Revised mortgage offer?

[Thumbcat]

I'm expecting to receive my mortgage offer next week from NatWest (after a six week wait) but there's a chance that the purchase price is going to be renegotiated following some quotes for work that needs to be done. Can anybody tell me what this means for my mortgage? I'm guessing the offer will need to be reissued to reflect the new price. Any ideas how long this might take? We are at the stage where everything is coming together for exchange and I really don't want to risk a long delay.

Watching with interest.

If it's going downwards then it really doesn't take long (usually) a maximum of a week to re-issue.
Well done!

Our buyer did this, and we have been waiting two weeks. His broker says next Thursday, so about three weeks delay. It’s nationwide he is with. We are massively annoyed by the delay, as is our vendor. It’s held everything up by at least 3 weeks.

A long delay is what I'm afraid of. I'm wondering if any work can be done ASAP and the vendor pays for it so that we can go ahead at the price agreed. I suppose we'll have to wait and see what the estimate is.

My house needed work and the EA priced it lower to reflect this - plus it was obvious on viewings. Did you know about this work when you viewed the house, or has it only been discovered through survey?

Friend here did this recently, took 6 weeks approve the new price that was only £3k lower. Depends on the bank and how busy they are...

our buyer also tried to get us to lift carpets to nail down stairs, replace a window, and get a wall plastered. Tradesmen here are so busy, the window guy said two weeks to get out to quote and at least a month to do the work. Be prepared to wait either way.

No the problems weren't obvious, damp and water getting into one of the bedrooms through the roof. I'm not out to gazunder my vendor at all, but equally I won't have enough left in the pot for any immediate repairs.

I've read up a lot on damp and I'm not too concerned as I think that can be managed and I understand the surveyor needs to cover themselves so has probably made it sound worse than it is. It's the leaky roof that concerns me. The survey said it was probably due to faulty flashings around a chimney so I'd be wanting to have those replaced.

As it's an outside job your vendor might be happy for you to send a roofer round to estimate the price of the job. I paid £150 to fix my faulty chimney flashing, but he did manage to reach it without scaffolding. I just had to paint the bedroom ceiling with Damp Seal afterwards. Good luck, I hope you do manage to complete before the stamp duty holiday :)

Thanks for all the replies. If it's not an expensive job I'm happy to go ahead and sort it out myself after completion. Given what I've learnt here, renegotiating the price would have to be a last resort if there's extensive work needed.

I’ve literally had to do this last week! Agreed a lower price because of the survey. I agreed a final figure last Friday, advised my solicitor on Monday morning, and lender on Monday afternoon. They called me on Thursday to confirm and said they are amending the mortgage offer and it’ll be with me within five days.

This was Yorkshire building society who in fairness have been super fast at doing everything I’ve asked of them.

Solicitor advises mortgage company
They don't always issue a new mortgage offer but usually do
It doesn't normally take very long but there are so many delays at present and the Nationwide are particularly slow