To ask seller to reduce asking price due to stamp duty increase

You can ask. I wouldn't be happy though, especially as it's because on paper you'll own two properties. Also, we would have assessed by now what we'd need/want to have leftover for essentials after completion and that might have meant the value of the mortgage being taken out, ie we'd need a higher mortgage and that just can't be sorted like that.

Surely the only way it would work is if everyone in the chain reduced by the same amount and I can’t see that happening .

A former colleague was once in a position where the bank reduced the mortgage offer by £10k on moving day. She was a FTB at the bottom of the chain. Eventually the person at the top of the chain said they'd take the hit and everybody exchanged for £10k less than previously agreed.

If I were asked in your vendors position I’d rather go straight back on the market than pay your tax.

The seller will likely be a buyer elsewhere so will already have their own increased costs to deal with, you can’t ask them to subsidise your parents irresponsibility as well.

Of course you can ask - the estate agents might be willing to reduce their commission to help too . The seller won’t be happy ( posters on here make that obvious ) but will they want to start again with a new buyer

I think it’s a good thing, even if they delayed it by three months a lot of potential money would be lost. Money that can be spent on the NHS and other public services.
Exceptions like this are rare, and if it reduces the number of landlords buying up properties then that means more houses available for people try to get on the property ladder.
Went to look round a local new build housing estate recently, every single two bed house had been bought up by a single buyer.

I would tell you to jog on but can't hurt to ask

Haha, classic Mumsnet:
"It's your mess to sort out as you want to own two houses!" Well no it isn't, actually- it's the vendor's mess too seeing as they are so close to exchange. Unless they want to start from scratch again. Nobody is going to cut their own nose off to spite somebody because they own two houses, so it's definitely worth asking. The worst that can happen is they say no.

One day's notice for this new significant cost is ridiculous. Are you sure it's definitely effective from tomorrow?

In this situation I'd be very surprised if the bank (or another mortgage provider) doesn't agree to £10k more on the mortgage, unless you were right up against the top end of what they would possibly lend either to you or on the property LtV.

So you are doing a tax dodge to bypass inheritence tax, and you think that this means a buy should reduce the amount they sell their house for, to reduce your tax liability.

I think I'd tell you to piss off on principle. Even if it didn't make any financial difference to me.

This is your problem to resolve. Not theirs. There are other buyers out there.

Theres always a lot of emotion with house buying, go on property board and the stories of people being let down are heartbreaking and the system needs a major overhaul, but, at the end of the day its a business transaction.

Morally no, but at the end of the day if you can't afford the increase then thats the end of that. I would follow previous posters advice about ensuring there is no way around this. If not and your parents cant give you the money then you have to be honest. "The new tax means I cannot raise the full amount. Either we agree on a lower price or ill be forced to pull out."

Its awful and youre putting someone in a bad position but if it has to be done then its totally in their hands if they want to collapse the chain and remarket or reduce.

Realistically, if youre paying what the house is worth, then they'll not give you, a stranger, £10k because of taxation. You can ask.

Have you had proper advice on capital gains tax, inheritance tax, deprivation of assets, etc? You need to be aware of needing to pay capital gains when you sell up.

Tricky, OP.

Did the vendors know that you were a part-home owner or did they see you as a ftb?

I would be very annoyed if I was a vendor and had not been told that the buyer would in effect be a second-home buyer because this was such an obvious flashing beacon of a target in this budget.

However… do check with your solicitor how you are placed buying this as your main residence.

If there is any chance of coming off your DP’s deeds (because the mortgage is paid off) I think you can get a refund of the 2nd home amount within 9 months, if you can cash flow the extra £10k in the meantime?

Ffs talk about overreacting with the I would never trust you and refusing a sale. She’s had a change in circumstances and is being upfront with the seller. They can indeed say no. And you’re assuming it’s a family who need the cash - it might not be. It could a be a single pensioner selling their mortgage free home. My mum bought her house in 1995 for 60k. It’s now worth 550k. She has no mortgage. I don’t think she’d give a shit about 10k if she was selling tbh and nor should she.

You're asking a stranger to lose £10k so you can continue to facilitate your parents living in a house they can't afford?

Exactly this.

They might also have found their dream house which they don't want to lose.

You should ask your parents to cover the increase imo

If you don't ask, you don't get.

Discuss the situation to the estate agent and explain that the sale might fall through unless they're flexible.

They might have bought the house 25+ years ago and could be sitting on £350k+ of equity.

There is no harm in asking. It depends how desperate they are to move.

If you can't continue without their help then you will have to pull out.

You can ask. I would expect the seller to say no.

Do they need to downsize for affordability and release you from this strange situation?

This is entirely your own financial increase to absorb. Not your parents. You should never have agreed to be part of their mortgage as a 2nd loan and implications was always a risk. If they couldnt afford it then they shouldn’t have bought their home. You should’ve always thought there may be some problem associated with this. Completely unacceptable to ask another family needing the sale money from their home which is obviously worth its cost, to then accept a lesser sum. If you asked me, I’d refuse to sell to you at all. I would never trust you.

It's all about the why. Why the seller selling? Is it a distressed sale? i. e. They need to shift it now? Then they may negotiate.

Or, is it a separating couple where they need to maximise sale price to buy a smaller house each? Not so likely.

Or are they in a chain waiting to move into a new build and need to sell their place in order to complete on the new property? They may negotiate.

If they need to sell, go round with a clipboard and open every single door and window, tell them that their wallpaper is crap, kitchen needs modernisation, a door squeaked, and that the garden will need thousands spent to make it child safe. Then make your offer.

But it will only land if they are actually a motivated seller and can absorb the hit.

Steer well clear of the woe is me, second house stuff - they are more likely to put the price up!

Feel free to ask. As the seller l most likely would decline. That’s £10k less for my onward purchase and it wouldn’t be my fault you own 2 properties. It would regard as your problem to find £10k

If they have been slow to get documents and get a date then I think there is a justification, if it hasn't been long or you/your solicitor has held things back then I think it would be very rude.