First time buyer advice please

Zelly80

We are close to exchanging on a property which we have been dealing with since last year October. It's been a long and drawn out process and really I'm at wits end. I'm told thats normal though 😃.
Anyway to cut a huge long story short we were given a full and formal mortgage offer from Nationwide which is great.
However the seller is keeping part of the garden. This is something we are ok with as we are still left with about 60ft of garden and he has around 20-30 ft. He won't disturb us in anyway as he has access from the back of the garden and i suspect the worst he could do is build a shed or something. I wasn't exactly over the moon about this but it didn't put me off the house.
My solicitor is only now raising this with the lender. We have had basic lender valuation done a while back and I'm assuming the surveyor would have taken the garden at the size he saw it at the time. Which is what it will be at the point of sale.
I'm worried however that with this new information the bank will decide not to lend.
My solicitor seems to think it won't be a problem but says we can't exchange until we have the go ahead from the lender. She is asking for the deposit so im seeing this as a good sign still as I feel if she thought it was going to be negative then she would ask to wait.
Can anyone give me any advice as I'm so nervous now. Again !

Thanks in advance

kingstreet

It will be referred to the original surveyor for an opinion if the valuation is affected.

It will take four to five working days, on average.

Zelly80

Thanks for your reply. I have been told it would be passed to the valuer. I your experience do you think it would alter the original valuation? Bearing in mind the last valuation was done in November 2014 and since then I am assuming it wouldn't have decreased in its saleable value. If I look currently I can't find anything for the same price as what we are paying.

kingstreet

No idea. Sorry.

Zelly80

Thanks for the reply just have to sit tight for now solicitor thinks it should be ok ��

Let_Us_See

Were you aware at the time of purchase the vendor wished to retain part of your garden? If so, the new boundaries should have been established as part of the sale process. If not, I hope you have agreed suitable remuneration?

I do not think it will make a huge difference to valuation, but maybe important if you are on a particular tight LTV?

Zelly80

Yes he told us from the onset and tbh We are ok with it. Nationwide sent the surveyor out shortly after our offer was accepted and the fence was already up at the end of what formed part of the sale. I'm told by the EA that on the day the surveyor queried the other side of the fence and apparently he told him that did not form part of the sale. So in theory the lender would have made the offer based on what he saw. The land has been portioned off legally and a deed has been produced which my solicitor is happy with.
I hope they keep the original offer as we have 90% mortgage and would be in difficult territory if they backed out now. To add to matters we are going to be made effectively homeless at the end of the week !
Nice with a 2 yr old and one on the way ! Fun times )

Zelly80

Just an update for those who kindly gave advice the mortgage company didn't change the offer so we are good to go !