Repairs allowance instead of revising purchase price

lxx

Updates:

Santander has just told me that the allowance is not acceptable and the purchase price has to be revised. Santander will fax my solicitor in this respect...within 5 working days! Getting really worried now!

mrginge

I am wondering why you're buying this dump.

Hoploz

Well are they really going to let this sale fall through because of this technicality? Santander will not lend unless they adjust the selling price. So you cannot buy. So they will need to go back on the market and find another buyer and wait another couple of months to get back to this point again. I think they will see sense!

I assume you're not at some sort of LTV % threshold which could be a problem?

lxx

mrginge wrote: »

I am wondering why you're buying this dump.

Because I could not afford anything else in that area

lxx

Hoploz wrote: »

Well are they really going to let this sale fall through because of this technicality? Santander will not lend unless they adjust the selling price. So you cannot buy. So they will need to go back on the market and find another buyer and wait another couple of months to get back to this point again. I think they will see sense!

I assume you're not at some sort of LTV % threshold which could be a problem?

Thanks Hoploz, Santander has told me the allowance is not acceptable and suggested me to ask my solicitor to contact the vendor's solicitor to revise the contract and reduce the purchase price

lxx

More suggestions?

lxx

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davidmcn

lxx wrote: »

Thanks Hoploz, Santander has told me the allowance is not acceptable and suggested me to ask my solicitor to contact the vendor's solicitor to revise the contract and reduce the purchase price

Have you done that, and do you have their response?

Thrugelmir

Between you and the vendors to resolve.

lxx

davidmcn wrote: »

Have you done that, and do you have their response?

My solicitor has written to the vendor's solicitor. Yet to receive a response.