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Seller demanding £33k extra on exchange day

999 replies

Firecat84 · 21/04/2021 05:01

After weeks of harassment from our sellers about the process going too slowly (it's been about 5/6 months due to us losing one set of buyers halfway through - we've been chasing solicitors like crazy trying to speed everything up) we were due to exchange yesterday. On the day however, we received a message via the vendors' solicitor saying that house prices had gone up so much in the time it had taken the deal to go through that they wanted an extra £33k (they gave a whole bunch of other vague reasons too, which I think boil down to they've had to pay for an extra term's private school fees?!!) Obviously we don't have this money and even if we did we don't want to give in to such horrible tactics. The vendors aren't in a chain going up - I don't know where they're moving after this.

The house had been on the market for a while when we made our offer and had been reduced twice. I believe we were the only offer (it has potential but needs quite a lot of work). We offered £8k under the lowest asking price. At the time there was plenty on the market in the area and now there is nothing we could afford. All the houses available are bigger and nicely finished, which does give the impression prices have gone up, but I think it's a bit misleading.

We are financially stretched to our limit as it is but are in a flat with a baby and desperately need more space. We've spent so much time and energy (and money) on this move and we're just exhausted and depressed by it all. My family want us to walk away and not give any money to such horrible sellers. What would you do?

OP posts:
drpet49 · 21/04/2021 09:51

** Call their bluff, exchange at the original price or they pull out. I'm an ex mortgage advisor and used to work in an Estate Agent too. Don't pull out yourself, there will be a clause in their Estate Agent's contract that means they will be liable for their fees provided they have introduced a buyer in a position to proceed. If they pull out, they will still be liable for the Estate Agent's fees "

I would absolutey do this. Don’t pull out. Still to the original price and let them pull out if they want to. Which I doubt they will once they realise they will still be liable to pay their estate agent fees.

PurpleRainDancer · 21/04/2021 09:52

@cupcakesandcoffee

Walk away. Immediately. Don’t give them a chance to retract. In a couple of months time you can go back in with an even lower offer.
I’m not so sure about that, the market is incredibly buoyant, at the moment it’s a sellers market.
fromdownwest · 21/04/2021 09:52

What did the house value up at with the mortgage?
That could be a good amount of leverage if it matches the PP

The mortgage could only be increased if the valuer sees the extra £33k value, even then you can only borrow a percentage of that and will have to find the rest yourself.

They are being chancers IMO, stand firm.

Hexinthecity · 21/04/2021 09:52

I’m confused by the time line here, are you due to exchange today?

kirinm · 21/04/2021 09:53

I really hope you stick to your guns OP. These people are chancers and what's to stop them pulling them same stunt whilst you try to rearrange your mortgage offer?

EvenRosesHaveThorns · 21/04/2021 09:53

They would have to pay stamp duty for £££ quite soon, so it's in their interest to continue the sale

AllThatFancyPaintsAsFair · 21/04/2021 09:56

@PickAChew

Say no. Let them face another term of school fees while their house isn't sold.
Has the OP posted under 2 names, my show OPs posts doesn't say anything about school fees?
Stuckhere2021 · 21/04/2021 09:57

What an awful situation OP - I too would do as some PPs have said - your position is exchanging at the agreed price then let them pull out if they don't accept that. You may end up losing the house (unlikely, I think they are just be CFs) but I would rather live in a shoe box than give in to this - it will tarnish the house and you will remember it forever. And I say this as someone who lived for two years in a one bedroom top floor flat (3 storeys) with 2 DC under 5 and as someone who once paid over the odds for a house due to desperation. More space is ideal but not truly 'essential'.

Please let us know what happened and good luck. Flowers

Stuckhere2021 · 21/04/2021 09:58

@AllThatFancyPaintsAsFair - its mentioned in the opening post.

somersault · 21/04/2021 09:58

Just awful. I would walk away. Say 'no' and set a deadline, or you will walk away. If you give reasons, this will give them something to argue with. The fact this was the agreed price is enough. What horrible people.

