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Who has renegotiated due to CV?

onetimeatponycamp
onetimeatponycamp Posts: 121 Forumite
Part of the Furniture 10 Posts Combo Breaker
in House buying, renting & selling
Just trying to get an idea of how many have done this so would love to hear from anyone who has attempted to renegotiate on price due to CV and if they were successful. How much by? And what situation you're in - is it an existing home or a new build from developer, are you FTB or not, is it HTB equity loan property and where is it located? Thanks in advance!
(For context, I'm a FTB pre-exchange on a HTB property and trying to decide how to proceed)
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Comments

  • bigmortgage
    bigmortgage Posts: 68 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    It's up to you. If it wasn't a new build I'd say it would be pretty bad form of you, but as it presumably is a new build HTB, then you can give it a go, I imagine they will be doing their best not to lose as many sales as possible.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Time to halt your buying process IMO, wait for the dust to settle.
  • unforeseen
    unforeseen Posts: 7,487 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Why would CV affect the value of the house? 
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    unforeseen said:
    Why would CV affect the value of the house? 
    Why would CV affect the value of stock markets, or liquidity in credit markets?
  • onetimeatponycamp
    onetimeatponycamp Posts: 121 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    bigmortgage said:
    It's up to you. If it wasn't a new build I'd say it would be pretty bad form of you, but as it presumably is a new build HTB, then you can give it a go, I imagine they will be doing their best not to lose as many sales as possible.
    Yes, and the consideration for me here is that HTB are inflated anyway, so even before this you were pretty much starting off with negative equity. The property is already completed so they will want to sell asap.
    On the other hand, I love the property and it's not a common sort for HTB. Plus presumably building will halt soon, so once things start moving again there will potentially be a bit of delay on HTB properties coming to market so they might be more in demand? As I'm buying in the SE close to London prices won't drop enough for my deposit to be worth 10% for a non-HTB property.
  • homeless9
    homeless9 Posts: 375 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    I am buying New Build HTB. But I already asked for a 8% discount off the original asking price BEFORE all this virus stuff happened, so not going to ask for more off. I am also in South East.
  • unforeseen
    unforeseen Posts: 7,487 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Crashy_Time said:
    unforeseen said:
    Why would CV affect the value of the house? 
    Why would CV affect the value of stock markets, or liquidity in credit markets?
    Because there a shedload of other factors affecting those things. 
  • timeism0ney
    timeism0ney Posts: 143 Forumite
    Eighth Anniversary 100 Posts Photogenic Name Dropper
    edited 25 March 2020 at 4:44PM
    Our valuation has been postponed by 3 weeks. If it's a down valuation then we'd be looking to negotiate and bring the price down to match the valuation.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    unforeseen said:
    Crashy_Time said:
    unforeseen said:
    Why would CV affect the value of the house? 
    Why would CV affect the value of stock markets, or liquidity in credit markets?
    Because there a shedload of other factors affecting those things. 
    ? Are you saying that house prices operate in isolation to the rest of the economic eco-system?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    https://www.dailymail.co.uk/money/mortgageshome/article-8150803/House-price-growth-slows-market-braces-coronavirus-slump.html
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