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?

Sellers sellers have just pulled from the market.

This must be really disappointing, but it might end up being for the best.

Are you still monitoring the market?

Have they come back with a solution? You've moved into temp accommodation- why can't they ?

Our sellers were heartbroken - best to leave them today. I can't believe that after months of discussions and at exchange it is legal to do this.

They can't move into temp because of the 'pets'

@OnTheEdgeOfTheNight yes - one house I saw has dropped a lot but probably not as low as we need it to go

Will you be going ahead with selling your own house? Hopefully you'll be in a good position to jump in and save the day if a chain on a dreamhouse collapses. .

We have sold - completion in two weeks. We have now regrets regarding that - we have locked in a good price and we will not be homeless because I (thankfully ) had sorted out a rental because of the building works on this property.
We either will wait for our sellers to find somewhere else
Or find somewhere else as no chain

Sorry to hear this, OP.

One of our buyers had a problem further down the chain - I did feel sympathy for them as it wasn't their fault they couldn't buy our property but it's still bloody frustrating!

@ChicCroissant
I really feel for them - they were heartbroken.
They should have forced this earlier - it was obvious something was afoot six weeks ago.

I'm so sorry to hear the recent update. And not only because I'm never going to learn about the weird pets and the unique positioning that makes this house the Holy Grail!
Let us know if your seller moves into rented just to keep the chain intact.

@W0rriedMum Will update as soon as possible

Sorry to disappoint

I just assumed snakes.

then again, you never know...I know someone who ended up buying a house without seeing it. She was pregnant and the EA thought it wasn't safe for her to see it because the owners had something like 20+ animals of all different kinds and didn't clean up after them.

So actually her husband saw it, they got it cheap because of the state it was in and I think she didn't see it until it had been cleaned out thoroughly.

You are very close ..,
I also didn't see the room that the pets are kept in ..although my husband and kids did

oh just one room isn't so bad

the lady I know couldn't see any of the house. The animals - cats, dogs, birds - had been allowed to roam freely through the house and there was animal shit everywhere so the pregnant lady just couldn't go.

this is in outer London btw!! I don't know how it never got reported as animal cruelty - I mean not clearing up after them?

Are the pets spiders?

So sorry to hear the chain has fallen through, it must be so disappointing and frustrating for you.

I’m so disappointed, but crossing my fingers a solution can be found.

If it helps, just last month I settled on a house. I had loved it for 3 years, and had been looking for something like it (nothing else out there like it). When it came on the market I was stunned and desperately wanted it for my forever house. The buying process was messy, the EA and past owners awful and I think I overpaid slightly. I was hating the process, forgetting everything I loved about the house and thinking I made a big mistake.

I have now been in for a month and I love it. I don’t think about the price (all the numbers were big! What’s another big number to live where I want and have the life I want to live because of this house!) I am loving all the thoughts of decorating, fixing and changing the house for me. Don’t get me wrong, this part isn’t all a bed of roses, it’s expensive and frustrating! But I still do love every second because the house is worth it.

I know so many people have said it sounds like your house isn’t worth it, and maybe that’s what you’ll end up deciding, but from someone in a similar-ish position who came out the other end, I am SO glad I held the course. I think if I had pulled out, I would be constantly still looking at this house and comparing whatever I did by unfavourably to this one. The way you took about yours....you are mentally living there already - your husband is doing his hobby in the special room, the kids are going to the school.....

Good luck! (And I am really curious about the pets too! I was thinking llamas of something, but I see I am way off base :)

I am hopeful for a solution today - will update once I have it.
Thanks for supportive comments
We are keeping an open mind - it's a LOT of space. If a house with the same space comes up for similar / less / money then of course we will look at it but nothing has

hope you had some good news OP.

Update Klaxon ....
Our sellers have been working hard and have an offer accepted on a property with no chain (probate)
They are aiming for an end of August completion

I’m crossing everything for you!

Thanks @RosaWaiting

Yes, crossing fingers and toes for you!

Thanks for all good wishes.
Lost it a bit today - as we are knee deep in packing to move to rental -when the sellers updated us to say that the new person they are buying off was wanting to get a new bathroom installed and we would wait for her building work to be completed before the whole chain completes.
Um, we have been waiting til March to start our building work and are paying storage by the day until we complete so no I wasn't really prepared for this thanks