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House price renegotiations
Cruelemort
Posts: 107 Forumite
This may have been asked several times before but not sure how to try to find the answer.
I have had an offer agreed to buy a house (say £200k) and have recently found out that a full rewiring will be required within the next two years (say £4k) so I am planning on asking the vendor to pay half the cost of the rewire. My question is, if i have a mortgage agreed for £200k but we negotiate the house down to £198k, will i still get the full 200, keep the 2k to then do the work required, or will the bank only give me 198 and insist i get a personal loan to do the work?
I have had an offer agreed to buy a house (say £200k) and have recently found out that a full rewiring will be required within the next two years (say £4k) so I am planning on asking the vendor to pay half the cost of the rewire. My question is, if i have a mortgage agreed for £200k but we negotiate the house down to £198k, will i still get the full 200, keep the 2k to then do the work required, or will the bank only give me 198 and insist i get a personal loan to do the work?
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Comments
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You have a 100% mortgage currently agreed?0
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No i was just simplifying the numbers. Say the actual price is 250k, i have a 50k deposit, so the mortgage is 200k, am gonna try to renegotiate the sale price down to 248k.0
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Re-wire in the next couple of years,why not now,either it does or it does'nt.Official MR B fan club,dont go............................0
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I havent said i am going to do it in a couple of years, i said that i recently found out it will be required within the next couple of years, i am planning on doing it immediately, the problem is i wont have the money to do it because i will have just bought a house. So my question is whether i will get the cash from the bank still (so i CAN do it immediately) or whether i will just end up with a smaller mortgage and require a personal loan instead.0
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Don't worry, we can handle the proper ones.
If the purchase price is £248k and your mortgage for 80%LTV, they'll lend you 80% of £248k.0 -
Damn, against what i hoped. So even if i do negotiate the price down it will not help me with doing the rewiring now.
Thanks for the response0 -
No because what you pay is the value.
Say you negotiate even harder and get the price down to £200k. Do you reckon the lender will still give you a £200k mortgage?0 -
Would you somehow be able to get something to say the price is 250k but the seller agrees to give you 2k cash back?0
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DannyboyMidlands wrote: »No because what you pay is the value.
Say you negotiate even harder and get the price down to £200k. Do you reckon the lender will still give you a £200k mortgage?
Well that is what i was asking. I dont know if mortgage lenders have clauses in place that allow you to do this. Apparently they do not.0 -
Good_Money wrote: »Would you somehow be able to get something to say the price is 250k but the seller agrees to give you 2k cash back?
This is something else i was wondering, not sure the legality of this though...0
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