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Original poster

Buyers saying a 3 bed is a 2 bed

39 replies

Hs123 · 25/08/2023 21:47

Hs123 · Today 21:36
Hi,

We have been in the process of selling our house the last 4 months. We were really lucky and accepted an offer on the house which was 11k over our asking price.

We have a Victorian semi which had a loft conversion in the 60s/ 70s. It has been bought and sold as a 3 bed for at least the last 3 sales of the property. However as there are no recent building regs ( which were introduced in the 1990s) our buyer is insisting it is not a 3 bed and demanding £26k lower than original offer. It also already has indemnity insurance which their buyers solicitors have accepted. The buyers lender was also happy to lend against the property as a 3 bed.

Ultimately we can’t take this hit and have tried to negotiate with him but he is not relenting. We are worried if we put it back on the market we will have the same issue down the line.

Anyone with any advice moving forward would be greatly appreciated?

Thank You,
Hanna

OP posts:
Digimoor · 25/08/2023 21:52

2 or 3 bed is irrelevant
If your buyer doesn't want to pay the previously agreed price your options are - negotiate or put it back on the market

FoodFann · 25/08/2023 21:54

The square footage hasn’t changed. The usability hasn’t changed. They’re taking the piss

ValentinaTheVampire · 25/08/2023 21:54

Ugh he sounds annoying. Is this what is called gazundering?

I think I'd put it back on the market if you can't afford to take the hit after what he's asking you to reduce by. You don't really have any other option!

mondaytosunday · 25/08/2023 21:56

Probably half the house doesn't meet current building regs. The same for many properties - regs change all the time. So your buyer is incorrect, it is a three bed.
Stand firm, but give him a deadline to exchange. If he pulls out you have no choice but to remarket.

KievLoverTwo · 25/08/2023 21:57

You would have to be bloody unlucky to find such an arsehole twice in a row. As an FTB it is the sort of thing that would worry me, but I would only worry if the lender insisted it is a two bed. If they were happy to lend on it, that would be the end of my concerns.

Do you have an onward purchase relying on the sale?

26k is a lot. I wonder if their affordability has changed and they are trying to find an excuse to pay less. Or they are worried about negative equity, which most FTBs are at the moment.

00100001 · 25/08/2023 21:58

Fuck him, tell them the price is what he offered and he can accept that by tomorrow at 5pm (or whatever) otherwise the sale is off. And sell it to someone else.

He's a chancer.

Changingplace · 25/08/2023 21:59

Either they pay the price agreed or put it back on the market, the building regs are irrelevant because it was done so long ago - they’re just trying it on to try and get the price down, I’d tell them to jog on.

Quitelikeacatslife · 25/08/2023 22:00

That's bollocks all you need is indemnity insurance or they should get a survey, no way is that worth £26k. Tell them you are going to 2nd choice buyers or putting back on market

Merapi · 25/08/2023 22:00

He's taking the piss. Surely the whole point of him making an offer in the first place was because it had 3 bedrooms? The house itself hasn't changed. Presumably when you bought it, your surveyor raised no issues with it.

Agree with others, stand your ground.

Original poster
Hs123 · 25/08/2023 22:06

Yes we have an onward purchase that this sale is relying on. In desperation today we asked our vendors if they could drop the asking price by 5K, but I am already regretting doing so as it is not their fault.

I appreciate the FTB view as he is also a FTB, and maybe that gives home more flexibility than I feel I have.

thank you all for your responses, I feel like it is giving me some clarity over the situation

OP posts:
KievLoverTwo · 25/08/2023 22:09

I think the pp's ideas of letting him know you are contacting second choice offers is a very, very good one.

Mummyoflittledragon · 25/08/2023 22:10

He’s taking the mick. I bet you could sell tomorrow to someone else at that price. But it’s not the price you want to take. I would just put it back on the market to play hard ball. He will either relent or bugger off.

Banjaxx · 25/08/2023 22:10

Straight back on the market… you’ll never talk sense into the buyer but maybe the shock of it going straight back in will make them realise how incredibly unreasonable they’re being… they entered a bidding war and went 11k over asking, if they were going to get fussy abou the third bedroom that was the time to do it!
fuckers like this chancer shouldn’t be rewarded with the time of day let alone you dropping the price to meet them in any way shape or form!!

Canadagoosling · 25/08/2023 22:11

Find a new buyer. Having said that we tried to buy a 3 bed with a loft conversion. The bank devalued it and the survey also said it was 2 bed due to lack of regs and we couldn't get a mortgage for the price required.

Sadly we had to move on and find another. The house in question was purchased by the council in the end for less than what our bank valued it as.

But as long as the survey on your house is fine then I'd recommend finding a new buyer 😊

Calmdown14 · 25/08/2023 22:11

So he wants it for 15k under asking. What is this as a percentage?

I think anyone offering that much over in the current market is bonkers (unless you are in Scottish system but even then many areas are no longer going over).

Unless you are in a very unique area I'd be surprised if you could achieve the same offer again so would negotiate with this in mind.

Suspect he's just realised he's over paid and is back tracking.

