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Another question about survey downvaluing property

(3 Posts)
Amethyst24 Mon 24-Mar-14 20:57:09

I've accepted an offer on my flat and am totally gobsmacked by how high it is. It's 235% of what I paid in 2005. Buyers have a 25% deposit. If the survey downvalues the property, how far below will it need to be to put the kibosh on it? I realise that the tenants income % will have an effect too.

26milesofcbeebies Mon 24-Mar-14 22:31:10

as far as I know this will largely be between you and your buyers- if the valuation is below what they offered and they wish to keep the deposit at 25% they might ask you to lower the price. If they are happy and able to have a smaller % deposit then that is up to them.

Most lenders want at least 10% for the deposit so as long as they still have enough for 10% after accounting for the extra they will have to pay to make up for the difference between the survey value and the agreed price they can go ahead.

Amethyst24 Mon 24-Mar-14 22:47:24

Thanks 26Miles (are you a runner by any chance??) I'll be happy to include F&F if they want, which could go some way to making up the difference.

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