Can the Seller Pay for repairs after the sale, if both parties agree?

Tari123

In the process of buying a property that has a few issue that the seller or we cannot afford to rectify.
We've had quotes in and have a figure that the seller needs to agree to for the works. However, as the interest rates have shot up since we've had our mortgage agreed in principal, we would have to go for a new mortgage product with a higher rate. Probably around £400/500 difference a month on our repayments.
The seller is happy to reimburse the cost for the works after the sale. We agree that we are getting a really good deal for the property at the original price and they have agreed to reimburse the agreed remediation cost. This will help us as buyers, and them as sellers.
Their solicitor is happy to add that on to the contract, however our conveyancer cannot. Can we agree to the sale as is and have a contract separate to the all the above and have the money given/gifted to us after the sale? Who could we approach for the contract legally, and does it need to be tied to the purchase of the house?

user1977

"Our conveyancer cannot" because...?

You can't dress this up as anything other than what it effectively is.

It isn't a "gift" - or are you suggesting your seller would give you the money even if you weren't buying their house?!

RM_2013

If the sellers have agreed they would foot the bill for the repairs then can’t you reduce your offer so that you then pay a lower amount for the property?
usually if repairs are agreed between vendor and purchaser either the buyer reduces their offer or the vendor can get the repairs done before contracts are exchanged.
i would be a little nervous to move in and rely on the previous owners to foot the bill for repairs. Is it a large amount of repairs? 

eddddy

Tari123 said:

Their solicitor is happy to add that on to the contract, however our conveyancer cannot. 

It's probably because it would be unacceptable to your mortgage lender. 

The seller's solicitor won't care about what your mortgage lender thinks, but your conveyancer will also be representing your mortgage lender.

(Mortgage lenders don't like it because it might be a scam - e.g. you pretend that you're paying £250k for a property, and the seller is giving you £10k for repairs. But you're just saying that to get a bigger mortgage. Really, you're just paying £240k for the property.)

You could ask your conveyance about making it a 'retention' instead - that might be more acceptable to your mortgage lender.

A 'retention' means that one of the solicitors keeps hold of some of the purchase money. When the repairs are eventually done, the solicitor pays the bill out of the 'retention' money.

But some conveyancers aren't keen on the extra work required, and they might charge you extra fees.