Moving house: we were due to exchange today or tomorrow but there’s been a last minute holdup from our buyer’s mortgage provider: they have valued the house at a lot less (20%) than the offer made
Apparently, this is because of a clerical error - the valuer assumed the house would have a rental income from a shorthold tenancy, but the buyers instead plan on running it as a holiday let (we currently live full time in it, but this would be very possible - it’s a holiday area)
The buyers have said that they’ll sort this out in a couple of days, but have also arranged another mortgage in principle “just in case”, which would mean a 2+ week delay
This is the second delay due to the valuer: they previously insisted the buyers pay for an unnecessary test on the house. We’re wondering if the buyers might have upset them somehow- as they did register a formal complaint at the whole process taking too long early on
Is this a common thing to happen? We haven’t come across it before so just trying to get a handle on what’s going on