To reduce offer after survey

[Charmtaste]

We have had an offer accepted on a house that was marketed as needing renovation. The survey has come back and it needs:

1. Complete rewire
2. New gutters, soffits and flashings
3. The conservatory pulling down
4. One bathroom removed and redone (leaking into walls).
5. Asbestos tile removal
6. Garage doors replaced
7. Loft insulation
8. All border fences replaced
9. Boundary garden wall removed and replaced (falling into next door)

We knew we were taking on a project and would have to do all internal flooring and walls. We knew there was damp getting in. We knew the kitchen had to be ripped out and replaced. We are getting the house for approx £60k -£80k under market value compared to similar houses that are in good Nick. The house has been on the market for a year. Would it be unreasonable to ask for a further reduction based on the survey? How would you react as the vendors?

[quote Charmtaste]@NCwhatsmynameagain before selling our house it would not have occurred to me to haggle after the survey but this is exactly what our buyer did to us.[/quote]
What your buyer did to you is irrelevant

You’ve already had money off from he work in the 80k less than comparibles.
Do this and you risk the vendor seeing their arse and pulling out to someone who won’t mess them about. It’s a sellers market at the moment.

[quote Charmtaste]@NCwhatsmynameagain before selling our house it would not have occurred to me to haggle after the survey but this is exactly what our buyer did to us.[/quote]
Haggle after a survey if it has highlighted unforeseen issues, but if not then it’s completed unrelated to the survey and it’s someone asking for more money off. If the price wasn’t great already then fine, but if it was, as in your case, then it isn’t necessary, and isn’t worth it, and isn’t really the right thing to do.

No, you knew it needed significant work, reflecting that in your offer, and it is likely not that work all needs doing immediately but can be spread over time (although it may be more convenient and cost effective to do some before it needs doing).

You can ask for money off and list reasons why - doesn't mean they will reduce it. They might, they might go halves, they might just say no, they could just decide to pull out. I guess it's what you feel about the house and if the survey has highlighted things you didn't previously take into account when putting your offer forward.

You can ask, the risk is they will say no, or if they do agree be total pains for the rest of the process (goodwill makes the whole thing much easier in my experience). If you do it you need to be professional and suggest a figure to the estate agent, basically “I would like to reduce the offer by x to pay for y which has been revealed by the survey and will cost z to put right.” But on a requires updating I would be expecting everything you’ve listed, I think the only negotiating I would expect is if the survey threw up subsidence or an entirely new roof.

I read the word 'asbestos' and the pound signs flashed in front of my eyes. I would suggest you get a quote for whatever work that entails. It can be horrendously expensive.

Why not price separately all that needs doing to the property and then you can make a better informed decision on whether you should offer less or not?

Good luck and I hope it works out for you.

Having bought, sold and renovated many houses, all of this seems pretty normal for a house that requires renovation and all should have been fairly obvious from when you viewed it. You could get a builder to price up the work for you which is what we normally do.

The things that would make me ask for a drop in price would be a new roof, if it wasn't obvious when you viewed the property. I would walk away if there were subsidence, because that's major money and if you're getting a mortgage some lenders won't lend.

You just need to be certain that you are prepared to take on this work, both time and money wise, as you will have many, many months of upheaval. If you love the challenge, then go for it, but otherwise I think you might need to reconsider.

@IamMaz

I read the word 'asbestos' and the pound signs flashed in front of my eyes. I would suggest you get a quote for whatever work that entails. It can be horrendously expensive.

Why not price separately all that needs doing to the property and then you can make a better informed decision on whether you should offer less or not?

Good luck and I hope it works out for you.

The OP has already had a specialist asbestos survey and it's going to cost £600. Peanuts

Pop over to the renovations/extensions thread - your entire list is on most people's modernisation list.

Some of the work is difficult to live through - particularly if the entire central heating needs to change - but otherwise it's pretty straightforward work.

I don't think you've any groups to renegotiate.

GROUNDS, not groups..

I wouldn't in this situation. It sounds like you have more to lose than gain, and given it's an update/renovation project you should have budgeted for all this already and will come across as dodgy chancers. What message does it send to the vendor? If you do this now, will you try and pull another fast one further down the line?

The only time I've done it was when the survey turned up a patch of damp which I hadn't known about. I got a quote to have it fixed which was £3k and asked for that off the price, sharing the survey and quote with the vendors. They agreed to that reduction.