Seller demanding £33k extra on exchange day

[Firecat84]

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?

Was thinking just the same thing Alpal.

Why would that be a good idea before the seller has even responded? They can't end up any worse off by waiting for their reply, nothing is stopping them looking for another house

Can you explain the benefit of giving up now?

If it goes through make sure you check everything, including under the floorboards for rotting food or fish. Wouldnt put it past them :-(

@FlyingBurrito

Why would that be a good idea before the seller has even responded? They can't end up any worse off by waiting for their reply, nothing is stopping them looking for another house

Can you explain the benefit of giving up now?

Quote didn't work, my question is to @Biscuitybiscuit

Listen to fruitbadger. Don't you pull out, state you are waiting to go ahead at agreed price. Make them pull out so they still have to pay estate agents fees. Start looking at other houses.

Good luck OP

Just don't walk; make them be the ones to pull out.

Give the EA you bought through a call and ask them to send over everything in your price range asap. Explain that, whilst you quite understand why the vendors need to think about it, you want to ensure you're not left high and dry so you're starting to look again. Make sure the EA who answers knows the back story (if they're not the ones dealing with it) and tell them you also need to know who deals with rentals as you may need one if your purchaser proceeds as is likely.

As soon as that phone goes down I can guarantee the EA who is dealing with it will be told you're seriously looking again, planning for the vendor to drop the sale (the rentals) and they'll start applying pressure. If not at least you'll have a few houses to start looking again.

My stubbornness would be in overdrive and then I’d say or you drop by another 10k just to be a dick back xx Can you let us know the outcome? I feel very invested in this on your behalf....good luck

Dont do it, it would be a straight up no from me. Say you’ll exchange tomorrow at agreed price or they can re market the property.

Walk away! Something else will come up. They are playing on your desperation. Let them put it on the market at the extra money they want and find something else. Horrible people who don't deserve a sale

As others have said, continue rather than pulling out. It’s their choice to pull out if they want to.

Good luck.

Changed my mind OP. Don’t walk away. Give them a taste of their own medicine!!

Give them an ultimatum. Either they exchange at agreed price tomorrow, or you’ll be knocking your offer down by 5K each day they delay it. Things will look very different once you turn the tables on these fucktards.

I would remind them that the house they are buying will also have gone up in value and they are putting their own purchase at risk (If they're not in a chain then this makes it more difficult). They will of course have to pay EA fees, solicitor fees and more school fees if they decide to pull out. You may not have exchanged contracts but the price was agreed upon way back and they've had plenty of opportunity to ask for a higher one. It suggests their mortgage may not have come through I guess.

The fees they owe are not your responsibility. I would tell your solicitor that you are able to offer the agreed price, but unfortunately nothing more. You could offer the reduced asking price if you wanted to make a gesture of goodwill.

This happened to friends of mine, turned out the seller was getting a divorce and one wanted more money and the wife wanted an excuse not to sell.

They have until 3pm tomorrow to exchange and that's it. No ifs no buts.

When my seller was playing silly buggers I phoned their estate agents and arranged to see two very likeable properties in my price range. We got the original house in the end but I had alternatives lined up just in case it fell through

@Sunbelievable

Let them pull out as said above.

Don't engage beyond a simple "no" and "we're ready today to exchange as agreed".

What wankers.

Yep. That would be my strategy, as nervewracking as that would be.

People are such bastards.

Me too. I'd be setting up some viewings for this weekend if possible though. Via the sellers' EA.

Ahhh OP sending you big hugs had this done to me twice. I promise you there be another house. It’s horrible. If you really really want it ask the estates agents to give up some of the commission as they get zero of you pull. That works. And ask the vendors to ask their house they buying to reduce.

Tell them they have until 3pm tomorrow or you'll drop your offer by £5k

God they’re dodgy. I hope karma bites their asses

One way of assessing the reasonableness of any demand, is to imagine the reverse situation eg : on the day of the exchange, you demand that the price drop by £33k because ...(the reason doesn’t matter). Would you expect the other side to agree? They’d be fools if they did. There are ways of dealing with these things, it’s never easy trying to move the goalposts at the last minute, but demanding an extra £33k at the 11th hour is a huge 🚩 flag. As the saying goes ‘at least Dick Turpin had the good grace to wear a mask’. You’re a young family trying your best, you don’t need this type of blackmail.

Appalling behaviour and make sure you tell everyone, however be very level headed about it. We had this done to us years ago (and the neighbours didn’t become friends with them, it turns out the husband behaved badly on lots of other fronts). We split the difference, as we had to exchange and get involved in bridging loans etc. Various people I know are in your position and the market has gone up, and some have had to up their offer and there is seems to be very little available after the early rush to sell last year. The agent is representing their interests but ask around. You have a bit of time as no one else can get to exchange as quickly as you can. What is it worth to you? Perhaps do a deal. Just do the maths and don’t cut your nose off to spite your face as appallingly as they have behaved.

be careful who you listen to here. If you want the house you have to at least be polite and not make hollow threats about dropping your offer.

Good luck
Let us know how it goes