FTB buying an ex-local authority maisonette in London.
Agreed price was £370k, but Bank of Ireland have down-valued it to £350k and will only lend £315k. Sellers initially refused to reduce because they need the money for their onward purchase.
Big frustration is the sale was presented as straightforward with a long lease, but the lease paperwork then caused about a 2 month delay before it was properly evidenced. It’s now confirmed as a 990-year lease, so that part is resolved.
We’ve tried to keep the deal alive and said we could potentially stretch to around the £360k mark, but above that it feels like knowingly overpaying. Survey also flagged some issues and noted ex-local authority can affect resale / mortgageability. 3 bedrooms 2 bathrooms
Would you walk if they won’t get close to £360k, or stretch because it’s a long-term home?