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Original poster

Bastards at the bottom of the chain

58 replies

dinglethedragon · 16/01/2021 13:53

About to exchange next week, the bottom of the chain are demanding £60k off the purchase of the next one up. I'm being asked to take £30k hit.

Bastards. They have sold, sitting in a rental but they know people up the chain are desperate to move.

OP posts:

dammit88 · 16/01/2021 13:54

Just say no

BalloonSlayer · 16/01/2021 13:55

Bastards indeed!

What do you think you will do?

Original poster

dinglethedragon · 16/01/2021 14:02

I'm talking it over with friends and family - not decided yet. There are decent people in the chain who are having to move due to work, dc with school places arranged etc.

It's just so calculated though isn't it? At any point up to this they could have negotiated on price, I hate the thought they'll get away with it.

OP posts:

PicsInRed · 16/01/2021 14:19

That £30k isn't less than stamp duty is it?

This seems like a no brainer. Provide a deadline of next week to exchange, or you withdraw.

Hedgemoon · 16/01/2021 14:23

Scoundrels! That is a huge amount. I'd honestly give them a deadline of 5 on Monday so you don't lose any more sleep over it. Unless you'd save more than £30k on stamp duty? In which case I'd ask for very quick exchange and completion

senua · 16/01/2021 14:28

Isn't the maximum SDLT saving £15,000? Why would anybody give away more than that, let alone £60,000.

Original poster

dinglethedragon · 16/01/2021 14:37

The danger is the market drying up after March.

I'll sleep on it.

OP posts:

PatsyJStone · 16/01/2021 14:45

Not a chance that you should reduce by £30k. If surveys have all been done and mortgage companies agreed etc. It’s a total piss take. It’s up to your buyers to handle that side of the chain, it’s not your issue. Your issue is are they going to buy as agreed or do you need to readvertise and find another buyer?

Loofah01 · 16/01/2021 14:52

Nope. Let the bottom of the chain worry about it, chances are it's all about the fall apart anyway.
If I was the second link in the chain a 60k request would take me out of the loop, it's a ridiculous request

NoOneOwnsTheRainbow · 16/01/2021 14:56

I would tell them no. Our buyers tried this at the last minute. We said no. They (very sheepishly) continued with the purchase. I've seen a few chancers trying things like this on. There was one on AIBU last March, I'll try and find the thread.
It's not your problem and you shouldn't have to take the financial hit. If they didn't have the money to buy the house they shouldn't have put an offer in.
Also are you sure this has definitely come from the bottom of the chain not the person below you making things up and selling a sob-story to get a last-minute discount? Stranger things have happened and I can't imagine anyone buying a FTB-priced house and thinking they can get £60k off the asking price.

Itscoldouthere · 16/01/2021 14:56

If the price changes the mortgage and contract paperwork will have to change as well, so that may add a bit of time/money. What a PITA
Our buyers asked for a £20,000 drop just before exchange, it was just after the first lockdown and we were very stressed, we had higher offers from others but we were so done with it all we caved and accepted it, then the government cut stamp duty so they saved another £15,000, then prices went up !
I do feel a bit pissed off by it all, but that’s the property market, you never know when it will change.

AwaAnBileYerHeid · 16/01/2021 14:57

Not a chance woukd I be giving them 60p more. Dirty chancing bastards. Call their bluff.

woodhill · 16/01/2021 14:59

No don't give in - CFs

ireallyamthewalrus · 16/01/2021 15:00

Do you know why they are demanding a £60k reduction?

Didiusfalco · 16/01/2021 15:03

That is one hell of an amount. Could you even proceed with your sale with that kind of drop? If you’re not inclined to pull the plug entirely (and I would understand why) I would want the figures to be much lower.

Original poster

dinglethedragon · 16/01/2021 15:06

It's definitely not coming from my buyers -it's come up through the chain of EA's - my EA had heard from the EA down the chain.

bastards. the push to an early Feb completion date was coming from them and as they were in rental it seemed ok to plan to that. Only last week everyone confirmed that we were on track for that date, removers booked etc. Everything signed, just needed the solicitors to get their act together. They knew what they were doing.

OP posts:

Ilikewinter · 16/01/2021 15:07

I agree with everyone else, £60k off the bottom of the change must be a massive whack and i cant believe they can afford that...well i guess they cant and thats why theyve asked you for £30k.
Id absolutely say no.

BlankTimes · 16/01/2021 15:14

Say no and mean it.

Is there any way of all the sellers in the chain contacting the person who is selling to these clowns to tell them you are all saying NO and they need to as well?

Chloemol · 16/01/2021 15:23

Nope wouldn’t be doing it, and would say exchange on xx of dropping out, and would make it very clear to everyone in the chain that it’s the greedy people at the bottom who are forcing this

PicsInRed · 16/01/2021 15:23

Presumably their finance has been approved and they have proof of deposit?

If they have the deposit and the mortgage and everything in place, my guess is that they're chancing a hope of getting something like 10-20k off through everyone up the chain.

My answer would be no, and as pp said, I'd make sure that was the chain-wide answer.

I hope the ftb's vendor leaves their house filthy and their bin full make sure completion day is bin day+1.

Original poster

dinglethedragon · 16/01/2021 15:23

@BlankTimes

Say no and mean it.

Is there any way of all the sellers in the chain contacting the person who is selling to these clowns to tell them you are all saying NO and they need to as well?

That's a good suggestion Blank. I'm going to let them stew over the weekend I think.

OP posts:

ButwhereisMYcoffee · 16/01/2021 15:26

It’s happening a lot at the moment (just happened to us so I feel your pain). In fairness though, people at the bottom of the ladder are having to pay so much more than people ever have to get on the ladder - of course they’ll try and leverage any advantage they can.

Negotiate! Say ‘30s far too much, I can do 10, and that’s final’.

ButwhereisMYcoffee · 16/01/2021 15:27

I mean only negotiate if you actually really want your house.

Kroebero · 16/01/2021 15:28

This is terrible, so sorry for you OP!! Say no of course. What arseholes. If it’s the bottom of the chain that has to be a fair percentage of the whole house price though??? The first time buyer is our chain is buying a house for less than 200k so 60k off that is horrendous!!

combatbarbie · 16/01/2021 15:33

Wow, that is disgraceful. But I'd decline and see what happens

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