Property price renegotiation after offer has been accepted...

SunnyMorning

Hi All, my offer has been accepted and mortgage approved on a flat in London. I'm having second thoughts about the area and also the price as it looks I am overpaying. Can I renegotiate the price at this point? I've decided to a have a level 2 RICS survey and valuation carried out to give me a leg to stand on...

TheJP

What's made you think you are overpaying? Make sure you ask the surveyor to give you a valuation as part of the survey that takes into consideration the current state of the property, that way you will know whether you have room to negotiate.

diego_94

You can negotiate any time up to exchange of contracts, however getting the vendor to agree is another thing. If the RICS survey shows youve overpaid then this gives you a little ammo, but again its up to the vendor whether they accept or not.

diystarter7

You can try and they can say yes or no. 
No matter what evidence you provide, some may not be prepared to budge or budge very little.

You need to decide quickly if you really want this flat and not waste your or anyone else's time for that matter.

user1977

Yes, of course you can, in the same way that the vendor can decide you're underpaying and ask you to increase the price.

eddddy

Has the mortgage lender done their valuation yet? If so, did they value it at your offer price?

I think a savvy estate agent would advise the seller to take more notice of your mortgage lender's valuation - rather than a valuation from a valuer instructed by you, and perhaps acting in your best interests by valuing on the lower end of the scale.


But there's nothing to stop you trying.

SunnyMorning

@eddddy Yes, they valued it at my offer price. I've been looking at similar properties in that area and also at price per square meter and mine looks very high in comparison hence my concerns. 

Thanks All, very stressful experience buying a property.

I am having a survey done and fingers crossed all will be fine.

youth_leader

Do you think it is your doubt about the area, rather than the price?  Location is everything and you need to feel safe and happy. 

Sarah1Mitty2

SunnyMorning said:

@eddddy Yes, they valued it at my offer price. I've been looking at similar properties in that area and also at price per square meter and mine looks very high in comparison hence my concerns. 

Thanks All, very stressful experience buying a property.

I am having a survey done and fingers crossed all will be fine.

Did you check out these things before making your offer?

propertyhunter

How much of a price differential are we talking in percentage terms? 

Sarah1Mitty2

SunnyMorning said:

Hi All, my offer has been accepted and mortgage approved on a flat in London. I'm having second thoughts about the area and also the price as it looks I am overpaying. Can I renegotiate the price at this point? I've decided to a have a level 2 RICS survey and valuation carried out to give me a leg to stand on...

Has the seller mentioned a unique selling point that makes there property more valuable?