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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:
MadeForThis · 21/04/2021 11:34

Refuse. But I would prepare yourself that he will walk away and relist.

Mildura · 21/04/2021 11:34

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

Surrey

LondonJax · 21/04/2021 11:38

Yes but @MapleMay11 the vendor is perfectly at liberty to put the house back on the market at any point before exchange of contracts.

So, if the buyer lost their buyer, it's a simple process to call the EA and say 'I'll stay with the transaction but I need this remarketed immediately'. That's what I've done in the past and had done to me. It is reasonable. Waiting until exchange day is an un-businesslike thing to do. I find it very hard to believe that, just as they're about to exchange they've 'suddenly' realised the house has gone up.

Either way they'll have to carry on paying their private schooling fees whilst they wait for another buyer at a new price, or stick to their agreement. And, as someone said upthread, what if the next (if there is a next) buyer also has a property to sell, hiccups occur and it's another 5 month delay. Will they be doing the same again? They'll never move at that rate.

Hexinthecity · 21/04/2021 11:39

@Firecat84 what have you instructed the solicitor / estate agent to say to them? I really hope you stick to your guns, there’s no point in trying to scrabble around to try and meet their demands like so many other posters have said you’re unlikely to get a revaluation with the mortgage company for an extra 33k at this stage and even if you did it would add god knows how much longer onto the process abs who’s to say they don’t dick you around again further on down the track? They’re arseholes

ginandvomit · 21/04/2021 11:42

What awful buyers, no wonder buying and selling is so stressful. We were gazumped once after spending money on searches and solicitors and I was heavily pregnant. Another time selling and the buyers also tried to knock £10k off last minute. I held firm and it went through.

SchadenfreudePersonified · 21/04/2021 11:48

some would class your behaviour as a carrying out a vendetta against him

Doubtless some would.

I, however, admire that sort of immediate karma.

BrightYellowDaffodil · 21/04/2021 11:48

after weeks of the seller pushing for immediate exchange or they were pulling out

So they've got form for making threats to pull out and then not making good on them.

It's very easy for me to say because I haven't invested (emotionally, financially or logistically) in this house move but in your shoes I think I would tell them either they can pull out (and take the EA fee hit) or they can sell at the agreed price.

ginandvomit · 21/04/2021 11:48

Sellers not buyer's! Best of luck OP crossing fingers it works out for you today.

MrKlaw · 21/04/2021 11:51

I mean its nonsense - you can't just put your hand in your pocket the day of exchange. You'd need to redo the contracts, likely contact the bank to tweak your mortgage etc. Even if you were willing, it'd screw the entire chain so late and surely be impossible to get done on exchange day?

Alsohuman · 21/04/2021 11:53

Fucking chancers. Walk away.

Gothichouse40 · 21/04/2021 11:54

Im assuming you are in England. I think that's disgusting, as others say walk away. You can always look for something else later.

Thatsnotmyfacemynoseistoobig · 21/04/2021 11:57

This is not the right move for you, run away! The sellers are cu*ts

1WayOrAnother2 · 21/04/2021 12:02

Their behaviour is unspeakable - of course! They are miserable beings to let you down so much and so late - may they never have a day's luck with the money they get from this house-sale!

You have to be cold about house purchase though.

It is a matter of buying and selling and emotion has no place. (It being a home rather than a house confuses things.)

How much is the house worth to you?

If that new sum is too high - then withdraw and - if you are feeling vengeful- keep them dangling without a clear answer for as long as you can.

If it is worth the extra and you can raise it... try offering just a little more and see how low you can keep the addition.

Best of luck to you!

Bythemillpond · 21/04/2021 12:08

I would point out that whilst other houses have gone up the other houses around this house are already in good order so what their house might or might not have gone up Is going to be less than the ones with nothing to do on them.
Also whether house prices have or haven’t gone up has nothing to do with paying school fees.
Given that you were the only offer they had then they must realise that if they want more for their house now then there is going to be many more terms of school fees to pay. Are they going to rise the price by the school fees amount every time they have to pay.

As others have advised I would say you aren’t pulling out and you will exchange at the same price.
I would also mention that the EA will need paying as they had found them a buyer at a price that was agreed and it was them that refused to sell.

SchadenfreudePersonified · 21/04/2021 12:11

I'm just hoping that the P comes back to let us know what happened.

I know it's none of my business, and I appreciate that she has the right not t (and certainly won't make detrimental judgements if she doesn't) but I am a nosey bugger!

MaMaD1990 · 21/04/2021 12:12

@SchadenfreudePersonified

I'm just hoping that the P comes back to let us know what happened.

I know it's none of my business, and I appreciate that she has the right not t (and certainly won't make detrimental judgements if she doesn't) but I am a nosey bugger!

I'm glad you posted this, I feel the same! BlushGrin
everydayiwritethebook · 21/04/2021 12:13

@SchadenfreudePersonified Indeed! And I think it would still be the case today that suspicion of fraud would warrant an investigation, though the procedures will have no doubt changed. If you don't want the authorities to come after you, don't evade paying your taxes!

Cushionsnotpillows · 21/04/2021 12:14

@Lovingspring it's allowed in England. Scottish system is different, definitely not perfect but this wouldn't be allowed as the equivalent of exchange happens much sooner and they would be hammered for this with fees etc.

Been said for donkeys years English system needs overhauled but nothing ever gets done.

Puzzledandpissedoff · 21/04/2021 12:17

Ironically, it's usually the buyer who pulls this sort of stunt

The same thought occurred to me, but PPs are correct that the vendor didn't have to wait until exchange day to do this. That he's done so suggests he'd have done it anyway just because he could, rising market or not

Do update us when you've decided what to do OP?

crossstitchingnana · 21/04/2021 12:21

.

DishingOutDone · 21/04/2021 12:27

You know what I think might happen; they'll come back and say ok not £33k, lets split it and say £16,500 or something like that to make the OP think hmm actually maybe that is a good deal Hmm

Moooooooooooooooooo · 21/04/2021 12:28

@SchadenfreudePersonified

I'm just hoping that the P comes back to let us know what happened.

I know it's none of my business, and I appreciate that she has the right not t (and certainly won't make detrimental judgements if she doesn't) but I am a nosey bugger!

Me too!
MzHz · 21/04/2021 12:36

@everydayiwritethebook

Walk away.

We had something similar happen about 25 years ago, and we walked. I was devastated at the time, but it was the right thing to do.

The seller had several properties that he let out. Unfortunately for him, I worked in council tax recovery at the time, and I went through all of his property accounts with a fine tooth comb (it's common for landlords to mess around with dates of when properties are empty in order not to pay council tax.) By the time I'd finished with him, I'd discovered nearly £5k of unpaid tax. When these were fast tracked through summons etc, it came to over £6k, (more than he was trying to screw us over with) and as he was also an employee I hit him with five attachment of earnings orders, with notes on every account that under no circumstances should these be stopped, because of fraud. But then I'm a vengeful bitch when crossed!

😍🤩

You’re a legend!

Llamasinpajamas · 21/04/2021 12:39

Let us know how it goes OP!

GinaJaffacake · 21/04/2021 12:39

This shows you how much interest you’d pay on that 33k if it was a 33k mortgage. Over a 25yr term you’d pay back over 66k. Just think about that.

Seller demanding £33k extra on exchange day
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