Vendor asking for more money on exchange day

[cathyburke]

After a long few months we were finally ready to exchange, this was supposed to happen last week but keeps being delayed and we are due to complete on Friday.

Backstory the property we are buying had been on the market for a while, we offered on it and then reduced our offer by 2K after a survey which the vendor agreed to.

Our sale then fell through as our buyer pulled out, the vendor offered to keep the property off the market for a month if we paid them £1000. We said no, thankfully we got another buyer a few weeks later and they had no interest on the property so we were able to proceed again.

Fast forward to today, at the moment of exchange and our vendor is now demanding an extra £2000, reverting to the original offer price.

All contracts have been signed with the renegotiated price ready to exchange, assuming the vendor also signed at the reduced price.

I think it's worth mentioning that a couple of weeks ago we had the boiler serviced and it has been condemned and needs replacing of which the vendor will not reduce the price for or contribute and was pushing for completion despite us not being able to get the boiler replaced before completion. They are quite happy for us with young children to move into a property with no heating or hot water just before Christmas.

We are standing firm with our original offer as we are having to fork out an extra £3000 for the boiler but the seller is adamant that they will not accept anything less than the original offer.

Interested to see what others would do in this situation?

Call their bluff or actually offer them £1k less due to the boiler...

OMG I hate these sorts of people. They are taking massive advantage of you. I would have to back out. Sign as agreed or no sale. Bastards!

What absolute cheeky twats!. I would also stand firm, are they making an onward purchase?, just thinking if they are and they pull the sale they also lose money they've spent on fees, surveys etc.

I presume you’re getting a mortgage? Does the vendor really want a further delay for you to get a new mortgage offer?

This is their second home 🙃 so no onward purchase

I would find it so hard to give these people more money. You must be fuming!

I’d say no and wait. Hope they are bluffing? If not then you’ll have to think very carefully about how much you want it.

I can’t stand people like this and I have been there! We refused, the sale went through at the price originally agreed. They were just trying it on.

I’d say no and if it falls through then it’s their fault. I certainly wouldn’t ever go back a 3rd time.

Usually the solicitors on both sides won't want to redo the paperwork at such short notice.

No way! I’d call their bluff, surely they’ve paid money out to get to this point?

Thank you for your replies so far, I was thinking that for £2k we would be told to swallow it so it's nice to hear others agree with our stance on it!

Unfortunately we just don't have the money, taking a £7k hit on our original sale price, plus the cost of a new boiler we don't have the extra.

This has also been agreed since August, and contracts signed since then ready to exchange.

I do not want to give them my money, but there is nothing on the market near us that's anywhere near our budget that's better than the house we're currently living in.

The house is almost fully packed ready to move Friday 😭 I'm so stuck at what to do!

What do the solicitors and the real estate agent say? I would imagine the agent will be pissed as they will lose their commission.

I wish the UK had the US system where you can put a clause in that once an offer is accepted anyone who drops out has to pay the other an agreed amount as compensation. We had some bozo drop out of our sale about two weeks in (it takes 4 weeks to close in the US). He had to pay $1500 for that.

Another vote for call their bluff. Their house has been on the market a while, didn't get any interest when the chain collapsed, and now has a condemned boiler. They'll have to spend £££ to get it saleable again - plus I'm sure they would be liable for some solicitors fees if it doesn't go through due to them upping the price (or you can hope).

So they are willing to risk the house standing empty with no functioning heating system over winter whilst they advertise the house again? Putting it at risk of damp and mould?

I would tell them you just don't have the money because you don't but I would point out the above to your solicitor and have them pass that on to their solicitor.

I'd given them an hour maximum to see sense or the deal is off.

Things like this are why I would like house sale in England and Wales to be on the same basis as Scotland, or something better.

I'd tell them to stick their house up their chuff and spend that 2K on storage and figuring out what to do next. Tossers. Wouldn't be held over a barrel like that!

Most likely they’re trying it on, OP. When this happened to us, we made it known that we were prepared to withdraw. It was a gamble but it paid off. People like this are scum.

Have they not signed the contract their side yet?

I'm not in UK so forgive me, but surely if both parties have signed then it's breach of contract to pull out or make changes to the contracted price?

You'll have to redo the mortgage - Do they realise how long that will take?

They will lose more than £2k on solicitors fees if the sale falls through. So they will then have to pay out of their own pocket rather than from the sale of the house. I would call their bluff but say it in a way that you absolutely have no further funds and will have to withdraw. They will not want to over £2k. If they really do let the sale fall then you can always go to them and say family are willing to help you out.

@Havalona unfortunately no. Until 'exchange' either party can pull out with no obligation. Nothing it set until that all important part has happened.

I am so sorry op. It takes a special sort of arsehole to do this to someone this late on.

Why are people like this?? I’d tell them straight no and give them until midday tomorrow to exchange latest or you’ll be reducing your offer to take into account the condemned boiler or pulling out completely.

I don't think they will want to lose their sale, replace their own boiler and heat/remarket it for a minimum of 8 weeks. Call their bluff.

Totally agree, I think the government would get a lot of support for sorting out the ridiculous house buying legalities in England and Wales it’s absolutely ridiculous that people can pull this nonsense.