Mortgage company survey - can reduce the price?

[Yvonne99]

Can mortgage company survey advice that the house price is too high? Has anyone come across it?
We are buying a house that has got a leaking roof. EA said we need quote from the builder for the repair and it's likely the seller will reduce the price. Now the EA said the seller would reduce the price if mortgage company survey says the house is overpriced.
How likely it is they pick up the roof and confirm that price needs to be adjusted?

Your mortgage company will value your property to make sure it is secure for their purposes - ie if you can't pay, they want to know they will get their money back if house has to be sold. If your mortgage survey says the house is overpriced, you may be able to negotiate them down to that price, especially as anyone else needing a mortgage will be in the same boat.

If something is found which needs doing on the survey, obviously you have to get quotes so you know what the potential cost is to you. Given that the transaction is already under way, I think quite a lot of sellers would be willing to pay the cost of the roof repairs or perhaps split them with you as you'll have the benefit of that part in good condition. The seller will be conscious if the transaction doesn't proceed at this stage, they may have to go through the whole thing again if another survey is done. If you're not sure what the EAs are saying, speak to your solicitor - they will advise on what is usual as it won't be the first time they've come across something like this.

Hope it works out for the best, whatever.

Definitely in my recent experience. In the summer I accepted an offer on my house - no previous sales of equivalent properties recently.

The buyer's building society valued it at substantially less and the sale fell through. It took 4 months to find another seller (and I reduced the price slightly) but this time my next door neighbours had just sold for the same price, proving market value so there were no issues

Good luck