AllThatFancyPaintsAsFair · 21/04/2021 09:59

Ignore my last post, I was getting confused by the reference to tax bill and an update, oops

whattocallhim · 21/04/2021 09:59

How stressful for you OP and what utter cretins to try this. Do not give them a penny more. Proceed at the agreed price and let them pull out if the want the money so badly. I suspect they will come crawling back. If you pay up the house will always have a bad feeling. You deserve better.

Mildura · 21/04/2021 09:59

@EvenRosesHaveThorns

They would have to pay stamp duty for £££ quite soon, so it's in their interest to continue the sale
The buyer is the one who pays stamp duty, not the seller.
EssentialHummus · 21/04/2021 10:00

Has the OP posted under 2 names, my show OPs posts doesn't say anything about school fees?

It does, seven lines in.

OP - what everyone else said. "No. We agreed £x, and we're prepared to proceed on that basis."

IntermittentParps · 21/04/2021 10:06

Try FruitBadger's approach. You've nothing to lose. I think they're just trying it on.

PunishmentSnart · 21/04/2021 10:08

Did you not read the thread the other week about dickhead sellers who leave their home in crap conditions and take stuff with them like light fittings etc.

If they are willing to behave like this on the day of exchange I wouldn't put it past them doing something like on that thread. Especially if it's a doer upper, you might find lots of surprise things you have to fork out for once you're in and if you've paid more than your budget you will be stuck.

I say this from bitter experience....

AsMuchUseAsAMarzipanDildo · 21/04/2021 10:09

Just say “no”. You don’t need to call the whole thing off - ultimately you want the house and once exchange takes place they’ll be in line for losing a lot more money. There’s a small risk they might walk away, but I doubt it. They’re just chancing it.

RandomMess · 21/04/2021 10:11

Absolute chancers as the property they are buying will have also risen in the last 6 months I'm sure they don't want to pay more for that either!

Flipflopblowout · 21/04/2021 10:16

Tell them that you will be happy to drop your offer by £10K

user1471538283 · 21/04/2021 10:17

Walk away. Let them start the process again with another buyer if they think they can get more money. They have more to lose than you do.

I would also not touch them or their house ever again. I pushed and pushed for our last house and it was nothing but trouble.

I know it is so upsetting.

RedToothBrush · 21/04/2021 10:17

The buyer is the one who pays stamp duty, not the seller.

Yes but this means buyers have less money to spend on the actual property meaning its harder for sellers to get a sale price which is as big as buyers can't afford it. For example instead of spending £15k on stamp duty a buyer can buy a house valued £15k more.

The stamp duty holiday has, in effect, inflated sale prices to an extent.

When it ends its likely that trend will slowly reverse.

Isabella70 · 21/04/2021 10:18

Offer them £33k less.

LobotomisedIceSkatingFan · 21/04/2021 10:21

I haven't read the full thread, but if anyone thinks you should capitulate, I'll eat my hat. Don't do it. These people are rotten to the core. I'd rather sleep under a tarp than meet their price.

Thiscantreallybehappening · 21/04/2021 10:21

Call their bluff, exchange at the original price or they pull out. I'm an ex mortgage advisor and used to work in an Estate Agent too. Don't pull out yourself, there will be a clause in their Estate Agent's contract that means they will be liable for their fees provided they have introduced a buyer in a position to proceed. If they pull out, they will still be liable for the Estate Agent's fees

I would absolutey do this. Don’t pull out. Still to the original price and let them pull out if they want to. Which I doubt they will once they realise they will still be liable to pay their estate agent fees

I absolutely agree with the above 2 posters. I think they are just trying it on. They have been pushing you for weeks to speed the process up I would think it unlikely that they will now pull out when you are so near to exchange and completion.

Mildura · 21/04/2021 10:23

As per the opening post, the vendors do not have a related purchase.

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