Surveyor has said that the ceilings all need re-plastering, the chimney needs re-flashing and some sections of outside wall need re-pointing. Yet to get any quotes but could see it being 10k+ of work.
How does one go about negotiating on the purchase price?
Had an offer accepted on a first house. Victorian semi that's been a rental for a decade so needs some work.
We are sort of in a similar position. We're in the process of buying a Victorian property ourselves. Fortunately, it wasn't a rental and the vendors have refurbished the whole property to a high standard. There are only a couple of small serious issues (category 3) that needs to be addressed immediately before we exchange. Total work probably less than £1k and the vendor has already said they would address them.
The surveyor also put the market value £18k less than what we're paying. However, he understands why we're paying it because all the interior fixtures is to a high standard. He said if we don't maintain the same standard and try to sell in the short term, especially if the market hardens, it will be difficult to get the price we paid.
In the end we didn't want to rock the apple cart because the vendor is addressing the issues and we know the market for that area. At the end of the day personal value is not the same as market value.
My only advice is, it's worth investing in a decent conveyancing solicitor. We paid a premium going with a local solicitor's firm but it's been worth every penny so far. We looked at some of the communication between ours and the vendors, who are using Conveyancing Direct, an online one, and it's jokes. You want someone who fights your corner well. Also being able to drop off any paperwork in person rather than having to rely on the postal system is a bonus.