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Update on our purchase..
Solicitor said he hadnt heard back from our lender so I sent an email to the rep from Halifax we spoke to while setting up the mortgage to see if she could do anything.
She replied about an hour later to say that they have already replied (lol ffs)
We had negotiated a grand to complete some work, we had originally asked for 5k but ce la vie. Our solicitor said that the mortgage amount and purchase price would stay the same but they would just deduct the grand when it came to transferring funds via an allowance so we would ultimately be left with that grand.
The lender (Halifax) says that we cant do that legally and the only option is to adjust the purchase price.
We don't have time to adjust the purchase price, is it possible to get the money any other way, weeks ago the estate agent suggested drawing up a mini contract but our solicitor insisted on doing it this way and now we're here.
It's only a grand so not going to let it get in the way of completion, would just like the grand. Can we just call the seller and say - pretty please send it on completion?
Also find it hard to believe our solicitor hasnt done it this way before but cant really argue with the bank.
apc-
We don't have time to adjust the purchase price
It's probably the re-application for a mortgage that causes the issue here isn't it? We had to do it, ended up with a slightly different rate, bit of ballache and I can see how it may not even be worth it for £1k.
I would try to arrange personally with the seller some kind of escrow arrangement, there must be an escrow provider somewhere that can handle this kind of situation.
Unless for some reason it's illegal, I would try to avoid involving my solicitor in this, they won't simplify the situation for you.
Howard
Don’t see that this will be a problem - I would imagine 8/10 purchases have a price chip after the survey etc. Probably just busy with stamp duty holiday etc. Wouldn’t stress about it