Hi there
I am about to exchange on a property, the purchase price is £175995 , Taylor Wimpey are paying 5% ,I have 15%, so HSBC have given me a mortgage of £140795.
The Valuation came in at £167195 -And on the survey the £8800 incentive is mentioned. So I guess they treat the 5% as a discount in theory.
My solicitor is saying that HSBC need to mention that the price is £175995 on the offer document and not the valuation amount. HSBC have come back saying " they are happy to proceed based on the allowances" ie aware of the incentive.
They do not and will not put the purchase price on the document. I dont see why it needs to be stated anywhere?
Anyone come across this before? I am not sure why I cant exchange without this
Help much appreciated.
I am about to exchange on a property, the purchase price is £175995 , Taylor Wimpey are paying 5% ,I have 15%, so HSBC have given me a mortgage of £140795.
The Valuation came in at £167195 -And on the survey the £8800 incentive is mentioned. So I guess they treat the 5% as a discount in theory.
My solicitor is saying that HSBC need to mention that the price is £175995 on the offer document and not the valuation amount. HSBC have come back saying " they are happy to proceed based on the allowances" ie aware of the incentive.
They do not and will not put the purchase price on the document. I dont see why it needs to be stated anywhere?
Anyone come across this before? I am not sure why I cant exchange without this
Help much appreciated.