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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:
Flackattack · 16/01/2021 15:34

They’ll miss the stamp duty holiday messing about won’t they?

DogInATent · 16/01/2021 15:34

Have you exchanged contracts? If you haven't, get your EA actively marketing the property again.
(I would never stop active marketing until exchange because of this type of scenario)

Even if you drop the £30k you're still in a chain.

Are you at the top of the chain, or in the middle?

Candleabra · 16/01/2021 15:36

£60k?!! Jesus. I was pissed off when my last buyers did this with £500.

How long is the chain? Is this a calculated move where they're expecting everyone to chip in £10k to hold the chain together?

cerealgamechanger · 16/01/2021 15:39

Do. Not. Agree. CFs.

dinglethedragon · 16/01/2021 15:55

They are not first time buyers, they sold in London and rented.

I need to take a break from even thinking about it tbh. Is it wine Oclock yet? I will update next week once I've talked to more people.

watching New Life in the Sun and thinking "at least I'm not stuck with a home in Spain I can't live in post-Brexit. Taking the cheerful thoughts where I can get them!

OP posts:
StarsonaString · 16/01/2021 15:59

Utter CFs. Fingers crossed for you.

DueBabyMummy2B · 16/01/2021 16:05

Was bad enough when our buyers (a few years back) wanted 10k off. We agreed it in the end. Percentage wise it was a lot to us.

ShrikeAttack · 16/01/2021 16:06

Just because they're at the bottom of the chain it doesn't mean it's the cheapest house on it, to those thinking it must be a huge % reduction.

Hopefully they're just trying it on and will back down if no-one agrees, fingers crossed OP, very stressful!

Nousernameforme · 16/01/2021 16:12

Are they the bastards? Are you sure that the one they want to buy hasn't had some huge repair issue that they are willing to take on but want the reduction to cover it? 60k is a lot to be trying it on for. Then in turn those who are selling to them (your buyers I presume) are trying it on with you for 30k

GabsAlot · 16/01/2021 16:17

i hate this our buying laws are crap in england it should be like scotland agree on price nothing changes

Sunflowergirl1 · 16/01/2021 17:29

Refuse. What you will find with bastards like this is another demand will come the last 48 hours once removals etc are all booked.

chuckitallin · 16/01/2021 17:40

Disgraceful behaviour. £60K is a huge amount particularly at the bottom of a chain.
You all need to say no, although it is your buyers who need to deal with this issue, not the whole train. A sternly worded email from your buyers to their buyers and the rest of you stay out of it.

WednesdayAllTheWay · 16/01/2021 17:44

Absolutely out of order. I like the clubbing together suggestion. No way

2bazookas · 16/01/2021 18:09

I'd call their bluff. Just refuse to pay.

Ineverdidmind · 16/01/2021 18:16

There is no way I'd agree to this, but then I'm really stubborn. I wouldn't even give it a moments consideration, it's pure blackmail. Let them start all over again, absolute CF's.

woodhill · 16/01/2021 18:19

You are in as strong position with the stamp duty deadline

lboogy · 16/01/2021 18:25

Is the the 60k to cover the cost of major works or they are just taking the piss? Let's say there's a planning application for a 200 dwelling development or it needs a new roof, damp proofing etc then it doesn't sound unreasonable

SunshineandShudders · 16/01/2021 18:28

Oh. Our buyers did this to us, although much smaller amount. No one ever suggested we should push it up the chain, I feel like we missed a trick.

Do you know why they've suddenly decided their purchase is worth £60k less than they agreed.

lemonsandlimes123 · 16/01/2021 19:47

What value properties are we talking about here because if the bottom of the chain is 950 and the top 1.6 then it’s very different from the bottom being 300 and the top being 550!

MaggieFS · 16/01/2021 20:19

What % of the bottom of the chain house is 60k and 30k of yours?

Unless it's minuscule, I'd be saying no. They're trying it on.

mountains76 · 16/01/2021 21:39

@GabsAlot

i hate this our buying laws are crap in england it should be like scotland agree on price nothing changes
This nonsense again. The scotish system is in some ways worse then the English system - buyers are free to piss about with reducing offers until missives are complete.
combatbarbie · 18/01/2021 16:04

How's it going OP, did you stand firm?

VinylDetective · 18/01/2021 16:11

@SunshineandShudders

Oh. Our buyers did this to us, although much smaller amount. No one ever suggested we should push it up the chain, I feel like we missed a trick.

Do you know why they've suddenly decided their purchase is worth £60k less than they agreed.

Mine did it to me the day before exchange and the agent suggested pushing it up the chain. I just said no, he could tell my buyer to go fuck himself. I think he was a bit more diplomatic than me but anyway the bastard backed down. Allegedly his solicitor put him up to it.
vminkookie · 18/01/2021 18:08

I really hope you have good news OP. What cheeky bastards!

dinglethedragon · 02/02/2021 07:05

I know how annoying it is when people don't update so..... without being too identifying.

We moved yesterday, finally. Tried holding out against the CFers but they were really ready to let the chain collapse, they were in rental and able to extend their lease so had the upper hand.

yes, expensive £1m + houses near to London, but I was downsizing from a large family farmhouse type property (with land) to release capital to help out my 4 DC. all of whom need a cash injection right now - and we talked about it, splitting the £30k loss 5 ways (including me), we each take a £6k hit, which was better than not selling at this point in time. My property was big, old, victorian, in need of MAJOR work (all the windows and one major section of roof that I was aware of). I don't have the capital or income to do the work. The couple who have bought it are onto their 7th or 8th house - they are brilliant at doing up and selling on, which is what it needed. I know they will get PP to build on the orchard, I let go of that emotionally, it took a while. They will make money, but that's fine. I pretty much got the value of the house at the time of my divorce 10yrs ago, but as I say, a lot of deterioration over that time. I did what I could afford to, but not enough. Never enough with a house like that.

Talking to my buyers yesterday (they arrived as I was leaving) this was not the only thing the CFers had done - they had been a nightmare.

I'm surrounded by boxes, but relieved to have done it, waking up in my modern new home, it feels good.

So, buyers who are renting seem like a great buyer, ready to move, no chain etc, but beware, they hold so much power - if they want to use it and are unscrupulous you can be fucked.

sorry to let you all down and not hold out - but I just had to be pragmatic!

OP posts:
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