Icepinkeskimo · 25/08/2023 22:14

The building regs regarding loft conversions would not apply to your property as the works were carried out and completed prior to the amendment of this legislation.
Your buyer to put it bluntly is “chancing his arm”
I am so sick and tired of seeing self entitled “buyers” and their ridiculous demands. They get something into their head and believe they are experts in construction and property law.
Whilst I appreciate this is worrying for you, there are times when you have to toughen up and fight fire with fire.
In simple and brutal terms, it is a three bedroom property and you will not be entertaining any counter offer financially.
You then inform all parties that they have 48 hours to decide whether they wish to proceed with the sale and if not it will be placed back on the market.
Whatever you do, for Pete’s sake do not offer a discount and I say this as once you have made a financial concession for basically nothing! I can absolutely guarantee there will be other “latent defects” etc that the buyer will want further reductions for.
Hold your own, deep breath, and do not give in.

SisterA · 25/08/2023 22:15

I don’t really have any advice but I can see where the buyer is coming from, because we had friends who had purchased a three bed house once which, after some flooding the insurance claim was rejected due to the converted loft not meeting appropriate regs and not having the correct permissions to be classed as a bedroom.

this was years ago so my recollection is a bit vague but I know they had a hard time with this as we’re under the impression they had purchased a three bed house and didn’t have any concerns until these issues arose. I’m not sure what the resolution was so I’m sure that’s no help. I hope you find a solution/new buyer though!

Housebuyingfamily · 25/08/2023 22:18

SisterA · 25/08/2023 22:15

I don’t really have any advice but I can see where the buyer is coming from, because we had friends who had purchased a three bed house once which, after some flooding the insurance claim was rejected due to the converted loft not meeting appropriate regs and not having the correct permissions to be classed as a bedroom.

this was years ago so my recollection is a bit vague but I know they had a hard time with this as we’re under the impression they had purchased a three bed house and didn’t have any concerns until these issues arose. I’m not sure what the resolution was so I’m sure that’s no help. I hope you find a solution/new buyer though!

Exactly, without a BC completion certificate it is NOT a habitable space, irrespective of when it was done.

bethatgirl · 25/08/2023 23:39

I have to disagree with most of these posts. I am a buyer that went to view a property advertised as a 3 bed Victorian semi. It had a converted loft that was converted in the 70's, and it's true, it counted then as a 3 bed as no such thing as building regs back then....... however......

The survey came back and said that it doesn't meet current building regs, and I would have to spend X amount of money to get it to class as a safe and habitable living space. And it's quite a lot of money.

So, I will only be buying the house if they do the remedial works to make it a 3 bed house, or they knock the appropriate amount of money off so that I can 🙃

blankittyblank · 25/08/2023 23:49

bethatgirl · 25/08/2023 23:39

I have to disagree with most of these posts. I am a buyer that went to view a property advertised as a 3 bed Victorian semi. It had a converted loft that was converted in the 70's, and it's true, it counted then as a 3 bed as no such thing as building regs back then....... however......

The survey came back and said that it doesn't meet current building regs, and I would have to spend X amount of money to get it to class as a safe and habitable living space. And it's quite a lot of money.

So, I will only be buying the house if they do the remedial works to make it a 3 bed house, or they knock the appropriate amount of money off so that I can 🙃

That's not strictly true... they're saying you need to spend that much money to make it meet current building regs. Assuming the room is still
Standing since the work has been done, with no major issues, it's perfectly safe.

DrySherry · 26/08/2023 08:45

Your unlikely to be able to market successfully again at the same asking price as it was on for 4 months ago. Sentiment and lending ratios have changed considerably. I would negotiate and try to hold on to your chain.
Why not offer to meet them in the middle ? You would still be pretty close to achieving your origional asking price then which is a good result.
The 2 bed 3 bed argument is irrelevant. They have realised they are overpaying - so you just need to focus on finding a settlement figure they can stomach if you want to move. Pass as much up the chain as possible.

BlackberryCrumbs · 26/08/2023 08:52

they’re just trying it on to try and get the price down, I’d tell them to jog on

This is the 2021 seller mindset that has tripped many people up more recently.

Times have changed and in most areas its a buyers market now. You can tell anyone you want to jog on...but the days of merrily popping it back on the market with the expectation there's another queue of fools lining up to pay more than the house is worth, have largely gone.

sleepyscientist · 26/08/2023 08:54

@bethatgirl raise with the seller and see if they will give you some money off in the current market. But honestly the survey is a waste of money aimed at nervous buyers, we take a builder round to quote and tell us anything we have missed. Our loft wouldn't meet building regs (stairs are too steep) but you can totally use it as a room and a bedroom if you wish. I would leave the sofa up there if anyone wants it as that's about the limitations of the issue with the stairs.

Original poster
Hs123 · 26/08/2023 09:26

Thanks all for your thoughts.

They had a survey done which did not raise any issues, and we had the EPC rating redone and they were happy with the insulation also.

we have tried to meet half way. It was £351K and we offered £380k, which went to £350k which is our absolute limit as we are now having to find £13K from oursleves, which is all our savings.

but they are steadfast at £330k

OP posts:
Original poster
Hs123 · 26/08/2023 09:28

Also the loft room has been used as a bedroom with a built in double bed and eaves storage and walk in wardrobe storage for the last 3 sales. (Earliest sale i can find is 1995)

OP posts: