Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

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 06:11

No, no, no you can’t be hold to ransom like that and you don’t have the money anyway.

Walk away. Another house will come along.

CeeceeBloomingdale · 21/04/2021 06:11

I'd play hard ball. Make it clear to the solicitor and estate agent it's exchange today at the agreed price or the deal is off. They are chancing it, if the deal falls through they will be back to square one.

grapewine · 21/04/2021 06:12

Walk away. That is awful behaviour.

LawnFever · 21/04/2021 06:13

@CeeceeBloomingdale

I'd play hard ball. Make it clear to the solicitor and estate agent it's exchange today at the agreed price or the deal is off. They are chancing it, if the deal falls through they will be back to square one.
Completely agree, I’d do this too, awful behaviour to do this to you!
CeeceeBloomingdale · 21/04/2021 06:15

@tara66

Didn't you both sign a contract that the house would be sold at a certain price?
That is exchanging, it's what OP was due to do today.
Springchickpea · 21/04/2021 06:19

We almost lost the chain on exchange day because our buyer started messing around. It was a little different in that the price had changed but they started trying to add to the bottom of the chain when they had presented themselves as cash buyers.

I just said to the agent that the deal was done based on their being cash buyers, that they were the only people who saw it, and we might have achieved a higher offer if others had been given a chance. Asking for more on exchange day undermines the deal that was done at the time, I would walk away, and I was prepared to.

vannyy · 21/04/2021 06:19

Odd that theyve had months of waiting to decide to inrease their price but choose exchange day to finally do something about it.

They've done it purposely at the last minute because the buyer is so invested. Wankers

Sunnyfreezesushi · 21/04/2021 06:19

Just tell them you don’t have any more money and can’t afford it. There is a mini bubble going at the moment. Once the stamp duty holiday ends and the economic implications of Corona and Brexit become more evident, there could easily be a 10 per cent plus correction. I would state this too. They may get a higher offer now but that deal might not complete.

As regards school fees, normally you have to give notice on the first day of term to leave at the end of that term. So in England Monday 19th April to leave end of the summer term. If you are late, you may have to pay for the autumn term but most schools wave it if it is a matter of a few days/a week etc.

Wriggleout · 21/04/2021 06:19

No way. I think they are trying it on. They have got a lot to lose too if you walk away. That will delay them for another 3 / 4 / 5 months as they find another buyer to go through the whole process. I would say you will still go ahead with the sake but only at the price that has been agreed. Be very firm.

LionLily · 21/04/2021 06:20

Walk. Otherwise you'll forever have a nagging thought in your mind that your mortgage should be £33k less, or your savings £33k more.

You could rent a property and look for something else for much much less than £33k...heck, you might even end up with something better, and no negative feelings. What's for you won't go by you, as the saying goes.

So I would be ringing the estate agent and giving a firm "exchange by midday or not at all, having discussed it overnight another acceptable
option has become available to us. Of course we'd prefer to go ahead but if that's not possible we can deal with that".

Sauvignonblanket · 21/04/2021 06:20

Don't walk away immediately. Explain that you're not in a position to provide the extra but can go ahead at the original price, then see what they say. It might all work out when they hear you're not budging. Awful behaviour.

Lassy1945 · 21/04/2021 06:20

@tara66

Didn't you both sign a contract that the house would be sold at a certain price?
Have you bought a house before? Exchange is the day this happens
istheresomethingwrongwithme · 21/04/2021 06:22

Wow, that's so awful. Huge sympathies to you, how stressful and upsetting.

I'd walk too, I'm afraid. I'm often in the camp of 'just go along with it to get the deal done' but that's just terrible. Hopefully you'll call their bluff and they will see sense. Either that or as others have said, the house will still be on the market in 6 months and you can have another stab (providing you still have a buyer etc.)

Really shitty behaviour, so sorry.

Saltyslug · 21/04/2021 06:23

5 months is just slightly over the average time to process a house sale right now. Pre lock down it took 90 days but now it’s between 110 to 115 days on average. 5 months is about 150 days. If the average is 110/115 days then there will be faster and slower sales, 150 is pretty normal. 8 or 9 months would be concerning.

www.zoopla.co.uk/discover/property-news/average-time-for-a-sale-to-complete/

I’d let them know this information above and also state you’re very sorry but you cant meet the 33k as you’ve stretched yourself massively already. You can only offer the price previously agreed. Them sit tight and wait.

Let them decide what to do. I suspect it’s a last minute attempt at getting a bit more cash and they will come to their senses and proceed with the sale.

Saltyslug · 21/04/2021 06:24

Don’t walk, just keep your original offer on the table and play the waiting game

timeisnotaline · 21/04/2021 06:24

Could they possibly have another offer? Or if they had another offer would they just pull out? Horrible people. Just say you can’t.

cupcakesandcoffee · 21/04/2021 06:24

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.

SunshineCake · 21/04/2021 06:29

Not only are they nasty people they are stupid. They have demanded such a huge figure it is clear they have no idea and it wasn't going to be met. Maybe they don't want to move now. If they'd asked for an extra £10k then that might have been doable, or even five but 33? What school are they at?! Mine went to two private schools and a terms fees were nowhere near that even for the three kids combined.

Taikoo · 21/04/2021 06:30

Walk away. Horrible dickheads. Leave them and their house to it.

TangoWhiskyAlphaTango · 21/04/2021 06:31

There has to be an overhaul of the English home buying system. Its so wrong that this sort of thing can even happen at all. No way would I pay a penny more absolute wankers.

Bluepolkadots42 · 21/04/2021 06:32

Walk away- they sound vile and even if you did proceed without paying the extra I couldn’t trust what they would do to the house between exchange and completion.

Shehasadiamondinthesky · 21/04/2021 06:33

No way give into this horrible blackmail. Tell them you can't afford it so you'll have to pull out. This should be against the law. Disgusting.

MaMaD1990 · 21/04/2021 06:34

I hate people like this, there's not a word in the dictionary that suitably describes people like this - I'm so sorry for you. Walk away, it's such an emotional thing buying a house and would you really feel good thinking back and remembering being strong armed into forking out an extra 33k? It wouldn't be worth it for me.

jelly79 · 21/04/2021 06:34

Absolutely be explaining how unreasonable their request is based on the average length of time to complete. Then be very clear that you will proceed at the agreed price or you will not proceed

I have everything crossed they go ahead x

PJsEveryday · 21/04/2021 06:36

As PPs have said, play hard ball and its either exchange at original offer or THEY need to withdraw. they are being greedy walkers and need to be called out on their behavior. If you mention you can't find the extra £, it implies you have at least thought about their demands. Instead their greed needs to be stomped on.

Please create an account

To comment on this thread you need to create a Mumsnet account.

This thread is closed and is no longer accepting replies. Click here to start a new thread.