Mortgage offer, do we need amendment for property price...

Minx1986

Not sure if this question should be in this forum of the buying-selling one, so thank you for reading in any case. My question is, we offered to buy a house for £415k and have a mortgage offer ready to go for 75%.

The seller has messed up as the land has 2 deeds, 1 small part of the garden is subject to probate which is now being contested, and the seller is now asking us to consider buying the property which they can sell, without the additional land at a reduced price, with the view to buy the additional land once probate sorted.

My question is, if we say we want a £15k retainer... On the basis they resolve it within 3 months... Do we have to renegotiate our mortgage offer.

Likewise if we say ok, we will buy the house for 400k and purchase the additional land later at the preagreed 15k, do we need to renegotiate our mortgage offer?

I'm assuming in this scenario, the mortgage company will only release the mortgage for 75% up to what we ultimatley buy the property for. And not above? And then we would need 15k cash to buy the land at the later date? How does the mortgage process work when people negotiate price changes so close to exchange?

TIA 

K_S

@minx1986 Yes you will need an amendment. It's not uncommon at all, and as long as you're not going up an LTV band, it's generally a straightforward process.