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?

Our neighbours are on the market and have received a huge offer. A mutual friend of a friend has put it in, but vendors haven’t disclosed their water supply on the property, which they were stealing from us, has since been disconnected and he is also threatening to remove various shared gates with us out of spite (he is the narcissistic one I talked about in other threads).

The vendor knows nothing of this via the proper channels.

Ensure you get vacant possession and an inspection of the property before settlement.

When we bought last year, the vendors solicitor and our own, agreed to place several thousand in a trust until major rubbish was cleared from the site, as pre agreed.

Funny how things moved quickly once the vendor didn’t receive the full funds....

Could it be possible that they have another buyer waiting in the wings offering more and hoping if they ask this ridiculous amount that the OP will pull out?

It's a fascinating period, which DH and I are watching with interest. There are NO houses on the market in our local area; everything that comes up goes under offer in minutes, such is the demand. We plan to move 200 miles away, but not for 18 months or 2 years, until DS finishes uni, but our house is going up about 8K monthly on local stats. It is bonkers, and we shan't budge untl it suits us, but the feeding frenzy is mind-boggling.

@expat101

Our neighbours are on the market and have received a huge offer. A mutual friend of a friend has put it in, but vendors haven’t disclosed their water supply on the property, which they were stealing from us, has since been disconnected and he is also threatening to remove various shared gates with us out of spite (he is the narcissistic one I talked about in other threads).

The vendor knows nothing of this via the proper channels.

Ensure you get vacant possession and an inspection of the property before settlement.

When we bought last year, the vendors solicitor and our own, agreed to place several thousand in a trust until major rubbish was cleared from the site, as pre agreed.

Funny how things moved quickly once the vendor didn’t receive the full funds....

I'm confused. The vendor hasn't disclosed details of the water supply and threatening to remove gates but the vendor knows nothing of it?

Am I missing something?

Awful behaviour

Opportunists. Just say no

And if you were offered an extra £33,000 for your house by a new prospective cash buyer - would you hand on heart NOT go back to your own buyers and ask for more? Especially as the price of your new house will be higher?

You negotiated low and they accepted because they needed a quick move - but you had delays, (not your fault but it has still meant a delay for your sellers). It's been six months. Everything has gone up. They'd be fools not to ask - BUT I agree their timing is shit.

Had buyers drop by 6k day before exchange. Laughed & said ‘do one!’.

@myusernamewastakenbyme, they were desperate not to lose the buyer partly because my dad was very ill at the time and it was a tricky property to sell so they negotiated her back up to a price something like 10k under the original offer.

what about your contract!!
I'm so sorry that your vendors are so vile ... walk away from them.
Very best wishes.

@eviesgranny

what about your contract!! I'm so sorry that your vendors are so vile ... walk away from them. Very best wishes.

There is no contract until contracts are exchanged.

This happened to us and the sellers demanded 125k extra on exchange, proper CF’s. We had already sold our house and moved into a hotel cottage so we desperately needed to complete however there was no way we would have met their demands for all the reasons previous posters have said, mort, valuations etc so we told them to get stuffed within 10 days they backed down so we kindly agreed to go ahead! Hope this helps in some way and you get settled

Tell them actually house prices have decreased and offer 10% less.

Not quite the same but we had our hearts set on a house, unfortunately someone else had as well and they were cash buyers so we missed out. We were gutted at the time but then a house further down the lane came up for sale, bigger rooms, more land, we were by then in a position to proceed so we offered and they accepted! Was meant to be. Still here now. You never know, you might find something better.

Some other neighbours of ours were selling their house. A friend of ours offered and then the neighbours did exactly the same thing as your sellers, upped the price. Our friend had to pull out. The house has sold now to someone else for the increased price. Don’t know if the buyers know that a few months ago it was £50k less.

Being in B'ton, you're local to me. House prices around here have been up and down (we have just bought/sold) but they've not fluctuated the 5.8% you mentioned. The sellers are cheeky AF. You must be raging

@Mexicantortilla

This happened to us and the sellers demanded 125k extra on exchange, proper CF’s. We had already sold our house and moved into a hotel cottage so we desperately needed to complete however there was no way we would have met their demands for all the reasons previous posters have said, mort, valuations etc so we told them to get stuffed within 10 days they backed down so we kindly agreed to go ahead! Hope this helps in some way and you get settled

Omg!!! That's madness!

It's usually the other way round - buyers forcing vendors to reduce their price at the last minute. Never heard of the vendors putting up the price like this but I wouldn't go along with it. Tell them it's the agreed price or nothing - sad if you lose the house but better than giving in to blackmail.

Walk away! You can't be held to ransom like this. Rent somewhere for 6 months and watch the market and you will be able to make an offer unencumbered by needing to sell first.

Shameful behaviour.

Just in case this is printed off for the sellers to read... They are proper cockjuggling thundercunts for doing this to you!

Think this type of behaviour is going to be more common this summer due to the frenzied market. Don’t think I can remember a time where prices were going so crazy but yet NO houses were available.

Yikes at the £125k increase.

Are there any rental properties available near you OP? I’m in a similarish situation where we’ve not found anywhere but sold ages ago and there are also NO rental properties. Our buyer is getting really annoyed but we would honestly struggle.

Rent for six months first.... not around here, unless you can pay £2k per week for a holiday let. Perhaps between mid November and late February.

And if house prices had dropped?
No of course they wouldn't reduce the price!
Sorry... walk away

we had that happen to us - but 5k lower offer on day of exchange - I think its called guzundering? Our estate agent actually told our buyer to Fk off and he would badmouth her to every estate agent in the area if she was going to pull that crap.
The English system for buying houses is so under governed its ridiculous. If it all does go through with your make sure you p*ss all over the carpets or something on the day you leave!

If you were to print it and post it through their door, I'd be tempted to smear it is something very unpleasant. Quietly once they had gone to bed so the smell had a chance to permeate before the morning.