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Original poster

About to exchange - rewiring

28 replies

justabigdisco · 02/02/2021 12:05

Hoping you can talk me down. We’ve been ready to exchange for about 2 weeks but our buyers enquiries have been dragging on and on causing much frustration. They only arranged an electrical report on our house a few days ago. This has shown that at least a partial rewire is required. They haven’t suggested anything yet but my gut feeling is it’s WAY too late in the game to be renegotiating on price. We did an electrical report on the house we are buying about 8 weeks ago. However part of me is so desperate to get it done and dusted that I think I may be willing to take a hit. What are peoples thoughts?

OP posts:
ireallyamthewalrus · 02/02/2021 12:26

Wait and see if they come back looking to renegotiate on price. No point worrying until then. It depends partly on whether the report says ‘a partial rewire will be needed at some stage’ or ‘the electrics are unsafe and should be required as a matter of urgency’.

If they do ask, you might want to consider a reduction which represents 50% of the cost of the work.

purpletrees16 · 02/02/2021 16:19

If you’ve already negotiated on price do you survey and out about to exchange you can probs get away with saying that you’ve hit your floor.

There’s the stamp duty thing... a few thousand ... they’ll probably just pay! We did!

Original poster
justabigdisco · 02/02/2021 17:24

I wouldn’t have minded negotiating but they’ve left it so bloody late.

OP posts:
Hagotcha80 · 02/02/2021 17:26

@justabigdisco

Hoping you can talk me down. We’ve been ready to exchange for about 2 weeks but our buyers enquiries have been dragging on and on causing much frustration. They only arranged an electrical report on our house a few days ago. This has shown that at least a partial rewire is required. They haven’t suggested anything yet but my gut feeling is it’s WAY too late in the game to be renegotiating on price. We did an electrical report on the house we are buying about 8 weeks ago. However part of me is so desperate to get it done and dusted that I think I may be willing to take a hit. What are peoples thoughts?
You knew they did the electrical report when they did.

If you weren’t prepared to negotiate based on the conclusions of the report, then you should have said “no electrical report”, which would have resulted in them pulling out anyway

purpletrees16 · 02/02/2021 19:05

I don’t think it’s true that you have to negotiate to allow a report to happen. It can be about the purchaser knowing the ongoing costs involved but not necessarily about price. You can say that it’s safe (if it is) and for the age of the house they should have priced such work in... sellers did it to us & we bought... so it’s up to you how you proceed.

FurierTransform · 02/02/2021 22:55

Assuming your wiring isn't some sort of obvious deathtrap; fizzing noise & blue sparks when it rains etc, I think your position of it being too late in the day to negotiate is a sound one.

I don't agree with the pp poster saying you should have just refused the inspection if you weren't up for more negotiation... The point of inspections is to Inform the buyers, not purely to attempt to score additional tedious 'negotiation points'

Original poster
justabigdisco · 03/02/2021 09:31

I think if they come back asking to negotiate I will ask to see the report. I don’t have time to arrange my own report. Surely we couldn’t change the price on the house now anyway as that would require going back to mortgage companies?

OP posts:
Hagotcha80 · 03/02/2021 09:45

@justabigdisco

I think if they come back asking to negotiate I will ask to see the report. I don’t have time to arrange my own report. Surely we couldn’t change the price on the house now anyway as that would require going back to mortgage companies?
They absolutely can renegotiate As I would in their position
Hagotcha80 · 03/02/2021 09:45

Whether you choose to negotiate with them is up to you

Hagotcha80 · 03/02/2021 09:58

@FurierTransform

Assuming your wiring isn't some sort of obvious deathtrap; fizzing noise & blue sparks when it rains etc, I think your position of it being too late in the day to negotiate is a sound one.

I don't agree with the pp poster saying you should have just refused the inspection if you weren't up for more negotiation... The point of inspections is to Inform the buyers, not purely to attempt to score additional tedious 'negotiation points'

The property requires at least part re wiring. Presumably not a new build and presumably no one electrical work undertaken for a substantial amount of Time. Given this, it was not far fetched that an issue would be uncovered. A fairly significant one has been. Quite possibly the property has not been deemed safe if rewiring is required.

