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Buyer asking for price reduction after exchange
I have exchanged on my house sale and purchase with completion set for Sept 15th (my buyers request). The guy buying mine wrote directly to me on Saturday saying he'd just realised he was £20k short (on a £1m sale). Of course I wrote a short letter back and said no. Now I'm very worried (perhaps irrational, but none the less) that come the 15th September I'll be stuck in a removal truck outside my new house unable to proceed etc.
Any views on what I should be doing to get reassurance?
Thanks
Comments
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Talk to your solicitor - he should be dealing with this. Also don't respond to anything your buyer sends you - tell him to get his solicitor to talk to yours. I think now that you've exchanged contracts, at the very least you'll get the deposit even if he were to pull out of the sale - but don't hold me to that.0
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I agree, solicitor time....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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It will cost him a lot more than the £20K he says he is short if he fails to complete so I'd be very surprised if he didn't find that extra money between now and September 15th!
Do tell your solicitor though.0 -
£20k on a £1,000,000 sale is peanuts0
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Wow - you must be tearing your hair out..... but I guess he is trying it on! I agree with everyone.... let the solicitors deal with it.0
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The stamp duty on that will be loads more than 20k; remind him that he has 28 days from completion to pay the stamp duty, so he can pay you in full and then scramble around to raise the rest of the stamp duty.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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This is the trouble when we let poor people buy houses.
You've exchanged. Tough t1tty on him. Get your solicitor to deal with it and take your advice from him.0 -
you can forfeit a massive deposit if they fail to complete (after serving a Notice to Complete and that fails to be complied with) - he paid 10% (£100k) didn't he...or did your lawyer fail to explain the significance of accepting less, as if they did not, you may have a claim against your solicitor (I hope they were a solicitor)My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0 -
The OP gets the buyer's deposit, but ... Can he still complete on his own purchase?No reliance should be placed on the above! Absolutely none, do you hear?0
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The OP gets the buyer's deposit, but ... Can he still complete on his own purchase?
ah missed that, sorry too late to be typing.
true, he'll be in breach of his own and so everyone loses.
have OPs lawyer fax other lawyer and say do they intend to breach the contract...ad get to the bottom of things now.My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0
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