Re-negotiating price due to delays

housewanted44

Hi all

Offer on house was accepted in March. We knew seller would be renovating an inherited property so it would take a little bit longer. At the start of June solicitors had a response of end of July Early August before ready to move, recently this changed to Mid-August and still we are unable to exchange or set a date even now at the 10th, so I think we would be lucky to be in the house by end of Augst. Have chased for a couple of weeks. We understand her situation but I feel now that I should ask solicitor to write and advise we are happy to wait a bit longer however we would like to negotiate our offer back to the original offer we made, £2000 cheaper than the offer we finally agreed on.
I understand this is harsh, but at the same time the seller and solicitors know how patient we have been/are and I think it is fair.

I know she is spending a lot of money on the renovation of the new house and think if she were to refuse to lower the price by £2000 and we withdrew, (We have not exchanged yet!) it would hurt her a lot more than it would hurt us. We are not in a chain and are FTB.

Does this sound fair? Or do people think it would be underhand etc.

I think I will action Monday but just want the opinions of the many that have been in these struggles before.

Thanks

warwicktiger

You are gazundering.

If I were selling and you made this approach to me if I possibly could I would tell you to take a walk and put the house back on the market.

On the other hand if you were to get n touch and explain the inconvenience and or extra expense the delay is causing and ask if we could do a deal I would at least listen.

Yorkie1

I can understand your frustration but you knew there was going to be a delay when you made the offer.

I agree with WT that the drop in price is more likely to backfire than be successful. By all means enter a polite conversation but don't make threats or play games.

housewanted44

That is understandable, and please do not think it is a threat or game as has been mentioned. I would be the same if I were the seller. However I would be quite happy to have a date in September if I at least had a date! I find it odd that instead of a reply of a date we are just being ignored? Do you find that respectful, quite simply we have not exchanged and I am well within my rights to walk away and on top of that suffer the expense of the solicitor and re-negotiation on a new house. As a seller are you saying that is acceptable to just have someone wait on for months and months with the goal posts moving without an apology or even reply to our queries?

Your opinion is valued however I would like it from both sides, am I not correct in saying it is not legally binding until we exchange? Hence either could walk away? I would not dare be disrespectful to the seller in terms of ignoring her etc having her hold on while we save an extra month or 2 in wages so why should I wait around. I have money and want a house not the other way around.

You clearly think it will be a better approach for me to plea with the seller for a date which is in my mind, and is what I will do this weekend. However if we again get the work is on-going not sure yet, its taking longer than expected. Do we just wait on, I am surprised no-one else would just walk away, family etc cant believe we are still waiting.

Yorkie1

You are correct that either side can walk away until you have exchanged, yes.

They should not just be ignoring you and it is reasonable to ask for a date. But threatening to reduce the price is just not worth it. In addition to the above posts, you'd have to re-do your mortgage offer. If they are refurb'ing the property, then it's actually in your interests to wait until they are finished, rather than having to complete the job yourself.

Out of interest, when does your mortgage offer expire? If that's quite soon, it might be some leverage. Another point is to check that they have definitely got probate - if they haven't got that yet (and sometimes it can be delayed), then they are not in a position to sell and cannot give you a firm date.

Get the EA more involved and, re. the probate question, your solicitor.

Funky_Bold_Ribena

Tell them you want a date by the end of august, or you pull out on the 15th. You have waited long enough. Suggest that they rent somewhere between selling and doing up their new place. I'd never have lasted March to August, I'd have pulled in June.

TrickyDicky101

Given the lengthy delay and difficult communications I don't think it unreasonable to demand a concrete date of exchange now (assuming that there are no other things holding this up).

However, if you go down this route you do need to consider carefully what your response would be if you are rebuffed.

opinions4u

Has the property increased in value since your offer was accepted?

Probably.

Do what's best for you. Gazundering isn't very sporting, but it is legal.

Thrugelmir

Give them until next Friday to confirm a date or you will pull out of the transaction.

Call the EA handling the sale. Express your frustration and ask what other properties are available on the market. This will be transmitted back to the seller a well.

Personally I believe you are being strung alone. There are highly possibly other factors which are blocking the sale proceeding.