About mortgage offer and purchase price...

[shpaniard]

FTB here so please be patient...got an offer accepted weeks ago for 250, had mortgage offer in place for 225...

Building survey came back with medium risk work needed and windows, estimated 5k, got offer agreed reduced to 249...I went back to lender to re-issue mortgage offer with the revised sale price of 249, it took a long 2 weeks to get it done.

Now I received electrical report that was missing from seller and other 5k are needed as major overhaul is required and wires to be replaced, my question is if we agree to reduce to 247 and share the cost with seller, do I need to reissue the mortgage offer again?

does the mortgage offer need to reflect exact details of the sale or can I just reduced the amount dropped from deposit when paying to seller via solicitor? thanks all for your answers

Unfortunately yes (as we've just found out). Even if the amount of mortgage you're borrowing doesn't change and you're taking the difference off your deposit, the paperwork needs to have the correct purchase price listed. It's a hassle, but I imagine mortgage companies get used to buyers going back and forth after surveys are done.

One thing you can ask is if the seller will put the reduced amount on retention. Eg if they agree to £1.5k reduction for works then instead of reducing purchase price on papers, they agree for £1.5k to be retained by the solicitor to pay for the identified works.

You are being had O/P. £10k of work for £3k off? You need to negotiate a bit harder than that!

Op

You are saying 10k of work is needed and they have only reduced by 3k?

Ahem you need to be sensible here and ask them to meet you in the middle at the very least!