Negotiating advice

ginger_lion

Hi
We have been advised by the EA to speak to our solicitor about this but can't get hold of him today, so thought some of the very wise people on here might have an opinion:

We had offer accepted at 101k. Getting 95% mortgage. Mortgage valuation brought up number of items of concern and max. amount we can get is 95% of 98k.

Had specialist reports - work required comes to a total of £1,100. We know that if vendor agrees to do work we can get the full 101k. The question is, what if they don't want to do the work? Can we go back to mortgage lender/valuer and ask if we can have mortgage at 95% of £99,900 - i.e. minus the £1,100 for the works? Then ask vendor if they will accept that offer?

Thanks for reading

rach29

I doubt your mortgage lender would do this, remember, their valuation has come back at £98k so that is what the surveyor deems the house is worth. (some surveyors value quite harshly when you borrow high percentages ie 95-100%)

I would suggest you go back to the vendor & ask them to reduce to £98k or get the work done themselves (you may need to get a new valuation from the mtg company if they take the second option)

Alternatively you could ask them to split the difference with you & pay £99.5k and get the work done yourselves later.

Good Luck