Dealing with survey findings....

[Hazymoonshine]

I could do with some advice please.

Had a pre-purchase survey done on a 34ft yacht and it turned up a weeping fuel tank, cutlass bearing at the end of its life and frozen sea cocks. At least these were the key things.

Having obtained estimates for the a fuel tank replacement and cutlass bearing replacement the vendor, as advised by the broker, has offered to pay half these costs.

On the other hand the surveyor reckoned that I should certainly expect the vendor to make the fuel tank and cutlass bearing good before sale, or at least make a price adjustment that equaled that.

I would really appreciate any thoughts or guidance.

Many thanks

H

 

[fireball]

If the vendor has already offered to pay 1/2 then you might be able to negotiate a little more - it depends on the value of the boat and how it is priced compared to others of other similar ones.

Did the surveyor have an informal chat with you about how he felt the boat was valued?

 

[john_morris_uk]

There is no easy answer - it depends on how the boat was priced to start with.

i.e. if it was already at a knock down price, you are unlikely to get any more off. If it was priced as a perfect example, you might get all the costs knocked off.

There is no precedent in these matters - you have to come up with a deal that you are happy with.

 

[srp]

Fixing half a leak in a fuel tank, and replacing half a cutlass bearing isn't really going to work. What's he going to do about the sea cocks?
Maybe go back to the brokers and ask him straight how many other buyers are queuing up to buy it.
Any of these 3 faults mean that the yacht isn't really seaworthy - if he wants to sell it he needs to sort it.
You could probably do the seacocks and cutlass bearing yourself in a few hours (if its out of the water). The fuel tank could be expensive though.

 

[Hazymoonshine]

Thank you, very useful.

The price certainly isn't discounted beyond replacement standing rigging which I am happy to accept. The fuel tank and cutlass work is estimated at £1500 which is quite material I feel!

There are the usual dozen or so other things noted in the survey, but I am reasonably happy to take those on myself - eg stern gland running hot and needing repacking.

Much appreciated, thank you.

H

 

[pyrojames]

How much do you want the boat? How much does he want to get rid of it?

That is really the crux. You can ask all you like to have him pay, but if he isn't in a rush to sell and you have fallen for the boat, then you don't have much choice. Alternatively, if you have other options to look at, then you only have to consider the wasted money on the survey.

 

[LadyInBed]

A related thought:
If you decide to pull out of the purchase
- Do you get your deposit back
- If not, who gets the money
- If yes, can seller and broker deduct costs
- does the answers to the above change if it is just a verbal intent to purchase.

 

[pyrojames]

Depends why you pull out of the purchase. If it is a bad survey, you should get your deposit back, but not the cost associated with the survey.

If you pull out becuase you just don't like it anymore or you think you have found something better, then you will loose your deposit. This typically gets split in some manner bewteen the broker and the seller.

 

[Nick_Pam]

I am no lawyer but........

I would have thought a leaking fuel tank and a knackered cutlass bearing could be construed as material defects not disclosed prior to survey, resulting in return of deposit.

Frozen sea-cocks are more likely to be defined as "fair wear & tear" and open to negotiation.

Nick

 

[pyrojames]

Fuel tank yes, cutless, maybe. It is obviously something that wears. All a matter of how knackered!

 

[Hazymoonshine]

Thanks again, all very useful. I'll let you know how things finally pan out.

H