Reducing house offer

[Curious2468]

Hi,
We are in the process of purchasing a house and we are wondering if renegotiation is acceptable? When we offered we went in 5k over the asking price on the basis that we were given time to secure a buyer on our home. We weren't given this and they were adamant they would only accept our offer once we sold which meant we also ended up accepting an offer on our property below the asking price. We were ok with this initially as we love the home. It has turned out since that some things were listed inaccurately. The garden was listed as 80ft but is actually 50. The house is classed as end of terrace/semi detached but we have since discovered that the neighbours have extended behind the property and whilst it is not attached the our potential home the extension is only a gate width apart from 2 of the downstairs rooms (this couldn't be seen from the front of the house because of where the extension has been done). The survey has also flagged that the boiler could be condemned due to its location within the loft and that the soffits are in need of replacement. Other than this the house is in reasonable condition aside from a few minor things like upstairs windows being older than 10 years etc. The survey has however stated that the house is top end of valuation for a house of its type and that they wouldn't expect it to resell at our purchase price.

We have flagged this with our sellers estate agent who are being quite abrupt but awaiting our response on what we want to do.

Is it unreasonable to lower our offer at this point? I don't want to be unfair to the sellers but at the same time I am using inheritance from when my mum passed away to purchase the property and don't want to essentially throw away my mums hard work. That said it has taken us a long time to find a house that will suit us and internally I love everything about it. I do have concerns over how overlooked the back garden is though for the purchase price but it has been the best compromise we have managed to find and my children are getting older so the garden won't be used as much as it would have when they were younger.

Aibu to ask for a small reduction? We were thinking back to the original asking price.

Our survey on our new house cane back as at the top end of the valuation- we were also buying a house that was "done" so no opportunity to really add value. I think as long as the survey says it's within an acceptable price range (and it's not an exact science) then I wouldn't worry too much. Surveyors do have to be careful not to overvalue.

We took the view that we were moving to live in it for a good while, we definitely did not want to do work and there was very little on the market where we wanted to be. I don't think we got a steal and I doubt we'll make money on it for quite a while (if at all) but it's right for our family and it's lovely living in it.

When your buyer's survey comes back they will also drop their offer because there will be something.

Don't sweat a few thousand if its the house you want for long term. If you're looking at resale soonish then get the best price you can

We hope we will be happy to stay there long term, possibly downsizing once the kids leave home (if they do-autism def not an exact science!) so certainly 10+ years all being well

I think you could reduce based on innaccurate garden measurement. Yes you saw it but until the survey confirmed it how could you know? The agent wont want it to go back on the market this close to selling as its more work for him/her, so will pressure them to accept, especially as you say the market has since fallen and they are unlikely to get another offer so high. I would keep it simple, say that's what you are prepared to pay, and then total radio silence. Honestly the curtains alone gives you licence to be difficult

Yesterday 22:01 missm0use

You can offer a lower price, we did it when we bought our house. HOWEVER, it's technically known as gazumping, so we had to then change to a new solicitor!

This isn't true. We renegotiated based on things that came up in the survey. I think it's reasonable to do so for things you didn't know when you made the offer, so the unexpected work identified by the surveyor and possibly the over pricing generally. I might mention the garden misrepresentation to the EA as it's their fault, they may be more inclined to talk the sellers into your reduction.

The curtains/blinds sound overpriced. Might depend on how much you like them. Are they really going to take them down? Will they fit in their new house? (Bastards we bought from were supposed to be leaving their cheap and nasty curtain poles which is what we wanted to tide us over and they took them anyway. I insisted on having them back, but we then had the hassle of refitting them).

What are they going to do? Well they could just tell you to stuff off. I'd be tempted to. Houses don't come with price tags - they are what they are worth to a person at a particular time. If it's your dream home is it worth risking it over £5,000?

What are they going to do?
Our sellers took all carpets and light fittings (they were annoyed as we hadn't increased offer - this was 1995 so maybe wouldn't happen now) so bare wires and carpet grip everywhere - Yes you can get a solicitor onto them etc but in the end you just make the best of things rather than add to the stress

You are well within your rights to reduce the offer however I would also consider the fact that you may lose the house because of this. My first buyer had to out bid three others in order to secure our house and therefore ended up paying over the asking price and more than she wanted. She waiting until we were about to exchange and then came back with loads of quotes for non essential work highlighted in the homebuyers reports. As a result she wanted the house price reduced. She had been a pain from the start (turning up at 8am with no warning, wanting carpet off cut samples to take away etc) and we had also got our own quotes which had come in massively lower than hers. As she was clearly taking the p **s we told her to sod off and put our house back on the market. It sold again within 6 days.

Things to consider - you may annoy the seller and lose the house (probably not if you haven't been a pain already).
The seller may need the full value you've offered in order to progress with their sale.

It's not unusual to renegotiate after you've received the survey