Refresh home report has devalued house by 50k

[Frida2023]

Hi offered on a house in April had been on the market for a while. Needing a lot of work. After offering, was told house was in probate and we are now renting while we wait for probate to come through. The house is lying empty.

our broker needed the home report to be refreshed for our mortgage and it has come back 50k less than than the original value. This now affects potential equity we expected to have in the property.

should we ask for a reduction in the price by this amount? Or meet half way?

Do you want to be in £50k of negative equity from day 1?

Definitely ask for a reduction! If you ifferedv10% over original valuation, then ask for 10% over current one.

It's quite common for houses left empty to fall in value & for survey to find more concerns after months of no maintenance.

Thanks for your reply. We have gone back and said we want to reduce our offer by 50k. We will see if they accept it.