Price renegotiation after mortgage offer

TrixA

We are buying a property and the mortgage is with HSBC. They did a basic valuation which came back ok, we received a mortgage offer which we signed and sent back, and have also signed the legal mortgage deeds and sent them back to our solicitor.

We have now had our own full structural survey done on the house which revealed some fairly significant issues. We've got quotes for the necessary repairs and think we have a good case to renegotiate the price. I'm confused about what this would mean in terms of the mortgage offer we have already received. Presumably the bank would need to send out a new mortgage offer? Is there any other parts of the process they would need to redo? How much of a delay are we letting ourselves in for? Other than this we are ready to exchange.

amnblog

Yes they will need to send a new offer.


Delay? anyone's guess with HSBC

Thrugelmir

TrixA wrote: »

Other than this we are ready to exchange.

Late in the day to start renegotiating the price if all other matters have been attended to. Why didn't you get a full survey at the outset. Would have made life far easier. Suggest you speak to HSBC asap.

Have you notified the vendors of your intentions?

TrixA

HSBC didn't offer us the option of a full structural survey, just a homebuyer's report. And we wanted to wait until the bank's valuation came through before arranging the structural survey as we didn't want to lose a further £600 in the event the valuation wasn't ok.

We have informed the vendors of the survey results and they know we're getting quotes, so I'm sure they're expecting us to come back with a revised offer.