Seller demanding £33k extra on exchange day

[Firecat84]

After weeks of harassment from our sellers about the process going too slowly (it's been about 5/6 months due to us losing one set of buyers halfway through - we've been chasing solicitors like crazy trying to speed everything up) we were due to exchange yesterday. On the day however, we received a message via the vendors' solicitor saying that house prices had gone up so much in the time it had taken the deal to go through that they wanted an extra £33k (they gave a whole bunch of other vague reasons too, which I think boil down to they've had to pay for an extra term's private school fees?!!) Obviously we don't have this money and even if we did we don't want to give in to such horrible tactics. The vendors aren't in a chain going up - I don't know where they're moving after this.

The house had been on the market for a while when we made our offer and had been reduced twice. I believe we were the only offer (it has potential but needs quite a lot of work). We offered £8k under the lowest asking price. At the time there was plenty on the market in the area and now there is nothing we could afford. All the houses available are bigger and nicely finished, which does give the impression prices have gone up, but I think it's a bit misleading.

We are financially stretched to our limit as it is but are in a flat with a baby and desperately need more space. We've spent so much time and energy (and money) on this move and we're just exhausted and depressed by it all. My family want us to walk away and not give any money to such horrible sellers. What would you do?

[BlueTiles]

Walk away, I think. What horrible people to do that on exchange day.

[frazzledasarock]

I’d walk away.

For a start you say you don’t have the money, so you can’t meet their demands anyway.

Bet the house will be still on the market six months down the line.

Sorry this has happened to you. Buying and selling houses is so stressful.

[Iveputmyselfonthenaughtystep]

How are you supposed to find an extra 33k in one day. If you don't have the money, you don't have the money. I think they're just chancing their arm. Why not ask them how much more it'll cost them to go back to the beginning on this process?

[NeilBuchananisBanksy]

Just say no- you'll exchange on the agreed sale price and that's it.

If you are mortgaged surely it would need a new valuation/offer etc? (Even if you could afford it). So you couldn't just exchange with the new amount even if you'd tried.

Get your solicitor on it and the estate agent. I'd be saying that they are unlikely to get any offers for that doubt and any sake would go beyond the SD deadline. You might need to be prepared to walk away though.

[Pompom2367]

Walk away op that is horrible of them x

[kingshighmum]

They'll need to find another terms school fees. Also they will be in the same position in 6mths time. Say no, I hope they continue at the agreed price and are just chancing it.

[SomewhereInAnotherLife]

God, how awful. I can see why it would be tempting when you’ve already invested so much time/money but don’t do it. It’s beyond cheeky - downright grabby and nasty actually. No property is worth it. Walk away.

[Blyatiful]

Walk away.

[MichelleScarn]

Walk away, awful people!

[somuchcoffeeneeded]

Walk

[tara66]

Didn't you both sign a contract that the house would be sold at a certain price?

[Perching]

That is such bad form.
You have to walk away.
Just out of interest, what % is it if of the selling price?

[torquewench]

Odd that theyve had months of waiting to decide to inrease their price but choose exchange day to finally do something about it. I assume you will be buying with a mortgage? How do they think a substantial increase in the agreed loan amount is going to be arranged at the last minute? And I assume that your solicitor will have pointed this out to their solicitor? I wouldnt walk without telling them to gtf and saying youll go ahead at the agreed price first but it sounds like theyve had a higher offer and youre being gazumped.

[eaglejulesk]

I would be telling them it's the agreed price or you walk away. What a cheek!

[Firecat84]

@Perching

That is such bad form.
You have to walk away.
Just out of interest, what % is it if of the selling price?

An extra 5.8% I think.

[Lassy1945]

Usually I’m urging buyers to put emotions aside and see house buying for the enormous business transaction it is.

In your case - they have behaved so abysmally that even if you adores the house and we’re able to afford the increase - I suggest you walk away.

[Jokie]

Nope. I'd walk away too. That's really awful behaviour

[Moresleepandwine]

What horrible people. Even if you had the money it would require changing contracts, solicitor and mortgage. This is a last ditch attempt to squeeze you. Just say no. If they don't back down they can walk away. You are not obliged to pull out first.

A previous neighbour had the same issue in reverse when a buyer tried to knock 5k off the asking on exchange day. They refused and the buyer came crawling back. The neighbor got their revenge by telling all of us of this awful behaviour. We could never see the new neighbors without remembering what kind of people they truly are.

[NaughtyNell]

Call their bluff bet they back down, they are chancers

[Spinningaround21]

Urgh horrid behaviour, no way even if I loved the house that’s ridiculous and awful. They would have to many more months in school fees if they don’t move at all... buying and selling is such a hard stressful process and then this. Sorry op.

[IamnotH]

@tara66

Didn't you both sign a contract that the house would be sold at a certain price?

That's what exchanging is.

[hannayeah]

Are you sure they can legally do this at this point?

[Mummyoflittledragon]

They clearly have plenty of money if they’re not in a chain. You’re going to have to walk away unfortunately of they don’t back down. Vile, just vile.

[Firecat84]

@hannayeah

Are you sure they can legally do this at this point?

Unfortunately yes, although our estate agent described it as 'disgraceful'

[Lampzade]

Walk away Op
Their behaviour has been terrible and they still won’t get the bloody school fees because the house will probably still be on the market in three months
We are buying at the moment and if our buyer pulled a stunt like this I would definitely walk away.