House buying nightmare - buyers over offering and surveyors down valuing

LittleDrum

BecsMags said:

Natbag said:

Oh you're the buyer, apologies. In that case, it puts you in a good position. The seller could try to get a better offer from another buyer, but they risk delaying the whole process (and possibly having to pay stamp duty later) and they also risk the next buyer's mortgage lender under-valuing it by just as much or more. It depends how much they want to move or how much they want the house they are buying and their own finances, and maybe then can renegotiate down a little on that to narrow the gap. But from experience you are definitely in the stronger position here.

Thank you Natbag, that is reassuring. That's what we keep telling ourselves. We have a mortgage offer in hand and are good to go. Putting it back on the market could see them in the same position and just draw the whole thing out. Plus with sd holiday ending prices will start to come down I think. 

We are still waiting to hear an answer, I guess it is something that it is not an outright no! 

You have a mortgage offer on this property? Or AIP?

Was it the mortgage lender surveyor or a homebuyers report that gave you the valuation? 

AdrianC

Voyager2002 said:

BecsMags said:

As we have kids that travel on buses to school, we can't move too far. Ashamed to admit I don't drive, so rely on public transport for schools and work. The eldest child coming into GSCE year, and son is under amazing SEN care at current school, moving schools is not really an option. 

Where we currently rent is great for us, so we are okay for the time being! 

Just waiting for that phone call to let us know the outcome!

Not driving is a reason to be proud rather than ashamed: you are doing your bit for the air quality of your community and helping to pay for bus services for all those who cannot drive for whatever reason. Plus, within inner London not driving is being practical rather than getting a status symbol.

The OP isn't in inner London.
The London-Essex borders are a little way outside the North Circular around the M11, but as far out as the M25 from Brentwood almost all the way to the Thames.

Not driving may have benefits in some areas, but those who can drive can choose whether to or not.
Those who can't don't have that choice when - inevitably - in many other areas it's an essential life skill that resolves a lot of problems.

In this instance, it's one part of a major restriction to the OP's house-hunting. Whilst it would be lovely for everywhere to have viable public transport, it simply is not always the case.

The OP doesn't say whether not being able to drive is simply because they've never learnt - which would be easily rectified, if required - or because of a medical restriction on getting a licence.

BecsMags

Thanks all. Think we are going to go away and lick our wounds for a bit, keep saving and keep an eye out. Hoping house prices drop in a month or so when the SD holiday frenzy dies down (hopefully!)

The estate agent is my new best friend  They told us how much abuse they get each week from people, I think they find people who have a bit of patience a refreshing change! 

I'm in Havering, so technically London Borough but actually Essex. Transport is great here. I never learnt to drive as always lived in and around London and didn't really need to. I do realise how much that has hindered us now we are looking to move but my kids are at an age they get buses by themselves. I really don't want to move too far from their schools, friends or family. 

Mortgage is an offer not an AIP but on their valuation not our offer. 

So plan A dust ourselves off and keep looking local 

plan B if we really don't find anything, we may have no choice but to look further out. 

We're not at the end of our tenancy or anything, so no desperate rush to move kids from schools etc just yet. 

thanks again for any comments and advice. 

Voyager2002

AdrianC said:

The OP doesn't say whether not being able to drive is simply because they've never learnt - which would be easily rectified, if required - or because of a medical restriction on getting a licence.

In any case it is not something to be ashamed of.

Crashy_Time

Natbag said:

Oh you're the buyer, apologies. In that case, it puts you in a good position. The seller could try to get a better offer from another buyer, but they risk delaying the whole process (and possibly having to pay stamp duty later) and they also risk the next buyer's mortgage lender under-valuing it by just as much or more. It depends how much they want to move or how much they want the house they are buying and their own finances, and maybe then can renegotiate down a little on that to narrow the gap. But from experience you are definitely in the stronger position here.

Exactly