Buyers Asked for a Reduction

aggravatedseller

Hi all
I am sure this happens a lot, but cannot find any answers.
Out buyers have picked at some petty matters from a survey (obtained independently from the lender) and have wangled a reduction out of us.
From what I understand, our buyers have their mortgage offer from NatWest. They will of course have to go back to NatWest to inform them of the reduced buy price.
Any thoughts or experience on the below?

1. How long do NatWest typically take to amend a mortgage offer (at least it's getting cheaper, so NatWest will be lending less), in the current climate?
2. Will NatWest insist that the buyers re-apply for their mortgage? Or are they quite happy to just adjust the existing offer?
3. Will the buyers be looking at new credit checks in order to obtain this amended offer?
4. Will NatWest start asking for why it has been reduced, and therefore want to do further investigation? Or will they just accept the reduced buy price and be thankful they are reducing their risk very slightly (circa 1.2% reduction).
5. Will NatWest allow them to obtain this reduced price at their current product rate, or might NatWest insist on a product that is current (e.g. if what is on their offer is no longer available).

Thanks for any insights.

foxy-stoat

If they are borrowing less than before nothing they will just amend their paperwork and proceed probably over the phone.

They wont need to re-apply or ask questions why you have reduced the purchase price.

aggravatedseller

foxy-stoat said:

If they are borrowing less than before nothing they will just amend their paperwork and proceed probably over the phone.

They wont need to re-apply or ask questions why you have reduced the purchase price.

Thanks Foxy Stoat. Sounds very straight forward then.
Yes, they will be asking to borrow less, not more.
Thanks

Carrot007

Depends on if it was valued at the price they wanted from the mortgage company.

If it was to value you should not have reduced really. (minor nonsense just to get on with it is ok!).

If the value was less them it depends on the reduction and the new LTV being correct. Which of course sould again have been the reason, though in whihc case it would have been plite to tell you. (I would have wanted ther eport and valuation before agreeing to anything).

aggravatedseller

Carrot007 said:

Depends on if it was valued at the price they wanted from the mortgage company.

If it was to value you should not have reduced really. (minor nonsense just to get on with it is ok!).

If the value was less them it depends on the reduction and the new LTV being correct. Which of course sould again have been the reason, though in whihc case it would have been plite to tell you. (I would have wanted ther eport and valuation before agreeing to anything).

Thanks Carrot007
Desktop valuation was done and NatWest were OK.
Independent surveyor the buyers had commissioned was what got them asking for a discount. There was no valuation done in the independent survey however.
I am just hoping this doesn't add any length to the process.

Carrot007

aggravatedseller said:

Thanks Carrot007
Desktop valuation was done and NatWest were OK.
Independent surveyor the buyers had commissioned was what got them asking for a discount. There was no valuation done in the independent survey however.
I am just hoping this doesn't add any length to the process.

Should be fine then. Some surveys do not do a valuation if the bank does. (probably arranged as add on though the bank I guess (so not so independant but not to conflict!)?).

aggravatedseller

Thanks @Carrot007
Anyone know how long NatWest are taking to issue amended offers in the current climate? No progress yet!