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Original poster

Point of exchange - despair. Not sure what to do.

30 replies

BreakdownInevitable · 05/08/2023 11:15

I've posted before - we're selling our 2 bed flat in SE London. We're chain free, having already bought somewhere closer to my Mum, who has dementia - and for our disabled son.

We priced the flat competitively - at £50k less than what we bought for in 2016 - but I appreciate the market has changed since then.

We had 2 offers - and the estate agent took it upon themselves to accept an offer which was £2k more than the other - we reiterated we just wanted the most proceedable buyer.

Everything has run pretty smoothly - we've obtained gas & electric safety certs at the buyers' request. She had a homebuyers report 3 weeks ago, and went to measure up afterwards - she had looked at the report at this point.

We have now signed contracts - and are at the point of exchange, we've had to serve notice to our lovely tenant. Yesterday she sent through concerns flagged in the report - saying the roof is showing wear and tear, and will need full replacement. It was replaced in 2022, and she has the 20 year warranty - we sent this 8 weeks ago. Even the estate agent looked at the pictures and couldn't see an issue.

All this happened yesterday afternoon, and the buyer is now thinking about what to do. I don't understand why this wasn't flagged 3 weeks ago - after we checked about serving our tenant notice? I guess it could be a negotiating tactic to get the price down further - but I just feel so despairing, and am tempted to pull the plug, look for new tenants - we can get a very decent rent for the place which would cover our mortgage - even when our rate goes up.

I don't know what to do, and how to handle this. It'll be cut & dry if she pulls out, I just don't know why she has waited to do this.

OP posts:
Radiodread · 05/08/2023 11:21

shes obviously trying to bat you down on price. Just say no, it’s ridiculous. Counter with you can easily and profitably rent it if need be so in no rush to sell. Chancer.

Jamtartforme · 05/08/2023 11:22

It’s an underhand negotiating tactic. Stand firm! She won’t pull out now

notapizzaeater · 05/08/2023 11:23

Absolutely stand firm ! She's just trying it on.

thatsn0tmyname · 05/08/2023 11:24

She's trying it on. Despicable. Stand firm.

Chenford · 05/08/2023 11:25

Your potential buyer is taking the piss and you should tell them to get to fuck.

But I’m confused - is the tenant living in the house you’re selling? The one you’re at the point of a change of? And you’ve only (relatively) recently given them notice?

Allthegoodnamesarechosen · 05/08/2023 11:25

She’s a nasty piece of work. If you can manage without selling, you might be better off, the market willpick up eventually.

DaisyThistle · 05/08/2023 11:25

Just say there will be no price negotiation and she has until midday Monday to secure the sale or you will put it back on the market.

She's messing you around.

Original poster
BreakdownInevitable · 05/08/2023 11:28

Chenford · 05/08/2023 11:25

Your potential buyer is taking the piss and you should tell them to get to fuck.

But I’m confused - is the tenant living in the house you’re selling? The one you’re at the point of a change of? And you’ve only (relatively) recently given them notice?

Sorry - yes that sounds terrible of us, the tenant is known to us and moved in on the basis that the flat was on the market - but she is only paying the equivalent of a room rate, including bills - so she had a one month notice - it has worked well for both of us, she has benefited from a cheap rent and we have benefited from a lovely and flexible tenant.

OP posts:
Fuckingfuming1 · 05/08/2023 11:32

BreakdownInevitable · 05/08/2023 11:28

Sorry - yes that sounds terrible of us, the tenant is known to us and moved in on the basis that the flat was on the market - but she is only paying the equivalent of a room rate, including bills - so she had a one month notice - it has worked well for both of us, she has benefited from a cheap rent and we have benefited from a lovely and flexible tenant.

Show quote history

I truly hope she is lovely. We had a similar arrangement they benefited from reduced rent and did not return the favour when it came to leaving.

Original poster
BreakdownInevitable · 05/08/2023 11:33

It just makes me feel sick - all done on a Friday afternoon, so I've got the weekend to dwell on it.

We've tried to be really decent sellers, and provide above and beyond in terms of safety checks, paying services charges for an extra 6 months etc. I feel like a prize idiot.

Financially we can just about manage, but I wanted to alleviate my DH's stress, as I am only doing 4dpw to look after our disabled son and my Mum. I know that's not her problem. I just don't think I have the resilience to go back to the start.

OP posts:
Original poster
BreakdownInevitable · 05/08/2023 11:34

Fuckingfuming1 · 05/08/2023 11:32

I truly hope she is lovely. We had a similar arrangement they benefited from reduced rent and did not return the favour when it came to leaving.

Show quote history

She is - and I've just provided all her references for her new place. She's facilitated all the buyers' visits to measure up etc. We are very grateful for her.

OP posts:
maxi2100 · 05/08/2023 11:48

But she can't change the price after exchange can she? If she walks won't you get her 10% deposit?

Original poster
BreakdownInevitable · 05/08/2023 11:51

maxi2100 · 05/08/2023 11:48

But she can't change the price after exchange can she? If she walks won't you get her 10% deposit?

Sorry - to be clear, we are at the point of exchanging - we have signed and returned our contracts, but she hasn't signed hers.

OP posts:
Bluevelvetsofa · 05/08/2023 11:53

They’ve signed contracts but not yet exchanged.

Bluevelvetsofa · 05/08/2023 11:53

Cross post, sorry

Fuckingfuming1 · 05/08/2023 11:55

Well, given you’re in a great position, I would have that flat relet by next Friday.

I certainly wouldn’t be losing £50,000 in this market. That’s a year salary to some people.

Changingplace · 05/08/2023 11:55

Ridiculous, point her back to the 20 year guarantee and push back firmly to say you need confirmation by cop Monday.

Also - how/why did your estate agent decide which offer to proceed with? That’s your decision as seller, I’ve never heard of this happening?

Disco123456 · 05/08/2023 11:58

My buyer did similar on the day of exchange, a day later asked for a £40k discount 🤬

Drywhitefruitycidergin · 05/08/2023 12:02

Nightmare & so stressful OP - probably just trying it on & you should definitely not budge but just for balance maybe a FTB having last minute nerves as exchange approaches.
I was so panicky about it being such a mega commitment in the last week with my first flat purchase & it wasn't against rising interest rates and looming recession.
You sound like you have options - so try and focus on being in a strong position and keep calm OP

Iwouldlikesomecake · 05/08/2023 12:06

Absolutely not. This is the price. The roof is new. She has till Monday midday or the flat isn’t hers and never will be.

people like this piss me off. If it was something genuine then that would be one thing but ‘wear and tear’ on a new roof that’s still under guarantee?

CornishTiger · 05/08/2023 12:09

I’m surprised she’s even considering signing contracts with a tenant in situ!

maxi2100 · 05/08/2023 12:23

BreakdownInevitable · 05/08/2023 11:51

Sorry - to be clear, we are at the point of exchanging - we have signed and returned our contracts, but she hasn't signed hers.

Show quote history

Ah sorry I misunderstood. Awful buyer.

Grrrpredictivetex · 05/08/2023 12:39

Not unheard of annoyingly. Call her bluff.

Twiglets1 · 05/08/2023 12:53

I would call her bluff as PP have said and refuse to drop the price at this late stage.
But I also think you should take personal responsibility for choosing her offer over the other one. An EA cannot just accept an offer without the permission of the Seller. If there was a misunderstanding the onus was on you to say so & not sign the memorandum of sale.
Also you have a strange set up with your tenant. The whole situation sounds “off” so I think you may be someone who doesn’t do things in the right way and then is surprised when problems arise.

MNetcurtains · 05/08/2023 13:07

Rental properties are in extremely high demand. You have the upper hand here. Pull out and rent out to cover mortgage, then when house prices pick up you can sell it for what you bought it for or more.