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?

Walk away. They are fuckers.

@Chicchicchicchiclana

RiseNBrine - perhaps OP would rather keep that information private!

I know, pure speculation

Half a million for a 3 bed mid terrace?!! That's insane. So pleased that house prices aren't anywhere near that here.

Here's hoping that the new house works out for you OP and that they end up selling a long way in the future for less than you offered

@SunshineCake

Wouldn't it be terrible if we all rang to book viewings over the next week and no one turned up..

I was thinking something similar - that OP gets some friends to enthuse about the property, offer "whatever" then withdraw the offer after they've spent some money on solitons etc.

Probably illegal.

Great update. Hope it goes well with the new purchase. Hope Karma bites the greedy sellers in the butt!

@FlyingBurrito in Ireland, if the seller put the price up, you'd see that on the website. It'd be slightly unusual. It'd catch my eye put it that way. Normally houses go down in price on the website, even if the vendors ended up getting more, because they were offered more than the asking price.

So, if vendors did this in Ireland you could see that they'd put the price up not down. I know it wouldn't put off somebody who had the money and like the house though. But a trail of what's gone on is good because you cannot trust estate agents to tell you the truth

@SATSmadness

Have you incurred any valuation/survey fees etc ?

I'd be inclined to ask for reimbursement as they have wasted your money by backing out.

Absolutely this. It's disgraceful they can get away scot-free with behaviour like this, and you're the ones who suffer financially, not them.

Is it the one with an oven in a chimney breast and weird pipe work coming out the roof?

Great update OP hope everything goes well with the new house hunt. Hope the sellers have a nightmare finding a new buyer!!

@CovidCorvid that one is so weird!

@fuzzyduck1

Walk away and then put in a claim for your expenses with the small claims court.

There are absolutely no grounds for a claim. In england the vendors or the buyers can change their minds for any reason any any point before exchange and there is nothing the opposite party can do about it. It's a horrible system. It enables time wasters and chancers on both sides. and needs changing. The only people that benefit from this preposterous system are surveyors and conveyancers who get paid every time.

When you get the keys to whichever place you eventually move in to, you will be glad that you didn't get that house anyway

I doubt it’s any on those links because they were all added today - OP said that APPARENTLY its going back on - most likely still on there as sold

You've done the right thing OP.

We had something not dissimilar before moving into this house 16 years ago. We gave them a categorical NO on the Friday even thought we were gutted not to get our dream house. After a weekend crying and restarting our property search the vendors must have realised we had called their bluff. They contacted the estate agents on the `Monday and we exchanged on the original terms.

Clearly not the right house for you, good riddance!

Send a friend to view. Tell her to shove a fresh fish in the loo cistern. Won't stay fresh for long!

@bombis

We had lovely vendor. They patiently waited months as we kept loosing buyers. Finally we sold to a couple under asking price just to get rid of the house. Our vendor asked how much we reduced price and reduced their house half amount of that!

That is lovely

Agree with Whataway - speculation and helps no-one.

Omg tempting though it is to say yeh I think you should ask mn to take that link down.

Owners may see this thread and trump up some aggrieved feelings..... who knows. Seems like looking for trouble though.

I reported posts with the link because it has crumbled wall and fits with what op said. Op could end up being accused of a smear campaign. Which would be nonsense, but just seems like it'd be looking for trouble

@Confusedandshaken

You've done the right thing OP.

We had something not dissimilar before moving into this house 16 years ago. We gave them a categorical NO on the Friday even thought we were gutted not to get our dream house. After a weekend crying and restarting our property search the vendors must have realised we had called their bluff. They contacted the estate agents on the `Monday and we exchanged on the original terms.

I think this is exactly what will happen - our the thumb screws on over the weekend....

@bombis
We had lovely vendor. They patiently waited months as we kept loosing buyers. Finally we sold to a couple under asking price just to get rid of the house. Our vendor asked how much we reduced price and reduced their house half amount of that!

Likely the delay suited them, as they couldn’t have been a young family bursting at seams; needing to move for schools or work. Or perhaps this was a second home and they weren’t in a chain.

And then to offer a reduction - either guilt at what they reckoned was overpricing OR it was literally a drop in the ocean to them

Because to be honest - this kind of niceness is an example of something very rich and comfortable (but undoubtedly kind to give you the money when no incentive to)