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Renegotiating sale price after offer accepted

I am a first time buyer. Despite initially agreeing to lend me the required amount based on my credit check and salary my bank (Brittania) have now come back to me, 8 weeks after the offer was accepted, saying that they have decided to discount my additional income and will only lend based on my basic salary. As a result I now have to come up with an extra £5,500 or face forefeiting the mortgage application and valuation fee's paid, not to mention the advanced solicitors fees already paid. Is it possible to approach the sellers via my estate agent, explain my predicament and ask them to consider a lower sale price, maybe meeting in the middle of the additional funds I will have to find? I don't want to lose the property, and feel terrible to pull out at this stage, but £5,500 is a lot to come up with in a short space of time. How likely is it, in the current market, that they will accept this?

Asked on Aug 26 2010, General in Hemel Hempstead | Report content

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  • I would definatly go back to the seller and ask for a £5,500 reduction in price. Any sensible seller would want to keep you sweet, after all they will be hard pushed to get another buyer at this late stage.

    Answered on Aug 26 2010, Report content
  • A lot will depend on the sellers circumstances and reason for sale, sadly this is becoming more and more common as Banks are changing their lending criteria. the most mortant thing to remember and reitterate THIS IS NOT YOUR FAULT. If the property you are buying are also buying they may be able to pass this reduction fully or partially. Even if they were to reject your new offer and get another buyer there is no guarantee they will get the price or that this will not happen again.

    Answered on Aug 27 2010, Report content
  • Thanks guys, I really appreciate the wisdom. I just can't believe that Brittania can get away with initially agreeing to accept the income from my second job, take references from my employers, see 11 months worth of payslips and a P60, and then 8 weeks later after all the fee's have been paid and I'm just waiting on the contracts, then turn around and tell me that the underwriters have decided to discount it. I've been told not to rock the boat by complaining though - just get the offer in my hand, flat secured and then raise a complaint (although not to expect much more than a generic response). The £5,500 represents quite a large portion of the sale price, I'm buying the flat for £124,000 so I'm not sure if I can realistically expect the sellers to take the full hit. There isn't a chain, the sellers are a couple who have divorced and are splitting their mutual assets. I was thinking if I could try and get them to bear the brunt of half maybe my folks could help me out with the rest. I just hate to do this though - it seems so underhand and unfair on them as well as me, and I'm worried that if I do ask, and they say no, that I'll lose the flat altogether, and all the fee's I've paid.

    Answered on Aug 27 2010, Report content
  • The positive aspect is, it's a divorce so they should be keen to get the property sold and move on with their lives. Why don't you split the reduction 3 ways you, Mr & Mrs. I think you'll find Britannia can pretty much do what they like as it is their money, I have even known a building society withdraw a mortgage offer completely just before exchange!! Good luck with it all

    Answered on Aug 27 2010, Report content

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