Buying property

Npatel_2

Hello
I'm in process of buying a house? But the bank valued the property at less price than its on sales? Also the property has got extension done at the but the seller does not have any knowledge about the planning permission regarding it? seller says that when they bought the property the extension was already there? So my question is
1.Shall I ask the seller to reduce the price and buy at the valuation price quoted in by the bank
2. Does there any problem later on with the council regarding not having proper planning permission

Cakeguts

You can ask the seller for a reduction but they don't have to give you one. What you normally have to do is to make up the difference between the mortgage valuation and your offer out of you savings.

cashbackproblems

With the way the market is, the last thing you want to do is overpay when brexit is going to cause a fall in prices. This is a blessing, use it to renegotiate down by equal/more than the difference, the seller will know other buyers will have the same problem and post brexit it will be harder for him to obtain the same price

The extention issue, if no proper permission you could be asked to take it down one day

iantojones40

Cakeguts wrote: »

You can ask the seller for a reduction but they don't have to give you one. What you normally have to do is to make up the difference between the mortgage valuation and your offer out of you savings.

What dreadful advice, especially in the current post-brexit situation.

O.P. you've got a couple of perfectly valid reasons to renegotiate the price and if the vendor refuses to budge I would almost certainly be walking away if I were you.

Davesnave

cashbackproblems wrote: »

The extention issue, if no proper permission you could be asked to take it down one day

Incorrect. If it's been there 4 years and that can be proved, the council cannot ask you to take it down due to lack of planning permission.

However, if it was not built according to building regulations, there is no time limit for enforcement action, although in practice only hazardous structures would need demolition.

If it wasn't built according to building regs, and these were operative at the time, the vendor will have no way of proving that the extension is constructed properly. This makes it worth less, since it could, for example, have inadequate foundations.

Have you had a survey of any kind done? A valuation is just that, not a survey. The person doing it will have assumed the extension is OK.

Of course it might be, if built a long time ago.

Cakeguts

iantojones40 wrote: »

What dreadful advice, especially in the current post-brexit situation.

O.P. you've got a couple of perfectly valid reasons to renegotiate the price and if the vendor refuses to budge I would almost certainly be walking away if I were you.

What has Brexit got to do with the choice of the seller to say "no"?

NewHomeOwner_2

cashbackproblems wrote: »

With the way the market is, the last thing you want to do is overpay when brexit is going to cause a fall in prices. This is a blessing, use it to renegotiate down by equal/more than the difference, the seller will know other buyers will have the same problem and post brexit it will be harder for him to obtain the same price

The extention issue, if no proper permission you could be asked to take it down one day

Ahh another day, another thread where you express opinions as facts. No one know what house prices are going to do. No matter how desperate you are for them to go down. I think what you mean is prices might go down.

iantojones40

Cakeguts wrote: »

What has Brexit got to do with the choice of the seller to say "no"?

The seller is perfectly entitled to say no to any offer at any time, but I think it's fair to say most genuine sellers will now be more open to negotiation in light of the post-brexit uncertainty.

I'm more concerned with your statement of fact that it's normal for a buyer to make up the shortfall in an undervaluation from their own savings rather than renegotiate a revised price, please can you provide some evidence to back up your claim.

Davesnave

iantojones40 wrote: »

The seller is perfectly entitled to say no to any offer at any time, but I think it's fair to say most genuine sellers will now be more open to negotiation in light of the post-brexit uncertainty.

Falls didn't happen with that sort of speed at the start of the 2008 Crash, so why should they do so now?

As someone who sold in 2008, went into rented and then sought a bargain in the depressed market of the time, I experienced first hand just how long people take, adjusting to a new situation.

I suspect there will be a large element of 'wait and see.'

Maxwell007

Whats the location of the property !?!?
A property is only worth what the other person is willing to pay for it . . .
A 1bed 400k London flat pre bexit sounded good but now its worth 375k hahah,


this week rightmove and other sites have the most reduced propertys ive even seen . . .

kilby_007

Maxwell007 wrote: »

Whats the location of the property !?!?
A property is only worth what the other person is willing to pay for it . . .
A 1bed 400k London flat pre bexit sounded good but now its worth 375k hahah,


this week rightmove and other sites have the most reduced propertys ive even seen . . .

It's when a 1 bed flat for 16 times the average salary seems like a bargain that you know you're in a bubble! Crazy :rotfl: