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    • geoff84
    • By geoff84 13th Jul 17, 1:50 PM
    • 1Posts
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    geoff84
    Lingering purchase, what to do?!
    • #1
    • 13th Jul 17, 1:50 PM
    Lingering purchase, what to do?! 13th Jul 17 at 1:50 PM
    Hi All,
    I had an offer accepted in central Bristol back in March. I was promised that the vendors were moving into rented accommodation; effectively meaning there would be no chain and promise of a painless transaction (myself being a first time buyer with 20% deposit). My offer reflected that as that was my main motivation to buy - quickly! However we're now 4 months in and they're still not agreeing to set a date for completion, saying August is possible. I'm no longer very interested in the property, and my life has moved on since.
    The quick sale aspect of the purchase was worth around £4000 to me as I calculated my offer. (It was a sealed bid, which at £7000 over the price I'd probably won hands down, but they returned to ask me to raise as I was down to "the final two", I panicked knowing they wanted 10K over so went to 11K. hence the £4k figure).

    The vendors have also been very unaccommodating refusing to leave a fixed bathroom cabinet or provide electrical safety certificates for work they had done when installing underfloor heating.

    All in all the property isn't worth the money, I've been lied too by the estate agents, with my main motivation as speed, which is way out of the window, I have to gazunder the offer to induce some movement? What's the best way to do this?
Page 1
    • ReadingTim
    • By ReadingTim 13th Jul 17, 1:54 PM
    • 1,983 Posts
    • 2,894 Thanks
    ReadingTim
    • #2
    • 13th Jul 17, 1:54 PM
    • #2
    • 13th Jul 17, 1:54 PM
    Are you looking for info on how to withdraw from the purchase, or are you looking for a moral justification for gazundering?
    • LEJC
    • By LEJC 13th Jul 17, 2:05 PM
    • 9,015 Posts
    • 56,791 Thanks
    LEJC
    • #3
    • 13th Jul 17, 2:05 PM
    • #3
    • 13th Jul 17, 2:05 PM
    I have to echo that I'm not sure from your post whether your intention is to purchase the property or to walk away....
    Reducing your offer at this stage could just mean that your sellers also walk away...

    Frustrating as it is I am in a similar position having been initially seduced with a very achievable completion date at the beginning of May for a chain free property....we are now hoping that it goes through in the next 4 weeks although we have a very unmotivated seller.....just reducing the offer is tempting for us too....but the crux of it is that in losing this house we would need to start the process again to purchase something else.....and likely to take a minimum of several months.

    Is it really a deal breaker that your seller wont include a bathroom cabinet and there is no paperwork for the underfloor heating or are you just trying to make a reason more valid to reduce your offer.....?
    frugal October...£45.59 of £40 food shopping spend for the 2 of us!
    Jan £41.60/£40
    Feb £54.58/£40...gave up this month 15/2
    Mar £37.02/£40...lots of help via a gift card and vouchers
    May
    2017 toiletries 131 out 101 in ...£14.92 spend
    • VintageHistorian
    • By VintageHistorian 13th Jul 17, 2:25 PM
    • 208 Posts
    • 1,358 Thanks
    VintageHistorian
    • #4
    • 13th Jul 17, 2:25 PM
    • #4
    • 13th Jul 17, 2:25 PM
    If you're not excited about the house and your life has "moved on" as you say, then what is it that's keeping you committed to buying? Have prices significantly gone up in your area? Can you not find other houses that you like that are within budget? Depending on how your life has moved on then perhaps you want to consider moving to a different area anyway, in which case there's no point in buying this house.

    Only you can really decide what to do about this. Personally if I looked around and found other houses I liked, that were within budget, then I think I'd probably pull out of this one and go for something else. If I couldn't find anything else I liked within budget, and knew I was stuck with this one, then I'd be making noises to the estate agent that the price is no longer acceptable and if they can't exchange by the end of July then you'll be wanting to renegotiate the price.
    "You won't bloom until you're planted" - Graffiti spotted in Newcastle.

    Make £3 a Day in September2017 - £15.90/£90 (2017 total - £164.27) | Womble #03 - £4.32 | Overpayments in 2017 - £749.69
    • nubbins
    • By nubbins 13th Jul 17, 2:28 PM
    • 688 Posts
    • 925 Thanks
    nubbins
    • #5
    • 13th Jul 17, 2:28 PM
    • #5
    • 13th Jul 17, 2:28 PM
    Walk away, simple.
    • LEJC
    • By LEJC 13th Jul 17, 2:55 PM
    • 9,015 Posts
    • 56,791 Thanks
    LEJC
    • #6
    • 13th Jul 17, 2:55 PM
    • #6
    • 13th Jul 17, 2:55 PM
    If you walk away from the purchase what is your solicitors bill likely to be....they will still need paying for the elements of searches that have been undertaken and their work until this point....and you are likely to need to repeat much of this work if you subsequently go on and purchase another property in the area.

    In my mind there is little point purchasing any property if it doesnt meet your needs...it's only worth perusing if at the end of all the deliberations you get something that actually you want to live in for at least the medium term.....
    frugal October...£45.59 of £40 food shopping spend for the 2 of us!
    Jan £41.60/£40
    Feb £54.58/£40...gave up this month 15/2
    Mar £37.02/£40...lots of help via a gift card and vouchers
    May
    2017 toiletries 131 out 101 in ...£14.92 spend
    • AnotherJoe
    • By AnotherJoe 13th Jul 17, 4:23 PM
    • 7,221 Posts
    • 7,725 Thanks
    AnotherJoe
    • #7
    • 13th Jul 17, 4:23 PM
    • #7
    • 13th Jul 17, 4:23 PM
    If you still want it, just not at this price, write to the agents stating that your offer was conditional on a quick completion, which has not happened, so unless the vendors are prepared to accept a price reduction of £X by Date Y*, you are withdrawing your offer.

    Its likely they will bounce you but if you dont feel its now worth the price, what have you got to lose?

    * Perhaps August? Obviously they are in the crowd that promise to rent, but dont. Ten a penny judging by posts here.
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