In the buyer’s position, I would most certainly be asking for a contribution to this cost.
And I would absolutely be happy to provide the survey, as I suspect the buyer in this case would be as otherwise most peculiar not to

PurBal · 03/02/2021 10:13

Was the offer "subject to survey"? I don't know if there is any legal standpoint but if the offer is made with the phrase "subject to survey" then you would expect a negotiation afterwards. If not, then you wouldn't. It won't stop people trying though, there seems to be an assumption in the last few years that "subject to survey" is assumed. We didn't even know our buyer was arranging a survey until their surveyor called us out of the blue.

Hagotcha80 · 03/02/2021 10:24

Presuming in England

Absolutely nothing to stop the buyer trying to renegotiate right up to exchange for any reason whatsoever.

Salome61 · 03/02/2021 10:32

A seller on moneysavingexpert also had this, have a look at the House Buying, Selling and Renting forum. The electrician told them the works would cost £1500. The buyers came back asking for a £5K reduction. As the seller knew the works would be £1500, he offered them a £500 reduction, he had already reduced his price.

msgloria · 03/02/2021 10:32

I'd be frustrated about how late in the day this is. I'd be tempted to say you aren't prepared to negotiate further and invite the buyers to proceed as planned, but it depends on whether or not you think they will pull out. If you trust your estate agent and they've built a relationship with the buyer, then I'd ask them to advise.

Original poster
justabigdisco · 03/02/2021 12:17

Helpful thoughts here, thanks everyone

OP posts:
Oddbutnotodd · 03/02/2021 12:47

I think it’s quite late to renegotiate. We bought a house a long time ago with various issues discovered after the survey; the seller refused to reduce the price. It needed a new boiler and electric circuit board before we even moved in. We paid the price we had agreed.
Given the current situation, I think your buyers shouldn’t ask for much of a reduction. Houses will always need work if they’re not pretty new and buyers must expect to spend some money.

Original poster
justabigdisco · 04/02/2021 10:43

Apparently the report has said £1600 worth of work is needed. I’ve asked for a copy so I can see what is essential / just recommended. But seems reasonable to meet them half way on that. But I will offer cash transfer rather than reduction in price of house.

OP posts:
FurierTransform · 04/02/2021 10:56

I think you should discuss that with your solicitor first - cash transfer might not be a very good idea.

Don't agree to anything until you've seen the report & ideally run it past someone qualified. It might just simply state 'consumer unit is old with no RCD protection - recommend replacement' or similar, which isn't a very strong negotiation point.

Hagotcha80 · 04/02/2021 11:01

@FurierTransform

I think you should discuss that with your solicitor first - cash transfer might not be a very good idea.

Don't agree to anything until you've seen the report & ideally run it past someone qualified. It might just simply state 'consumer unit is old with no RCD protection - recommend replacement' or similar, which isn't a very strong negotiation point.

Given as of 2018 all new installations must have RCD protections, not having RCD protection is now quite a strong negotiation point
FurierTransform · 04/02/2021 11:11

That's new installations. This is an old house. You don't buy an old house expecting it to meet all the standards a brand new house has to meet & demand a discount when it doesn't.

Hagotcha80 · 04/02/2021 11:13

Yes I know that

Point is - RCD protection has become a valid negotiation point

wowfudge · 04/02/2021 11:27

I don't agree if you're buying an older property. No one ensures their place is up to date with every change of regs.

Hagotcha80 · 04/02/2021 11:42

No

But if the survey has revealed that the installation needs to be replaced, then it needs RCD protection by law.

So reasonable to negotiate in my opinion

ammary · 04/02/2021 12:17

If you negotiate and offer money off do a transfer like you said as a reduction will mean the buyer needs to get a new mortgage offer and this can take weeks esp at the moment,

It happened to me in December - it was a nightmare for the sake of £3k.

GreySkyClouds · 04/02/2021 13:14

@justabigdisco

Apparently the report has said £1600 worth of work is needed. I’ve asked for a copy so I can see what is essential / just recommended. But seems reasonable to meet them half way on that. But I will offer cash transfer rather than reduction in price of house.
Why? With mortgage rates added it will cost them more having a cash transfer instead of a reduction.