FTB Offer accepted on a flat - now found out major works are planned - how to respond?

[Wingingit1989]

Hi,

Can anyone give me some advice. I am a first time buyer and have had an offer accepted on a flat in London (share of freehold). It has now come to light through the lawyers that external and internal repair works are planned which will involve scaffolding to the building. There is no indication of the final costs of this to the freeholders currently as they have only commissioned a survey to find out what needs to be done. The estate agent is suggesting a retention is agreed with the seller for half the cost of the works (up to 10k) I would not have 10k of our own to put in if this is the final cost of the works. Does this seem reasonable or should i try and negotiate money off of the price?

To be honest, if you haven’t got the money for the works, I would pull out. They could end up being more than estimated and even with a retention for the full amount anticipated, you could be asked to contribute more.

I wouldn't proceed until the cost is known

I’d pull out now

I would pull out right now (and did when I was in a similar circumstance as a FTB). That flat needs to be bought by someone a lot richer than you, who can afford to make a loss.

Pull out.

We had this problem recently. We paid our share of the repairs but the FTB's solicitors took a long time to agree things. In the end tho, it didn't matter as the lender wanted a certificate that the works were completed before they released the funds. We muttered about retentions but it wasn't acceptable.

It took the best part of 2 years, seriously, I would pull out. I am grateful my buyer didn't but blimey it was stressful. I let them move in by the end but that's really not ok usually and the solicitors were very unhappy about that. It worked out but it really should have fallen through.

You have no idea what the potential liability will be, so in your shoes I would pull out now.

I don't think you need the hassle of this do you? There are lots of flats on the market. Choose wisely.

I would pull out, could be a nightmare.

As others are saying, the problem is that you don't know what your future share of the bill could be.

I have a friend whose share of this type of thing is £25 - 30k when it comes up.
Maida Vale stucco flat.

The vendor might even be selling as they know that these bills are high when they come in as regular maintenance of the building and have covered them once and don't want to do so again.

You need to be in a position to pay your share and it doesn't sound as though you are. You can obviously negotiate a discount but you don't know what the actual bill is going to be and what you should be negotiating.

Pull out

An important rule in life to know is that there is always another flat or house to buy, don't buy trouble.