So frustrating!!!

Thefutureisbright

Apologies if this is answered somewhere already but couldn't see anything to match exactly what I was looking for.

Long story as short as possible...we are in the final stages of this whole saga and we had to send off the Mine Interpretation report to the lender due to an old mine shaft being 20m from the property. It doesn't bother us as it's just the area we live in and there's minimal impact in the area, and any damage is covered by the Coal Authority blah, blah, blah.

I spoke to the lender today who said that they've had the report back from the surveyor who has now changed his valuation from £170k (our offer) to £160k due to the interpretation report.

I've now gone back to the estate agent with the revaluation and said we will offer valuation. She is going back to the sellers.

We have sold and have someone ready to move in, the people we are buying from are moving into a caravan as soon as we are good to go to do a whole 'Grand Design' project so really, I think we're in a good position.

My question is (and what I'm trying to convince myself!), are we actually in a good position? As a seller who is desperate to be out to start their project, would you take the £10k loss and accept valuation? We had our offer accepted back end of January so it's been going on for while (mainly due to us and our lender) so would you really risk turning down the new offer to have to put the house back on the market for this to come up again and again? I know I personally wouldn't.

If we don't go ahead with it or should they not accept our new offer, we will move into the mother in laws house until we find something else so it's not an issue for us and we won't jeopardise our sale.

What's the general consensus out there and what would you do??

TIA

anselld

You admit you have been setting the (slow) pace since January.
You accept there is nothing wrong with the house.
You come in with a 10k reduced offer five months into the process.
I would probably take my chances on finding a new buyer, the Grand Design will still be there a few months on.

Thefutureisbright

Thanks for the response.

The move date was always due to be around end of May and the sellers were aware of this from the very beginning so not much of a surprise for them there.

As I said, to us, were not fussed regarding the shaft as that's the area we live in. My question is not how much can we get knocked off the house because of this, that's not what it's about, but surely there's not much point in paying more for a house than it's worth?