First Time Buyer - Need some advice on how to proceed post Valuation

pjrea

Hello Forum,

I'm currently going through mortgage process as a first time buyer. I offered £81500 and the offer was accepted. Went through mortgage application with Nationwide, decision in principle went through fine, with affordability passed and deposit in place, on 90% LTV.

The valuation has come back and is quoting a valuation of £80500 + the house has a drain problem (waiting on home buyer report for specifics). Just looking some advice on how to process as Nationwide won't offer mortgage unless drain problem fixed and revaluation done. I'm restricted as I don't have the extra £1000 to spare to make difference between mortgage amount and offered amount. Should I change offer to £80500 & ask for drain issue to be resolved or offer the £80500 & pay for drain repair, or just try to get the extra £1000 and offer £81500 dependant on drain being fixed.

Really appreciate any help you can give!

da_rule

If they won't lend without the drain being fixed then that needs to get done ASAP. Ideally you don't want to pay as you could lose the money if the transaction doesn't complete. If it's a problem that makes it difficult to get a mortgage then it may be in the sellers interest to get it fixed. Then you could stick to your original offer.

xyz123

You need to negotiate with seller to reach a compromise. On the other hand , if you are struggling with £1000 at this stage please ensure you understand the risks of buying a home, all expenses that go with it (broken boiler alone can cost as much as £1-2000. and gave a realistic plan for any contingencies...

amnblog

It's the sellers problem to sort. Don't make it yours.

pjrea

It's more so I have money set aside for emergencies such as you say, so that I'm able to live in the property and account for any unforeseen expenses. I'm just not 100% as to whether I approach Estate Agent directly highlighting home buyer report or it is done through solicitor. It's not very clear cut.

xyz123 wrote: »

You need to negotiate with seller to reach a compromise. On the other hand , if you are struggling with £1000 at this stage please ensure you understand the risks of buying a home, all expenses that go with it (broken boiler alone can cost as much as £1-2000. and gave a realistic plan for any contingencies...