Persimmon withdraw deposit contribution offer

dexterlivi

Hi


Recently reserved Persimmon home in Yorkshire. House selling for 160K and we offered 149K. Developer told is they could not accept as this would influence future valuations of like for like houses left on development. They agreed to offer incentive of 5% towards our deposit giving us a total deposit of 15% with our own contribution. They also agreed to throw in carpets and vinyl's so we thought we had a reasonable deal. Anyway huge spanner in works when survey for mortgage valuation comes in at 10K less than selling price. We do some digging and find that house next to our reservation sold for 149K (identical property)which was also valued at 150K back in May. So developer knew that identical property to that we were buying had in fact been valued at 10K less. All of a sudden the offer they made seemed a little disingenuous(trying to keep it polite). We contacted the sales office and put this to them. We put in a revised offer of 149K which reflected the true value. This has been accepted but the 5% contribution towards the deposit no longer stands. Therefore there is now no incentive on offer despite the previous 5%.This has left us having to change mortgage supplier as the loss of the 5% towards the mortgage changes what products are available. They have offered to honour the carpets and vinyl's as this was in the original reservation/contract albeit so was the 5% which has now been withdrawn if the purchase cost is agreed at £149K.So much for stress free process when buying through Persimmon. Real shame that they have taken this stance as until this all was going exceptionally smoothly.

Thrugelmir

The gifted deposit would have been declared by the developer to the lender. So would have been adjusted for by the surveyor in arriving at the market value.

jamie11

I'm sorry. I can;t really see what you're complaining about, they offered you a deal on the original price they wanted then you reneged on that, (and I don't blame you,) but then you revised your offer which they accepted. A completely new negotiation. I think you;re lucky to still get the carpets and the vynils.

Have you learned the lesson............due diligence before making an offer for anything.

kingstreet

Who was your original lender?

Does it accept newbuild incentives?

If not, it would use the net price of the closest comparable, the £149k you mention and that would be it.

You were never going to get a property for the net price and then 5% on top.

ethank

You are lucky that they accepted your revised offer. There are lots of posts on here from people who have been asked to get a mortgage from another provider instead.

ging84

they offered you a deposit contribution of about £8k for you to buy it at full price
you then change your offer to 11k less and you still expect them to give you the 8k ?