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Fixing required following survey

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otmotm
otmotm Posts: 35 Forumite
10 Posts Name Dropper First Anniversary
in House buying, renting & selling
Hi all,

Quick question. Our buyer has done a Homebuyer survey and following that, due to some fixing to be done, we agreed to reimburse the buyer £1500 prior to our exchange. Is this something that the buyer will then need to inform his bank about or how is this normally managed? Their solicitor is saying that this needs to be informed to the bank and could delay the exchange process?

Thanks in advance for your advice!

Comments

  • greatcrested
    greatcrested Posts: 5,925 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 22 October 2020 at 1:45PM
    How/why you are 'reimbursing the buyer'? Has the buyer paid to fix things in your house?!!!!
    The normal process would be for you to reduce the sale price by £1500 and the buyer fixes things after he becomes the owner.
    And yes, any change in the sale price needs to be reflected in the contract and the buyer's lender needs to be informed.
  • otmotm
    otmotm Posts: 35 Forumite
    10 Posts Name Dropper First Anniversary
    @greatcrested Thank you for clarifying this! Would this take a long time to be processed by the lender?
  • greatcrested
    greatcrested Posts: 5,925 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Who nows? Depends on the lender. Depends on Covid/staff shortages. Depends on......
  • otmotm
    otmotm Posts: 35 Forumite
    10 Posts Name Dropper First Anniversary
    Oh gosh... So there is always a chance that something like this could potentially cause a delay in the overall process. I was hoping for this to be as straightforward thing.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    otmotm said:
    Oh gosh... So there is always a chance that something like this could potentially cause a delay in the overall process. I was hoping for this to be as straightforward thing.
    It might be a straightforward thing.
  • otmotm
    otmotm Posts: 35 Forumite
    10 Posts Name Dropper First Anniversary
    @davidmcn Thanks so much for sharing your thoughts on this :smile:
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