URGENT - exchange today, need help!!

PrincessG_2

We are exchanging contracts today and completing tomorrow. No chain, just us and them. Sellers had previously agreed £750 price reduction after survey. Today they say they are not giving this reduction anymore and want the full price.

What shall we do????

lynzpower

Do You Have The 750?

JennyW_2

PrincessG wrote:

We are exchanging contracts today and completing tomorrow. No chain, just us and them. Sellers had previously agreed £750 price reduction after survey. Today they say they are not giving this reduction anymore and want the full price.

What shall we do????

depends how much you want this house and to complete tomorrow? I've heard of this happening before. Sounds like you don't have an option but to pay up

pigeonpie

Would they be willing to lose a sale over £750?

PrincessG_2

Yes, we do. I am so angry that they would have the cheek to do this :mad: . OH wants to pay it, solicitor says we should pay it so save any hassle. It's been a long process and has taken over 4 months to get to this point. I can't believe they're doing this now!!

JennyW_2

PrincessG wrote:

Yes, we do. I am so angry that they would have the cheek to do this :mad: . OH wants to pay it, solicitor says we should pay it so save any hassle. It's been a long process and has taken over 4 months to get to this point. I can't believe they're doing this now!!

it's extremely unfair and a nasty thing to do, however bottom line is to either call their bluff and refuse (then you could both lose out) or unfortunately agree to the costs. leaves a bitter taste in the mouth eh?

If it were me and I desperately wanted the property then I would agree in order to get the exchange

PrincessG_2

I personally think they are trying their luck. I don't think they would pull out. However, they have it as a BTL so could always pull out and rent it out again.

We really love the flat and spent a LONG time looking. So maybe we should just pay up and forget about it. Hmmmmmmmm

JennyW_2

PrincessG wrote:

I personally think they are trying their luck. I don't think they would pull out.

if this is what you feel then refuse to pay it. I guess that if they then withdraw from the sale perhaps you could go back and offer the £750 I don't know.....it's a tricky situation. They have something you want but it depends how bad you want it?

lush_walrus

Ok what it will actually depend on is how important it is that you complete tomorrow or whether you can actually complete at a later date.

If you don't pay the amount, then there will definately be a delay (unless the solicitors are happy to exchange and complete on the same day, which can be done).

Your options are really to

1. Pay it
2. Call the vendors bluff and say no
3. Make an attempt at splitting the difference with the vendor and say you will pay an extra 300 or whatever you feel happier to pay.
4. Try to get the EAs to reduce their fees for the vendor (ie charge them £750 less), and take the money off of the purchase price (so that you then get the 750 subtracted off of the purchase price).
5. Combine 3 and 4 so that you all contribute, the EA contributes some of his fees, the vendor reduces the price a bit and you pay say £200 over the reduced price.

But, all depends on how desperate you are to get the contracts signed today.

To aid your arguement, just say that you actually do not have the extra £750, but do have £150 you could add to the price (or whatever amount you are happy to payu, if you are happy to pay nothing then tyr that). But all of this will take time, as the EA will need to go back and forth.

Possibly you will still be able to sign today, but you would have to think of the worst scenario and imagine what would happen if you didnt.

If I were you I would at least try till about 3 or whatever time your solicitor advises will be the last point you can exchange today. Then worst comes to worst you can still give the £750 at the last moment.

Sorry I meant to say, the key is to plead absolutely broke, and do it nicely, then the vendors may well feel that they can't push you up and the EA may well help out with a bit of money to get their commission.

lynzpower

good advice from LR there.

Personally speaking, Id try & meet them halfway and give them max 350

PrincessG_2

Thanks guys.

Lush Walrus - That's good advice. If it was just me, I'd try and get the money by 2, 3 or 4. OH is determined to pay it so that we can definitely move tomorrow. I've reluctantly agreed, we're paying the extra £750. He says I'll have forgotten about it tomorrow when we get the keys.

This place has caused us endless heartache. It's typical that it's still so complicated right up to the last minute. I'm at work at the mo but will fill you in on the whole saga in my lunch break.