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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:
MotherOfGodWeeFella · 21/04/2021 11:05

[quote everydayiwritethebook]@MWMWMW possibly, but I don't think that pursuing fraudulent evasion of taxes would be seen as a breach. [/quote]
Hmm - where was your evidence that led you to examine the accounts and chase him for arrears? You wouldn't have done this had you not known his name and business and taken a dislike to him. On dodgy ground I'd say as you looked into this out of personal interest, some would class your behaviour as a carrying out a vendetta against him.

aiwblam · 21/04/2021 11:06

Hope you get this sorted out OP. They sound utterly nasty.

MindBodyChocolate · 21/04/2021 11:07

House moving is so stressful as it is and your sellers are being horrible. I can’t stand this kind of behaviour.

PPs have said it but stand firm at the agreed price. If they want to pull out then let them - you can’t stop them before exchange anyway - but make it their choice.

I think it’ll go ahead at the agreed price but you need to be clear and firm.

MrsEricBana · 21/04/2021 11:09

Yes 100% still to agreed price and let them pull out if they must. I don't think they will. Good luck!

everydayiwritethebook · 21/04/2021 11:10

@MotherOfGodWeeFella it's a long time ago, but I seem to recall that the guy had already had visits from enforcement officers over disputed council tax. He was on the radar already.

MotherOfGodWeeFella · 21/04/2021 11:10

I agree with others - you're ready and willing to exchange at the agreed price. They're idiots because if you need a mortgage to buy their house then you'd need to apply for a new, higher mortgage and even if you pass the mortgage lender's affordability criteria for a bigger mortgage it will take more time to be ready to exchange again. With a totally new buyer if they don't actually exchange with you then there's every chance the sale won't complete before the stamp duty holiday expires which will affect who will be willing to buy their house. Their greed will come back to bite them.

ShurImGrand123 · 21/04/2021 11:10

Just to say, similar happened to us, so it’s far from uncommon.

We were cash buyers and it had taken about 6 months to buy because of the seller pratting around and having to negotiate with his bank so that they wouldn’t take all his equity, as he had a lot of debts to pay off.

In this case it amounted to around 8% of the purchase price and after consideration, we chose to pay it and go ahead and buy the house. The house needed a bit of modernising and extending and we’d budgeted for around 200k to do all the work required.

It’s been 6 years and the work is done and the house is perfect. The increase in value has far outstripped what we’ve paid for purchase and renovations. Yes, I was pissed off at the time but you have to take the long view. During the 6 months of renting and the buying process, we’d spent a lot of time looking around and hadn’t found anything comparable that ticked all our boxes.

user64325 · 21/04/2021 11:10

But 5-6 month is the average time at the moment. We exchanged a couple of weeks ago and it took 5.5 months and I was a first time buyer and my vendor was a cash buyer with their vendor moving into a rental, so a small chain. That is not an acceptable reason to ask for so much more last minute.

Missingthesun · 21/04/2021 11:13

So if they put it back on the market...and it takes a long time to sell/go through...are they going to do the same again at the 11th hour? And every subsequent time thereafter?!

Say no and see what response you get.

Surely they are cutting their noses off because if they buy now they will benefit from stamp duty relief too?

Keep us updated OP!

longwayoff · 21/04/2021 11:16

This kind of person takes the paving stones and light fittings with them. Walk, if you can bring yourself to, who knows what else they'll try?

Lovingspring · 21/04/2021 11:17

I just don't understand why this is allowed in the UK. In countries such as Australia it would not happen. I wish the law would change.

ChairmansReserve · 21/04/2021 11:18

What absolute bastards. Rooting for you.

everydayiwritethebook · 21/04/2021 11:20

@MotherOfGodWeeFella and this was pre GDPR.

Jaxhog · 21/04/2021 11:21

Say no. Let them walk away and take the EA hit. Ironically, it's usually the buyer who pulls this sort of stunt.

Start looking for somewhere else immediately.

MapleMay11 · 21/04/2021 11:21

In your OP you mention that you've delayed completing the sale by up to 6 months whereas the vendors have no onward chain. In the area I live (which is already an expensive area of the country), house prices have increased by around 26% over the last 12 months. You say that the 33k increase they asking for is around 5.8%. If I was the vendor, I would probably choose to look for a higher offer as well after all this time. You don't have the 33k anyway so the decision is made.

Missingthesun · 21/04/2021 11:25

@Lovingspring - I agree. Sellers should be ‘legally’ ready when they put their house up for sale. Eg have all the searches, deeds, surveys etc completed. Nothing worse than getting months into a purchase to find a horror & having to renegotiate, or worse still, pull out & start all over again (and lose money you’ve forked out thus far)

But for the OP, this is just too far. An extra few grand, ok you can take that. But £33k, that is insulting

ChairmansReserve · 21/04/2021 11:25

@MapleMay11 But they didn't have to wait until exchange day to do that, did they?

dotdashdashdash · 21/04/2021 11:25

It's highly likely (although not entirely impossible) that this is incorrect.

25 years working in the property industry and I've never seen such a clause, nor heard of one being enforced.

Where in the country are you?

We've sold multiple times in the last 8 years and it has been a clause in all of our contracts (lots of different estate agents). Whether it would be enforced I don't know, we've never had to test it out.

MaMaD1990 · 21/04/2021 11:26

@MapleMay11

In your OP you mention that you've delayed completing the sale by up to 6 months whereas the vendors have no onward chain. In the area I live (which is already an expensive area of the country), house prices have increased by around 26% over the last 12 months. You say that the 33k increase they asking for is around 5.8%. If I was the vendor, I would probably choose to look for a higher offer as well after all this time. You don't have the 33k anyway so the decision is made.
I don't think OP intentionally delayed by 6 months, they lost a buyer which isn't their fault, its life. It doesn't excuse the sellers behaviour.
MaMaD1990 · 21/04/2021 11:27

[quote ChairmansReserve]@MapleMay11 But they didn't have to wait until exchange day to do that, did they?[/quote]
Yes - another good point!

MapleMay11 · 21/04/2021 11:29

I don't think OP intentionally delayed by 6 months, they lost a buyer which isn't their fault, its life. It doesn't excuse the sellers behaviour.

It's not the sellers fault either. Perhaps the seller wasn't aware just how much how house prices in their area had increased. This is a business transaction.

FijiCavanaugh · 21/04/2021 11:29

Awful awful people. Keep us posted!

SchadenfreudePersonified · 21/04/2021 11:30

So they are greedy for wanting an extra £33k in line with a rising market but you are not greedy for offering £8k under lowest asking price in a falling market.

OP offered what they could afford.

The venders dod not have to agree to it - they could have declined the offer.

Hugsgalore · 21/04/2021 11:31

Some people have no shame.

MaMaD1990 · 21/04/2021 11:31

@MapleMay11

I don't think OP intentionally delayed by 6 months, they lost a buyer which isn't their fault, its life. It doesn't excuse the sellers behaviour.

It's not the sellers fault either. Perhaps the seller wasn't aware just how much how house prices in their area had increased. This is a business transaction.

Perhaps the seller should've looked into it 3 months ago when things were shaky - you know, as any good business person would. It may be a business transaction but their behaviour is still inexcusable.
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