It often happens that some problems with the building are flagged from a survey which the buyer is completely unaware of even being there. Ranging from structural issues, damp, timber and roof defects to mortgage companies even refusing because of the invasive garden species Japanese knotweed. So a bad survey can put a sour note on buying a new home.
If after finding out all the facts you still wish to continue, you may want to agree on a price reduction as a result of the survey findings and you are absolutely within your rights to do this. Your offer to purchase was ‘subject to contract’ and this includes the results of any survey you have undertaken. If construction defects have been identified then these may well affect the value of this property.
What will be the reaction of the Vendor and their Agent?
Estate agents are unlikely to be fazed by your appeal to renegotiate the price due to a ‘bad’ survey.
Furthermore, a buyer would not have known about such a problem in the first instance. So if you now learn about new information that could influence the property’s worth, it is not unreasonable for you to ask for a reduction.
After all, you aren’t committed to buying the house until contracts are exchanged – and if the surveyor considered there were problems then other buyers will too and the house will go back on the market.
How to Renegotiate a previously-accepted Offer
If you are serious about asking for a reduction in price after the findings by your independent RICS Chartered Surveyor, communicate this to the agent. The vendor may be accepting of the reasons behind the renegotiation.
Reasons for Renegotiation on Property Price in Wimbledon London
You can include a list of the major defects that were flagged up in the survey, the costs of repairing them, and then list the serious and urgent maintenance issues yourself (e.g. masonry in disrepair). There’s no need to supply a copy of the whole survey to either the estate agent or the vendor, however.
Add up the costs and then decide what sort of new offer price you think is reasonable. You might decide to claim for the entire cost of repairs, or you might come to a sympathetic sharing of the costs with the vendor. Including quotes from contractors can help to strengthen your proposal and your renegotiation chances if necessary.
If you need further guidance in this regard, get in touch with the team of surveyors for expert advice.
