Renegotiate the price.before exchange

[midnightOK]

I think we might have paid too much for the house we intend to buy. Is there a way to renegotiate the price before exchange ? I feel quite bad to do that, but it is not a small amount[

OP, if you are having second thought & no longer feel that this is the right house for you, then you have every right to pull out of the purchase and look for somewhere else.

What you can't do is try to renegotiate the agreed price without good reason. "Good reason" means something new that you were not aware of when you agreed the original price. Something like hidden damp or structural problems - not the size of the garden.

Therefore I would either pull out altogether or continue at the agreed price.

The Vendor's mortgage offer on their new property (assuming they are buying elsewhere), will be based on them achieving a certain sale price. Even if they did agree to a reduction - which I don't think they will - they may no longer be able to afford their own move, or at least have to have a new mortgage offer issued. All of which takes time. Time which may jeopardise their purchase.

Honestly, at this late stage, it really is not on to do this.

Well said Santa's. When we were gazundered, the buyers used our interest in another property (and the proximity) of exchange to try and pull a fast one. We then pointed out that we could not afford the other property if we accepted what they were now offering - and not what they had promised. So we went with other buyers.

Basically OP, if you feel you've made the wrong choice re garden etc, pull out of the purchase. Your vendor isn't responsible for your second thoughts or your mistakes or lack of research on values in the area.

It's business. They have no moral obligation other than to be honest about the condition of the property. That you've now decided that the garden is too small is NOT a reason for them to reduce the price.

Of course, because it is business, you can go back and say you've reconsidered your offer, and you can offer a lower price. But they are then free to tell you to get lost.

Particularly if your lower offer is based on your feelings, rather than the results of a survey. A survey is a reasonable business case for coming back with a lower offer. That you're having second thoughts about the size of the garden is not.

I don't want to do this myself, of course I know it's immoral, that's why I come to mums net and post a thread here
So if enough people tell you it's ok, despite thinking it's immoral you will feel justified in doing it? sounds like you're trying to backpedal here OP.
We've twice bought at bad times (the only time we have bought houses) but wouldn't go back on an agreed sale price because I thought it wasn't fair that someone else paid less for theirs. It's the vendors hard earned (and invested) money too, you know.

There was another thread on here today about a lady asking if she should write a personal note to her vendors to persuade them to choose her. I was very surprised that many people said that this would be irritating to them and it was all a business transaction so they wanted the best price.
This is a business transaction, spend your hard earned money wisely.

Regarding the difference in price; in many areas house prices have increased since last September. Our neighbour sold in september for around 8% less than our is now under offer for, and there's was probably in better condition overall.

If you're just having second thoughts, pull out. It's not upto the vendors to discount on this basis, as as they are still selling exactly what you looked at and decided was right before.

Speaking as a seller at the moment - don't mess people about. Either proceed as agreed (and as valuation) or pull out. You knew how big the garden was when you offered. If you did that to me, I would tell you to get lost.

This is a business transaction, you do not have to proceed if you don't want to.

If you genuinely think you are about to make a bad purchase (price, size) then pull out.

I'd agree with lots of the other posters. You have every right to pull out of the sale but gazundering is bad form. It causes such stress and breaks chains. Go back and have another look. It will make or break the decision for you then.

We are upzising on property in Luton.
Valuation will takes place on friday.
We will be asking for another £5k price reduction or pulling out,it may even do before valuation.This corona hit markets already in european cities,people was pulling out due to brexit now virus hit.
Viewings enquires are down.Depend what people circumstances are, worried about jobs and future.First was word brexit and straight away 5% off asking price.
With coronavirus its comming the same trend.....