Buyer wants £8k off parents' London flat just before exchange

[LondonSeller]

Parents flat for sale as they passed away in london - Took 18 months to get probate sorted out but finally got it - Property listed with agents and it is in dated ocndition and needs work - Also has a 70 year lease. EA told us not an easy market

After five weeks advertising price agreed at 500K which was a bit lower then we had hope for but EA told us buyer is known to them and this would be very quick sale

Was meant to exchange on Friday and EA has come back and said buyer is ready to exchange, has sent deposit monies to his solicitors but wants a reduction of 8K. EA has said this is less than a 2% drop so not massive and believes we wont get better if we reject the offer

Buyer is cash purchaser investor so quite rare and I worry that if I dont accept property will be stuck for months for anothr cash buyer who might offer lower.

I live in Scotland and the flat is in London so I am miles away - Paid to have the place emptied and solicitor fees so am already down. By contrast buyer has not paid anything other than a few hundred for solicitor fees - No mortgage, no survey fees nothing

Whats the best angle here - Call buyers bluff and risk losing the sale or take the money and run. Feel quite cross as this money was going to be used for real stuff and to clear debts

Its a common dirty trick. Say no and mean no.

I would take it.

A short lease is a nightmare and will cost the buyer an absolute fortune to rectify.

I’d still bite their hand off. Flats are taking forever to sell and that is a very short lease

I would compromise and split the difference and do £4K off.

Take the money

You would be crazy to say no for 8k. A short lease will cost ££££s unless they wait for the new leashold reform to come into power. Flats are very hard to sell in London currently.

Take the money and run. That's not an easy property to sell right now and 8 grand isn't worth quibbling over.

I’d say no and call their bluff

£8k off £500k? Take it - it’s worth it to get it done.

I would take the drop. The stress and cost of this buyer walking away would be too much for me. You could lose this sale if you refuse and then the flat doesn’t sell or the same thing happens again with another buyer.

I'd accept the 8k off if they exchange that day.

Depends how quick you want rid of the house. If you’re willing to loose the buyer and have it back on the market then say no. They may pull out or they may continue. If you’d like to get rid asap I’d meet them halfway and suggest 4k

Go back and offer a £4k reduction? They might settle for £6.

I can understand your ire at the cheek of it, but £8k on a £500k probate flat with short lease and needing work isn't much.

The buyer is probably going to renovate and sell for a profit. Might as well let them crack on and you can walk away from the situation with nearly £500k.

Another vote for take it. You’ll still be getting close to half a million ££££

I would accept although I deplore this way of doing business. It'll cost you more to start again assuming you find another buyer

Generally I'd say fuck 'em but I live in london....I know the market right now.

if you Cannot stomach it...
I'd offer 4k reduction and see if you can close.
If they decline accept the 8k reduction and close it out asap.

I'd actually be inclined judt to accept the 8k as I wouldnt want to spook the horses.

It's very very hard to find a buyer and a cash buyer even harder. You have a short lease so your buyers pool is tiny.

The 492k invested at 4% will make you 19k in a year....
If you blow up this sale you will absolutely regret it.

Take it. Youll wait for another buyer, things will come up in the survey and theyll ask for a reduction. You never had this 8k in the first place.

Swallow the irritation and accept it

Depends how much you need the money. I’d rather take 15k less from someone who isn’t taking the piss than 8k less from a twat. But that’s easy to say when it isn’t my money!

Just agree. There's not much difference between 500k and 492k. You're still getting a lot of money.

I’d say yes and move on.

I’d take it. I wouldn’t feel any different if I had £492k in my bank vs £500k - the difference would be immaterial to me. I’d rather have the money now than the hassle of having to start again with the sale.

Yea I would take it and run. Terrible market for flags in London right now. Better take the 8k hit now than even more a year down the line.

I wouldn't even had thought about it. I would have said yes straight away. What's £8k off of £500k! As the lease has only 70 years to run, you are only able to attract cash buyers. There are only a few lenders who would possibly lend money. I also assume you are still paying service charges.

I’d take it right now. Shit market. I mean, clearly they are pissing you around but that’s because they can; I wouldn’t stand on principle at the moment.