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Original poster

Would I need a new mortgage offer.....

9 replies

Shahira78 · 09/06/2023 14:37

.... if I lower my offer on place we are buying?

We are nearing completion of the house we wish to buy but have just found out that the outbuilding (office ) does not have conservation area consent so could have lots of probs in future. It was also one of the main reasons I offered £20k more. I now think I want to offer less as worried.

Does anyone know if I would need a new revised mortgage offer (and potentially higher interest rate) or would I just be able to put in less from savings?

Finances :

£250k mortgage
£70k savings

Hope that all made sense lol.

Thanks for reading! I'm really hoping I dont have to go through the whole mortgage thing again!

OP posts:
DrySherry · 09/06/2023 16:05

No, you can just adjust your offer. Don't be shy though - if you want to pay 20k less better adjust to 30k less at first and then come up to 20k. The seller is going to counter offer.

ToWonderWhyIBother · 09/06/2023 16:10

I would find out just how much it will cost for suspected future problems with the (office) building before lowering your offer, you might need to add that into your reduction.

Do you need to use the building is that why you offered more ?

Original poster
Shahira78 · 09/06/2023 16:38

DrySherry · 09/06/2023 16:05

No, you can just adjust your offer. Don't be shy though - if you want to pay 20k less better adjust to 30k less at first and then come up to 20k. The seller is going to counter offer.

Thanks so much. This is v useful information x

OP posts:
Original poster
Shahira78 · 09/06/2023 16:45

ToWonderWhyIBother · 09/06/2023 16:10

I would find out just how much it will cost for suspected future problems with the (office) building before lowering your offer, you might need to add that into your reduction.

Do you need to use the building is that why you offered more ?

I was told by our solicitor that if we want further works in the future (I would like a lift conversion) , the council can spot it and ask for ithe outbuilding to be taken down if no conservation area consent! Any indemity insurance (which I what the seller has offered) will then be null and void. I'm starting to worry as I would not have offered as much had I known this.

Yes, I need an office space hence why I wanted the house.

They want to exchange in 2 weeks but u feel like I'm being 'pushed'

OP posts:
Original poster
Shahira78 · 09/06/2023 16:48

Sorry, loft conversion!

OP posts:
ToWonderWhyIBother · 10/06/2023 00:07

I would be walking away from this house and look for another.

Fifthtimelucky · 10/06/2023 07:38

I'd say that you will need a new offer.

My daughter bought a flat earlier this year and the price was reduced towards the end of the process because of something that had been highlighted in the survey which hadn't been addressed to her satisfaction.

The solicitor was very late in telling her that she needed a new mortgage offer. It was with the same lender and at the same interest rate as the original offer, but getting the revised paperwork held everything up by a week, which was very frustrating.

Funnyfive · 10/06/2023 07:43

Your solicitor is talking rubbish plus there’s no such thing as conservation area consent an more. Speak to a planning consultant and they will be able to advise you on the risks - many of these problems aren’t problems at all and it would be ridiculous to give up a house without being absolutely clear about the real situation.

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