Re-negotiating sale agreed price once survey completed?

A

Alli

Registered User
Messages
78
Hello again,

Recently went sale agreed on a dublin property. Ex rental and a bit shabby, but overall seemed fine once painted up. Happy with location and price, though I'm sure you can tell from my previous posts that panic has been setting in as we approach signing (apologies for my last post regarding to buy or not to buy - did not realise those kind of questions were not allowed). Anyway, now going ahead with it all.

Had comprehensive survey done, and a few issues have arose. Approaching time to meet solicitor. From what I understand, we have two options:

We can re-negotiate price based on work to be completed,
or,
we can ask for vendor to complete this work.

House presently unoccupied and vendors living in France. Concerned if we ask them to complete work it might not be done to high standard. Therefore, the option of renegotiating the price at this point seems more sensible. We have a couple of grand put by for unforeseen issues which may require fixing, so can afford to get work done ourselves.

Does anyone have any advice on how to renegotiate sale agreed price at this stage?

Do we do it with estate agent BEFORE we meet the solicitor for signing?

Or do we go to the solicitor to sign the Contracts, which will be sent back to the vendor's solicitor with Requisitions on Title and put it in the requisitions on title that we wish to now offer X for the price instead of the Y agreed?

Many thanks,

Alli
 
You also have the expected option of going ahead and completing the sale at the agreed price.

Buyers expect to spend money on a newly acquired house. One should only renegotiate the price, if there is something major which was hidden or not obvious e.g. wood worm or some structural issue.

Your post suggests that the items are minor - in which case, you should complete the sale at the price agreed.

Brendan
 
Thank you.

There are some minor issues, which we spotted on viewings and are fine with. But there is a fairly big issue, the central heating system. Having it checked with heating engineer, but from what we discussed over the telephone based on survey results he seems to think a couple of grands work will be involved in sorting.

Obviously until he sees it we don't know for sure, but just wondering if it does requires fixing, and as this may then be a big enough job, how do we attempt to renegotiate price? If it's ok, then we have nothing to worry about regarding renegotiating.

Alli
 
ps: and I guess you can say it was a hidden issue - EA raved about the top of the range heating system when selling us the place. In fact, the gas boiler is not even a standard UK / Irish boiler - very unusual Eastern European type, hence the concerns from heating engineer. also, a lot of water under the hot-press cylinder. So e seem to think it is going to be confirmed as a big issue.
 
As Brendan says, i think if its a minor problem its bad form, you can't be looking for money off for every little thing.
For something like a banjacksed heating system you probably can.
When I sold up a couple of years ago, the buyer negotiated a couple fo grand off from me at the 11th hour based on a minor enough issue on a drain inspection after having agreed the initial price.
Just call the auctioneer and explain to him and say you think "the price needs to reflect this issue", - it certainly wouldn't be done via the solicitor as would take forever going back and forth.
 
Thank you Raven.

Have no intention of playing silly games with anyone. We agreed a price we thought the place was worth, and factored in minor issues into this.

My question was that if the central heating system is in dire need or repair / replacement and this was never mentioned throughout the process, who do we go back to, EA or solicitor?

So it's the EA. Thats all I wanted to know.

Thanks again.

Alli
 
Until contracts are signed you can negotiate/renegotiate as much as you like.

And you are correct .... you do all this with the EA. When contracts are signed all business will be through your solicitor.

If you feel that a price drop is justified then fight for it .... after all it's your money!

Best of luck with it.
 
Hi Alli,

Did you renegotiate the purchase price and how did it go for you if you did?
 
You must log in or register to reply here.
Back
Top