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Price Reduction
k1irk1978
Posts: 19 Forumite
Following a valuation report which identified an issue with the chimney stack on the property we’re purchasing, the building society have reduced the amount they’re prepared to lend us by £3k. I have spoken directly with the vendor and we have agreed to each contribute £1.5k towards this so we will put down an additional £1.5k deposit and they will reduce the purchase price by the same. I was just wondering if anyone could tell me how the process works from here, does my vendor inform her solicitor of the new purchase price or should she let Utd estate agent know? Any advice much appreciated. Thanks
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Comments
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You both inform your solicitors. I guess the seller might want to inform their estate agent, as the reduced price might knock about £15 or £20 of the estate agent's bill.
Your mortgage lender will also need to know, so they can issue a revised offer.
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Ok thanks, I will make sure both solicitors are updated tomorrow along with my mortgage broker. They’re using Strike so it won’t make any difference to them0
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