s been down valued anyway and don’t think the mortgage company will lend on more than 195 minus our deposit.

Surveyors will check everything and use tons of caveats to cover their arses. They don't want any comeback over anything so they phrase a lot of things putting the ball back in the buyers court I.e suggesting it would be prudent to get things checked etc.
This is the problem with the market these days I'm afraid OP.
Lots of people after the same property and bidding above asking price. I work in mortgages and would say majority of properties are down valued for mortgage purposes.
You do have to take into account though that a mortgage for valuation purposes will be lower than an estate agents valuation in a lot of cases. It's basically valuing a property in terms of the lender having to take possession and how much they could sell it for as quickly as possible on the open market.
You need to think about what the property is worth to you and whether you want to consider paying more for it. If this is even possible. The bank will only lend based on the lower figure so if you're at max LTV and dont have anything additional to put towards the shortfall then you just won't be able to buy it.
I doubt the vendors will drop £15k

You acknowledge in your username you're clueless. Seriously, listen to the advice you are being given here, it's good. If you are serious about this house, don't mess the sellers about unnecessarily.