Moving house...seller taking summer house

Irishpearce26

Also if they do agree to sell it to you. Either ask for the F&F form to be amended that outlines it’s staying and the price you are paying or have email communication via the EA as proof of sale. 

GDB2222

Won't a change in price mean a new mortgage offer?

Irishpearce26

GDB2222 said:

Won't a change in price mean a new mortgage offer?

Yes you are correct.

UnderOffer

I’m wondering if your offer was a little lower than they would have liked and therefore they’ve decided to not include the summerhouse. It’s a shame they didn’t say that at the time of accepting, as you could have negotiated at the very beginning. 

Mickey666

Irishpearce26 said:

GDB2222 said:

Won't a change in price mean a new mortgage offer?

Yes you are correct.

For £500 difference?  That would be madness.

Irishpearce26

Mickey666 said:

Irishpearce26 said:

GDB2222 said:

Won't a change in price mean a new mortgage offer?

Yes you are correct.

For £500 difference?  That would be madness.

Any change to the price you pay for the house that is being paid for by mortgage loan the lender needs to be notified if not it’s classed as mortgage fraud the reduction could change the LTV product. The best way would be to pay them cash. We had a £3k reduction notified the lender and as it didn’t change the LTV all is ok.

Mickey666

Irishpearce26 said:

Mickey666 said:

Irishpearce26 said:

GDB2222 said:

Won't a change in price mean a new mortgage offer?

Yes you are correct.

For £500 difference?  That would be madness.

Any change to the price you pay for the house that is being paid for by mortgage loan the lender needs to be notified if not it’s classed as mortgage fraud the reduction could change the LTV product. The best way would be to pay them cash. We had a £3k reduction notified the lender and as it didn’t change the LTV all is ok.

Notification is rather different to a 'new mortgage offer', which is what prompted my question.

Also, any change to the agreed price MUST affect the LTV, by definition (whether it's paid in cash or not).  Whether the change in LTV is deemed significant is a completely different matter but, using your example, a £3k reduction in price MUST have changed the LTV, albeit presumably not by enough to concern the lender . . . . which was my basic point.

GDB2222

Would it be better to offer to pay £500 for the summer house, as a separate transaction?

brewthebear

Rather naive to presume Is the problem being a FTB you expect everything to be as it seems. You clearly say it was not listed in details, I think it’s unrealistic to expect £3k off price but only willing to offer £500,if it stays,where the logic in that. As a buyer I would stick to my guns and say if your not interested in buying I’ll relist it.
Has that occurred to you  ? It’s not a one way street with you having the upper hand,If you really want the house just but it and buy a shed later to put there. 

pinkteapot

GDB2222 said:

Charrrb said:

The summerhouse is still put at the moment. They have said they plan to move this in the days before we exchange

Personally, I'd have simply pulled out of the purchase if this was done to me. 

I understand the sentiment, but sometimes it's better to be a bit more pragmatic. Something about our house was changed at the very last minute (affecting value slightly, in our opinion) and while it left a bitter taste, we decided to go ahead because we'd been looking for some time, and in the time since offering nothing else we liked had come to the market. We're in a slow market area so you can wait an age for the right house. On balance, the house was still worth having. Even though I wanted to pull out on principle because the vendor had annoyed me!