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Original poster

Vendor increased the price of property

43 replies

Frustrated123 · 18/04/2014 20:01

Had an offer accepted a month ago, we have no chain as we are renting after selling a property. There are tenants in the house we are supposed to be buying on a months notice so in theory no delays. We got straight on with instructing a solicitor but found out yesterday that our solicitor has not yet received the contract from the vendors solicitor despite them accepting our offer as we can move quickly. Put in a call to the EA who then inform us that the vendor wants another 10k! Furious is an understatement. My husband has told EA to tell vendors to get stuffed but we are now concerned we are cutting off our noses etc. Anyone got any advice what we do from here? We are in the silly SE but house had been on for 5 weeks with no offers which is most unusual. Thank you in advance.

OP posts:
thesaurusgirl · 19/04/2014 18:10

Sorry, meant until the purchase exchanges.

thesaurusgirl · 19/04/2014 18:13

BTW are the tenants really on a month's notice? As in, have they already been served their section 21 forms?

The law requires a tenant on an AST to be served two months' notice from a rent day, so you could be waiting up to three months (if the tenants actually move out - another can of worms).

whereisshe · 19/04/2014 18:17

Good point thesaurus. I see it as more about the threat than the outcome, like most contract terms!... Deposits in escrow is a good idea.

ItStillLooksLikeRainDear · 19/04/2014 18:59

If they've upped the price and u really like it put some conditions of your own in place. Eg yes we will agree to new price if guaranteed vacant possession, all carpets, curtains, etc etc.

Good luck. Just moved house & know how stressful it is.

Original poster
Frustrated123 · 19/04/2014 21:08

Thanks all, it is soooo stressful. Am sick of looking on rightmove, talking about houses constantly, doing sums etc! And the whole thing of trying to ensure you don't panic and over offer, but equally don't want to lose out on something by underoffering. There is definitely an element of estate agents getting overexcited as we are seeing a few properties hanging around for a few weeks and then being reduced. Esp in the 500-600k bracket.

OP posts:
Pipbin · 19/04/2014 21:25

There was an item about this on BBC Radio 4 You and Yours on Thursday. www.bbc.co.uk/programmes/b040llzp

BranchingOut · 19/04/2014 23:43

My honest advice is to pay the £10k, do the transaction and move on with your lives.

manhillman · 20/04/2014 05:34

should not accept such greedy mind.

manhillman · 20/04/2014 05:35

should insist original price.

Secretsquirrel13 · 23/04/2014 20:22

Hey frustrated123 come back and update usSmile

Original poster
Frustrated123 · 23/04/2014 21:12

Offered on other house, went to best and final and we lost sadly. Even though it kills us, think we are going to agree to pay the extra 10k. It's such a sellers market, prices are rising daily and I fear if we are stubborn we could end up paying more for a worse house. Thanks for asking.

OP posts:
bamboostalks · 23/04/2014 21:15

How bloody galling! Poor you. Hopefully cosmic forces will punish them in time to come and gage roof will fall in on their new house and their neighbour will buy a cockerel.

Original poster
Frustrated123 · 23/04/2014 22:07

Oh, so galling! I do believe that what goes around, comes around blah blah!

OP posts:
BranchingOut · 23/04/2014 22:27

But losing the other property is surely just showing that you are not getting too bad a deal with the current house?

I am no lover of free market economics, as I don't think that markets can provide for everyone's needs. But in this case I don't think that you can reproach the sellers with too much, as you have also shown yourselves willing to break the agreement and look elsewhere.

You have tested the market and found that other properties may not be available for your offered price.

They have tested the market and found that their property can be sold for slightly more than they thought.

= market equilibrium

The problem is that the 'market' does not care about individuals, fairness/unfairness or everyone's basic need for a place to live....

Original poster
Frustrated123 · 23/04/2014 23:01

The other house was already extended and didn't need nearly as much work as this one. I understand their need or want to get the best price possible for their property but am cross that they named the price a month ago. As for us willing to break the agreement, we only looked at other property after they insisted on the price increase, wouldn't have dreamt of looking otherwise. Agree totally about fairness/unfairness etc, it is certainly dog eat dog out there at the moment. Will just be happy when we are moved in and settled, I don't care what happens to prices then!

OP posts:
BranchingOut · 24/04/2014 11:27

That's a shame, as it would have been great to not worry about doing that work. But at least you get the opportunity to make the house exactly what you want and probably add some value?

I agree that it is all a nightmare and I think that people buying outside these 'hot markets' rarely have much understanding of exactly how tricky it all can be. We bought/sold last year and I am so relieved to have it all behind us.

PigletJohn · 24/04/2014 11:39

You should keep looking.

If you happen to find something you like, I'm sure you needn't feel you owe a debt of honour to the current vendors.

Forago · 24/04/2014 15:37

I agree with Piglet. I'd accept the 10K extra but keep looking and offering right up until exchange. nothing stopping you saying you want a 5 or 10K drop in price when the survey comes back too - there's usually some work to be done.

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