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Property/DIY

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Seller reducing price after survey- how to do it with minimal disruption?

3 replies

trifleandbaileys · 28/10/2021 11:01

Following issues highlighted on the homebuyers survey, our seller offered to knock £1000 off the sale price to account for the cost of fixing some damp issues.

My mortgage advisor seems to think the seller can simply transfer the money into our account, to save us having to do a whole new mortgage application, however my solicitor said this isn't possible as- 'I also act for your lender and any incentives would have to be disclosed to your lender. If the lender was not advised of this and they carried out an audit they could withdraw your mortgage offer due to lack of disclosure. '

Has anyone had a similar issue and how did you sort it quickly? I think we are close to setting a date, so I'm reluctant to do a new mortgage application for the sake of £1000!

Thanks 😊

OP posts:
ThisIsStartingToBoreMe · 28/10/2021 11:02

Keep everything the same and the sellers pays £1000 towards the repair cost when it happens.

Siouxtse1 · 28/10/2021 11:28

As above. Proceed as is, getting seller's solicitor to keep a £1,000 retention to be paid when your solicitor presents a bill for work carried out after completion?

trifleandbaileys · 28/10/2021 15:16

Thank you both- I will ask my solicitor to suggest this to their solicitor! Wonder why she didn't suggest that in the first place?!

OP posts:
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