I am buying a flat (in England) and my offer was accepted. I applied for a mortgage (that is yet to be approved). After some time my solicitor found out that some constructions are planned in the area and I'll need to pay an estimated £4k next year. I wonder, can I use this information to ask the seller to reduce the price at the current moment? If yes, and the seller agrees to reduce the price, what happens with the mortgage, do I need to reapply for it or somehow the mortgage can be amended and reduced in size?
I presume UK.
The mortgage offer will probably not come until their own valuation has been carried out and will generally be based on that.
can I use this information to ask the seller to reduce the price at the current moment?
Absolutely! They can only refuse if they think they will do better with another purchaser who may take a similar view anyway if/when the development comes to their notice
what happens with the mortgage
The mortgage offer will usually be conditional on completion and based on the valuers report. Your solicitor/conveyancer will be responsible for arranging the final offer when the time comes.