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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:

EllieQ · 26/08/2023 09:34

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 😊

This is a good point - their mortgage company could have reduced the mortgage amount because of the lack of building regs for the loft. There are a lot of terraced houses where I live where the loft was converted pre-building regs, and they are usually advertised as two beds with ‘loft room’, presumably for the same reason.

Original poster

Hs123 · 26/08/2023 09:34

Sorry typo, we offered £338k not £380k!

OP posts:

TooOldForThisNonsense · 26/08/2023 09:36

Tell him to fuck off. I’m glad there isn’t all this shit in Scotland

TooOldForThisNonsense · 26/08/2023 09:39

But then I’m stubborn and would rather stay in it myself than let an arsehole like him get one over on me

ActDottie · 26/08/2023 10:12

Just say no and se what he says he may back down. If not put it back on the market and find a nicer buyer.

Wallywobbles · 26/08/2023 12:22

Tell you agent to put it back on the market today. Chalk it up to experience.

Wallywobbles · 26/08/2023 12:23

Buy the searches off them if you can (if that's something you can do in the UK) for a faster sale for the new buyers.

areyouhavinglaugh · 26/08/2023 12:46

Similar happened to me, the house we live in now.

Sealed bids and the top bidder put in a much higher price then tried it on with the vendor to reduce it.

The agent called us asked us if we still wanted it and we said yes . All went through quickly.

usertaken · 26/08/2023 13:18

So what price are comparable properties going for at the moment? Because offers over in this environment is going to be rare.

And also consider that anyone else buying will come across this problem as well when they get a survey.

Seen a few like this which have just marketed as a 2 bed + loft space to avoid this. And they are not priced as a 3 bed because of this, but closer to a 2 bed.

The blanket advice even if a buyer wants a £1k reduction is 'fuck them, get it on the market tomorrow' but without further details or knowing where that bid sits in relation to the market it isn't that straightforward is it, because in many locales the market has changed.

But it's easy to play big bollocks when it isn't your money.

For instance a friends fell through at the start of year at £410k, buyer cited changing market conditions, wanted £10k off. It was a really good bid as well which was very close to the peak selling (not asking) prices, but I suspect they got anchored to asking prices so it felt like a massive reduction.

Went back on the market but that £10k seems to have cost them at least £50k and counting because it is stil unsold.

CrashyTime · 26/08/2023 14:55

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.

Good advice, the economic talk yesterday means mortgages are going up, the buyer is just getting spooked, and for good reason.

Lavenderflower · 27/08/2023 08:36

It depends! I have seen some properties that have been classified as having more bedrooms than it really does or describing a small office space as bedroom. However, I wouldn't put an offer on it.

bethatgirl · 27/08/2023 10:02

I think you'll have the same problem further down the line.

I won't be buying the house I've offered on unless they reduce the price so that I can get the works done, because I'll just end up with the same problem further down the line.

electriclight · 27/08/2023 10:17

I have a family member who bought a house in similar circumstances. It was a big problem later when they came to sell. I don't think the buyer is a chancer or an arsehole for protecting their financial interests. A house is a big investment and he has options in the current market so would be a fool not to consider them all.

I hope you reach an agreement that keeps everyone happy and the chain intact op.

I wouldn't automatically follow the advice to get it immediately back on the market as properties returning to market here are lingering, even reducing, after initially selling quite quickly.

CrashyTime · 28/08/2023 14:00

Yes, returning to market in a declining market isn`t a good option.

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