Is this legal?

clarenic

My father is in the middle of selling his house and buying another. Contracts were supposed to be exchanged on the sale yesterday but nothing happened, now today the purchaser (a developer) has said that they'll only exchange if he drops the price by £10k. He's already selling at a stupidly low price anyway and losing a further £10k would mean the sale isn't going to be as beneficial (he was downsizing to get some money in the bank for retirement). He's already paid for searches etc on his purchase and accrued solicitor's fees.

I can't get over how immoral it is!

Is there anything we can do? I'd be tempted to tell them what to do with their contract personally but day's situation is a bit more difficult!

Thanks x

Turnbull2000

Contracts haven't been exchanged, so nothing he can do other than accept or reject new offer.

clarenic

As I thought. What a scummy thing to do though.

propertyman

It's known as brinkmanship and in house selling "ganzundering".

A gazunder, being what it is, this is putting you in or treating you like the contents of, or the contents of being emptied over you, of said gazunder.:eek:

Nowt you can do over it other than be prepared to call their bluff.

I do recall back in the darker days of the 80's when a developer had an estate to sell, the local paper printed the story of their guzundering the buyer an elderly churchgoing widow, late husband served in the War and she in the WA etc, and they fell over themselves putting it right.

But that was back in the day when these things were important.

Perhaps on Twitter some might want to know about your story- but just the facts no libel or slander

clarenic

It's disgraceful isn't it. I'd never heard of it before but now I have I'm surprised it doesn't happen more often really, the way things are these days.

I'm hoping he tells them to shove it.

Thanks for replying :-)

silvercar

Read this thread for revenge ideas:

https://forums.moneysavingexpert.com/discussion/4259911

others I've heard off include kippers under the floorboards, drawing pins under the carpet and signing the new owners up to also sorts of "interesting" post.

dimbo61

£10K is a lot of money but is it £10K of a £250K property or a £90K property.
Does Dads house need major works to get it in a good condition
IE total rewire, new kitchen, bathroom, replastering, new UPVC windows etc
Me I would say NO CHANCE but I am not your Dad who maybe keen to sell and downsize

clarenic

If dad goes ahead with it I'll be bulk buying all sorts of nasties to hide behind radiators/under floorboards etc. I'm joking. Honest!!

clarenic

dimbo61 wrote: »

£10K is a lot of money but is it £10K of a £250K property or a £90K property.
Does Dads house need major works to get it in a good condition
IE total rewire, new kitchen, bathroom, replastering, new UPVC windows etc
Me I would say NO CHANCE but I am not your Dad who maybe keen to sell and downsize

Hi

Somewhere in between those two prices. It does need work but no more than it did when they first viewed it. They're just taking advantage of their stronger bargaining power. I know business is business and all the rest of it, but that does seem particularly unscrupulous doesn't it.

hazyjo

Just nasty. I'd be naming and shaming - and adding posts to Twitter (as propertyman suggested), and making everyone know just how disgusted I was.

Have you googled them for similar stories? Make sure you add something - in as many places you can find.

Hate this sort of behaviour. Grrrrr.

Jx

xylophone

What's to prevent the developer from asking for another £10000 off?
Your father has incurred legal fees but not £10000 worth?
I wouldn't want to give in to this kind of blackmail.