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Is it unreasonable to ask our vendor to cover the costs of a re-evaluation?
wateva
Posts: 47 Forumite
Hi All,
We have been waiting for our vendor to find her onwards purchase for three months now but currently she has found nothing. Seeing as our mortgage expires next month and our mortgage advisor states a re-evaluation of the property maybe required for an extension, do you think it's unreasonable to ask vendor to either cover the cost or reduce the value of the property to take into account the costs paid for the valuation?
I know the amount maybe peanuts in the grand scheme of things but we have paid out for an basic valuation and additional structural reports just to satisfy the lender. At the time the estate agent would not formalise the sale until mortgage offer was in place, once it arrived after so much endless nights of worry, we are told vwndor is still actively searching. Three months on and with the offer of completing and renting to vendor as well as an early completion bonus suggested, we are no closer.
What would you advise?
We have been waiting for our vendor to find her onwards purchase for three months now but currently she has found nothing. Seeing as our mortgage expires next month and our mortgage advisor states a re-evaluation of the property maybe required for an extension, do you think it's unreasonable to ask vendor to either cover the cost or reduce the value of the property to take into account the costs paid for the valuation?
I know the amount maybe peanuts in the grand scheme of things but we have paid out for an basic valuation and additional structural reports just to satisfy the lender. At the time the estate agent would not formalise the sale until mortgage offer was in place, once it arrived after so much endless nights of worry, we are told vwndor is still actively searching. Three months on and with the offer of completing and renting to vendor as well as an early completion bonus suggested, we are no closer.
What would you advise?
0
Comments
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On the assumption you haven't exchanged.You can try. I suspect you'll get a two word response. One of which will be "off".0
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You should have made your offer subject to her exchanging within the 3 months. She has no incentive to get her backside into gear.
As above though. You can ask but she can soon tell you what to do.Eat vegetables and fear no creditors, rather than eat duck and hide.0 -
I would tell you where to go.0
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Whatever you do, do not pay for a re-valuation and get another mortgage offer until there is some kind of movement from your vendors. It will undoubtedly be another waste of money.
I would recommend starting to look around for another property, as you do not appear to have a seller who is at all motivated to sell.
General advice is to not spend any money until the chain is complete (easier said than done, I know!) but certainly do not spend any more money until everything is in place.
Hope it all works out for you.0 -
I agree with above. You will have to pay but don't even consider doing so until the chain is complete above you.0
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