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hugebelly

House Price Negotiation Advice Needed Please

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Our offer for 305k was accepted at the beginning of May of a 3 bed victorian house in zone 4 , London.

On the border of London and Kent.

We got a survey done that valued the property at 300k. Then we got another survey done that said there was some damp

that need about 1k worth of work doing to rectify as well as another 3-4k worth of structural work that was needed.

The surveyor also said he didnt have access to the roof and so couldnt say whether there was any work needed doing there.

We tried to re-negotiate the price lower but the vendor would only move to 304k

We were then informed by our solicitor that the vendor hadnt paid a double glazing bill dating back to the mid 80s.

There was a charge against the property that couldnt be removed without a Court Order. We couldt get a mortgage against the

property until the charge was removed. The Court Order couldnt be granted until a Court hearing that would take place

in 3 months time. This was all due to the fact that the double glazer had died and apparently he hadnt left an heir.

Due to the fact that we couldnt complete for 3 months we made a revised offer of 285k which was immediately rejected by the

vendor's estate agent. The vendor's estate agent (very pushy) has since put the property back on the market

(well, online - there is no "for sale" sign outside the house, we have looked).

We have heard from our solicitor that the charge against the property will be removed next week as

an heir to the Double Glazer has since been found who can sign the relevant document to remove the charge.

We would like some advice as to how to proceed please? We have noticed a few more properties arriving onto the market

and communication with the vendors estate agent has now broken down.

Edited by hugebelly

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Hi Hugebelly any chance of a link to the property (rightmove?)

My gut (also hugebelly) feeling would be move on, property prices are only going down in valuation. (However we would say that)

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I'd second that, forget it and move on. If you really want to, make contact with the estate agent one last time to say that you're not prepared to wait any longer until the end of the week and that if your revised offer is not accepted by then you will withdraw it. You have nothing to lose by doing so and could possibly save yourself £20k by making one phone call.

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Personally I would have walked away at every stage, the last thing you want to be doing when spending way over a quarter of a million pounds on anything is going in to it knowing there was major structural work or there was a charge on the property.

Ignore the opinion that prices are set to go down that is speculation (not saying it's right one way or the other), stick to the facts the house isn't worth as much as they are asking for it so you shouldn't pay a penny more than you want to for it.

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  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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