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  • I'm buying a little three-bed house in Hither Green. Our offer, at 1% short of the asking price, was accepted a few weeks ago.

    The mortgage valuation (arrived at without actually visiting the property) came in last week at 5% under asking price. We're having a survey done on Wednesday. If our surveyor's valuation also comes in at about 5% under asking price, how much of a dick move would it be for me to start renegotiating with the seller about the purchase price? Given that we've already agreed a price, do I have any moral right to start renegotiating simply on the basis of two lower valuations?

    The sellers had the house on the market for a year before we came along and they have had their own offer accepted on an onward purchase. We're chain-free. All of which means that we've kind of got them over a barrel. But I like to think that I'm not a total prick.

  • It's not a dick move at all and you'll have to find the difference yourself, which in London famous London can be many thousands for a few percent. We had a similar situation when we bought in last year, mortgage provider valued 15 grand under the agreed price we offered an extra 5 grand above the lenders value, which with the slight reduction in deposit required worked out that we had to find about 3 grand of our own money. We were happy with that but no chance in hell would we have stumped up an extra 15 grand (not that we could have if we wanted to) and remember that everyone else applying for a mortgage on that house will probably have it valued the same. In the end you need to work out the price you're comfortable paying, we got the house we wanted for less in the long term for a bit more upfront, I'd be surprised if you can't get a reduction.

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