Moving house...seller taking summer house

Irishpearce26

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.

Each lender I guess will have different admin processes, some will note the change but not issue a new offer and some will send out a new offer with the new price. In my case my LTV product didn't change as my LTV rose up by 1% but well within the 85% product we were in (81% LTV). I am aware from my research on this forum before I informed them that someone who had a £1k reduction had their completion day delayed as the lender wasn't aware of the price change and wanted to process the numbers to see if things would change. It didn't but it delayed their agreed completion date by 1 day and as they breach contract they had to pay their sellers removal costs x 2. Better safe than sorry was my point but in this case as you say more of a just letting you know rather than a new product offer being issued.

Charrrb

brewthebear said:

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. 

Of course that has occurred to me. But it also occurs to me that the seller is buying a new build that is ready to move into in March, that they have repeatedly said they are trying to avoid the stamp duty deadline and that their property had been on the market for some months prior to us making an offer so I think they will be reluctant to just re-list and risk not having any other interest until months down the line for the sake of leaving their summer house for the £500 that I am willing to offer them. It certainly isn't a one way street but at the moment, it's a buyers market and they appear to be in a position where they need to move imminently and I'm going to take advantage of that by offering them £500 to keep in place what they once said "was highly likely to stay" when they probably had no intention of doing so 

moneysavinghero

Personally i think that the seller will be getting s-s-s-s-s-summer house sadness if they don't just take the £500 and leave the summerhouse in place.

Irishpearce26

moneysavinghero said:

Personally i think that the seller will be getting s-s-s-s-s-summer house sadness if they don't just take the £500 and leave the summerhouse in place.

haha the frustrating thing about this as someone mentioned before, they would probably end up leaving it as it would be a nightmare to shift. I think they will sell it but OP has blurred the value with the mention of a £3k reduction if they don't sell, they count counter offer with £1K price. I've had a look online and there are some very nice summer houses for £1500 just don't go to John Lewis!

GDB2222

I'd have offered nothing extra, myself. (Flexes muscles.)

lookstraightahead

brewthebear said:

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. 

I think you mean seller? (Where you would stick to your guns)
Relisting hmmmm I think the seller has a lot more to lose. 
Maybe they're moving the fish pond as well.

AdrianC

Seriously?
A shed that would be £3k - at most - brand spankin, but has been there for an unspecified number of years... and we're debating reapplying for the mortgage over £500... or walking away from the purchase.

FTB, y'say? Who'd have guessed...

Cuddlybearman

Same thing happened to my brother - seller made a big deal about buying their shed and he got himself in a state. I told him to tell them he didnt want the shed (even though he did)

Low and behold when he got the keys - shed was still there....

Irishpearce26

AdrianC said: 

Seriously?
A shed that would be £3k - at most - brand spankin, but has been there for an unspecified number of years... and we're debating reapplying for the mortgage over £500... or walking away from the purchase.

FTB, y'say? Who'd have guessed...

This guy! Misses the detail from the beginning and comes in swinging. 

unforeseen

Don't forget, if they take the summerhouse, they are probably going to end up trashing the garden in the process, so a bit more of a reduction is needed to compensate for that.