It's it ever ok to reduce offer price just before exchange

[absolutelyknackeredcow]

Very long story but this is the situation:
Private sale -we found them and did all the leg work.
House needs considerable work - think everything (roof, plumbing, electrics the lot). Extremely poor decorative state.
It has a lot of space and is in a road we were keen to live in so we offered what they asked. They said this was a non negotiable price. At this point we thought we were paying about 30k over the market rate but it's a long term investment for us and forever home.
After we offered we realised that there was no central heating in the property in bedrooms (this was not obvious on viewing as there is so much stuff) - even at this point we didn't ask for a reduction.
The chain has stalled - in order to keep our buyers we exchanged in current market we will be going into rental ( for building works this was going to be necessary).
Our sellers still refuse to put pressure on their sellers. We have no idea when exchange or completion will happen and how long we be in rental. Our builder has been very understanding but he has no idea when he will be starting - meaning longer in rental for us.

We are really fed up.

Since then other properties have really dropped in price - seeing 5-10% reductions - let alone for people with no chain. I'm feeling like we are being mugged.

Given this information, would it be reasonable to ask for a price reduction if we get to exchange?

Yeah maybe the junk was a sign - although some areas of the house had less junk and were quite normal.

We are not looking to make a profit in the short term - this is a long term purchase for at least 20 years

I would insist on another viewing and I would be asking to poke round a bit more. Why are some rooms filled with crap? Is it deliberate?

I’m obviously biased but my poor aunt just lived an absolute nightmare for 2 years. She wasn’t originally intending on selling (she wanted to live there forever, depending on health & illness etc), but she ended up hating it and becoming quite bitter. Totally understand you not bothered about making a profit; we are in our home for the long haul too, but I’d definitely do a bit more digging. Also did you mention something about a boiler? They said it had been replaced recently? I’d want to see proof of that, and a gas safe cert.

Okay so you can use that to your advantage - you're not asking for a discount because you want to extend the central heating system to cover the upstairs; you're asking for it because of x, y, z. Leave no room for doubt or insinuation. Make it clear what you want to happen in order to proceed.

Absolutely nothing from the vendor today- (or Friday ).
This is honestly not why we are doing it but I think asking for a reduction is the only way we will actually get their attention

Should be clear that this is after my incredibly stern message

I think this house has lots of warning signs. Do you want a project? If not, there may not be much time difference between waiting for this house to be ready to move into, and waiting now and looking for something else that's ready to move in to.

I would just pull out at this point to be honest. Don't pay over the odds, even if you think you'll be there long term. Why would you rate your money like that? It's a buyer's market and the sellers haven't exactly done much to keep you. Unless there's nothing else on the market that you like anywhere near as much.

Think carefully.
Is this an area you want or need to be.
What other houses are there that fit your needs. How long did it take to find...
If you walk away. How much will rent cost you till you can get the keys to another house...
Yes tell them your mortgage offer is only valid till xxxx.

The amount off discount is small compare to house price don't lose it for a discount if you will regret it...
Walk away if you really want to...

We have thought about barely nothing else.
Without giving too much away
There aren't many of these houses available. None have come on market since we have been looking since January. Nothing else on in the area that we like and we have started looking again.
Two sold last year. Neither in such a state.
This house is in a catchment area for a desirable secondary school which we have visited and very much like. It meets specific needs of our eldest child with its speciality.
There is a room that would be perfect for my husbands hobby. It's the only one in the road that has this - we know this to be true for geographical reasons.
But it's a state and a project and overpriced and the chain is ridiculous

Ok , from your words, half is you want a house in the area... Not many houses.
The other half is the 30k extra .
I'd go for the house...... But ask them to hurry up and forgo the discount....
Can you call your solicitor to ask for an update from their guy...

Wise words @mummmy2017
I have escalated through solicitors last week ... although later in the week

Chains are horrid....
But. Your the big fish here...
If they loss you they can't move nor can the next .the next. and so on.
It could be that the last in the chain started late ..
Ask for a firm date . That if it goes over state to their solicitor your willing to walk away .. .that should be a rocket under the film ...

I dont usually understand why people are so coy with details when asking for advice on mumsnet about a property
Even less so when it is a private sale and never been advertised so couldn't be found anyway

Because they don't want to be outed. Can you imagine if the OP was identified and the seller was also on here?

Tue
But if they were on here it might make them pull their finger out

I find it odd that a seller who has agreed a price above market value in a falling london market isnt doing everything in their power to exchange asap

@Alexalee agree 100%.

@Alexalee because they haven't had to go on the market they are protected from reality. I have exchanged with my buyers to protect the price. Was completely the right thing to do.
For some further context I don't think they have ever bought or sold a property - the house was inherited.
They have one more day to update me with a timetable or I will issue an ultimatum around price

I think the fact that it is full of junk tells you something about the sellers. They have been there a long time, and while in theory they want to move, they haven't actually mentally started the process, so they are in no rush, and they have no desire to speed up. There is no incentive for them to go.

We have met sellers like this (my dad used to buy old houses, and then do them up) they are a nightmare.

Have you met them? Sometimes it is one half of a couple that do this, and they are often the ones who are responding to emails etc.

Can you go and see them? Talk honestly o them, say the market has fallen by 10%, so if you pull out and they have to put it on the market, they will have to pay xx in EA fees, and they won't even be able to start at more than YY amount.

At one sale we eventually spoke to the seller, to find that the slow point was he solicitor. We gave her some tips on kicking him into action, and exchanged within the week.

Your ultimatum could say - we are paying £2,000 per month rent, so the price you are prepared to offer will further reduce by that amount per month.

what's their reason for moving, do you know?

I still think perhaps they won't move at all, sorry.

The OP has already said that they were going to rent a property anyway due to the work needed on the new one steppemum and will only be renting when her current property has sold.

I don't think the vendors were actually planning to move although they seem to have found another property - the OP said she found them and it is a private sale, so not a great deal of motivation on their side probably.

If they have said that the price is not negotiable, it would seem likely that the OP issuing ultimatums will be a deal breaker. I hope not, but it's not up to me!

They have definitely found another property ( they have shared details of it with me which they shouldn't have done).
This is their big asset to fund their retirement - they are retiring by the sea and pocketing the difference to fund their retirement.
Yes we always planned to go in rental for six months - hence have rented somewhere with a six month break clause. Builders set to start work Monday after completion date which was set in March. Any delay will mean probably an extra six months in rental (12000 quid) plus additional storage and removals and other related costs.
We will start incurring them from next Thursday

Thanks for all the help and advice it really is appreciated

@steppemum do think I need to spell out that we have saved them £15k minimum