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Renegotiating post-survey
UTA
Posts: 10 Forumite
Hi All,
First time post here as haven't been able to find similar question anywhere...
Basically, I'm in the process of buying a home that is part of a corporate sale and has been empty for a fair while. I had the homebuyer survey completed and they advised that the utilities (gas, electric etc) should have a service completed ahead of exchange incase there is a requirement for repair/replacement etc.
Whilst waiting for the boiler and electrics to be serviced (at my expense) I had my formal mortgage offer through (obviously good news!), but my mortgage is up to the max LTV I could get, and I have since found out that the boiler needs replacing and that the electrics are unsafe - the quotes to cover both is £3k.
I'm after some advice on how best to negotiate this with the corporation selling the house, as I see two possible options;
1- renegotiate the purchase price and have to reapply for a mortgage as the reduction in house price will take me over my max LTV
2- ask the seller to contribute to the costs - can this be written in to the contract at point of exchange and agreed to be paid to myself or the company completing the work?
Are there any other options that might help? It helps me most to have them cover the costs as a reduction in selling price will only leave me with a small cash amount left over (due to the LTV) and minimal reduction in mortgage...
Any suggestions or experiences would be greatly welcome!
First time post here as haven't been able to find similar question anywhere...
Basically, I'm in the process of buying a home that is part of a corporate sale and has been empty for a fair while. I had the homebuyer survey completed and they advised that the utilities (gas, electric etc) should have a service completed ahead of exchange incase there is a requirement for repair/replacement etc.
Whilst waiting for the boiler and electrics to be serviced (at my expense) I had my formal mortgage offer through (obviously good news!), but my mortgage is up to the max LTV I could get, and I have since found out that the boiler needs replacing and that the electrics are unsafe - the quotes to cover both is £3k.
I'm after some advice on how best to negotiate this with the corporation selling the house, as I see two possible options;
1- renegotiate the purchase price and have to reapply for a mortgage as the reduction in house price will take me over my max LTV
2- ask the seller to contribute to the costs - can this be written in to the contract at point of exchange and agreed to be paid to myself or the company completing the work?
Are there any other options that might help? It helps me most to have them cover the costs as a reduction in selling price will only leave me with a small cash amount left over (due to the LTV) and minimal reduction in mortgage...
Any suggestions or experiences would be greatly welcome!
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