Property undervalued & other Q's

GolfFoxtrot

I'm in the middle of my mortgage application and when it came to the valuation the mortgage company valued the property at £245k and we had offered £250k. They required some extra reports and told us that the value of £245 was because of some potential damp and electrical issues and once these are fixed it will be worth £250k.

We've now had someone look at these and have estimated its around £2k of work to correct. We sent the mortgage company these reports and estimates yesterday.

I have a few questions on what happens now:

• Will the mortgage company now make us an offer for £245k or reduce it further?
• Is there likely to be a condition on the mortgage that we complete this work?
• At what point should we try to re-negotiate with the sellers?
• Does anyone know if Skipton have a minimum time between exchange and completion?

Thank in advance

Thrugelmir

Start negotiating now. Why overpay? Through the EA advise them of the valuation.

GolfFoxtrot

We're not planning on overpaying and we expected the property to meet the valuation.

I'm just unsure if the mortgage company will further reduce the price now we have estimates for the work?