Renegotiating price

Discussion in 'UK Property' started by Montuiiri84, Nov 16, 2019.

  1. Montuiiri84

    Montuiiri84 New Member

    Hi

    I viewed a property, put in several offers. One if which got accepted.
    I then had a buildings survey and it highlighted several issues that need dealing with such as new roof and chimney issues.
    I am now in the process if renegotiating the price however the vendor believes that the original offer accepted was to allow for work to be carried out. At this stage before survey we did not believe there were issues.

    What is the situation....does work required costs come off the original property market price or the accepted offer price prior to the survey? In terms of renegotiating a reasonable middle ground cost.

    Advice much appreciated.
     
  2. The next question would be, how do you arrive at a cost for doing the work? You ask 2 different builders and you get 2 different prices. I would just start again with negotiations and offer a price based on the value now, not the list price less some mythical cost of work.
     
  3. Montuiiri84

    Montuiiri84 New Member

    Thanks for the reply.
    Ok for arguments sake:

    Original agent valuation 155k
    Accepted 150k
    Survey work to be done is around 10k with a builder I asked saying the roof would be 6k to start.
    The vendor says he has come down 5k already for that work....yet that was before knowing the surveyed issues were highlighted.
    So my point is I think he will say 6k off the original price(155)...but is that right??? Or is it usally off the offered price?

    Thanks
     
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