Vendor wants £30k more

harrys_dad

googler wrote: »

You hadn't realised you'd put it in your user name .... ?

He has changed it now but your post still shows it so needs editing

Prothet_of_Doom

Fruit_and_Nut_Case wrote: »

I LOL'd. Does that make me a bad person?

I LMFAROMFC and I don't think it does make me a bad person.

Mortgage_Mark_2

harrys_dad wrote: »

He has changed it now but your post still shows it so needs editing

Thanks for making me aware Googler

pianowoman

Hi OP, this really sucks for you. The precise same thing happened to us back at the end of the summer - also in London. The vendor asked for an extra £40k just before exchange and we said no as we simply couldn't afford it. We then found a flat on the same road, almost identical, but cheaper, and better, which we completed on in January. So there may well be something better out there anyway! Also, it may be worth asking your solicitor if they're not no sale, no fee, whether they'd waiver some of the costs to date if you found somewhere else within a period of time. This is what ours very kindly agreed to, and saved us some money.

As an aside, the vendor apparently got an extra £70K (!!!) extra from the eventual buyers. The market in London is absolutely mad. This is £85k more than we paid for the flat we eventually bought, by the way, so we're feeling a bit smug.

googler

Pixie5740 wrote: »

What's not right about it? In Scotland once an offer has been accepted there is usually a period of negotiation between the solicitors for the buyer and the seller about the terms of the offer. During this time the sale is not legally binding and either side can break the agreement.

I'm saying the OP's situation isn't right, not the Scottish buying and selling system....

SOMEONE_3

Fruit_and_Nut_Case wrote: »

I LOL'd. Does that make me a bad person?

Prothet_of_Doom wrote: »

I LMFAROMFC and I don't think it does make me a bad person.

Revenge is sweet. I never let anyone get away with something like that. Recently had an extension built and of course there was the odd tradesman who took the pee or let us down. They all get something in return, nothing illegal but enough to waste a considerable amount of their time and lose some of their precious income.

googler

From an OFT report of 2010;

"Strictly speaking, in England and Wales, there is no 'transaction' at all at offer acceptance. There is only the potential for a transaction at a verbally agreed price. Until exchange of contracts, either side can pull out without being liable to the other for losses incurred. About 20 per cent of transactions fail between offer and exchange.

... Some stakeholders told us that they believed the key to improving the process in England and Wales would be to introduce a point earlier in the process where parties make a binding commitment, for example, to mandate written offers and acceptances which are intended to be binding on the parties. The practical difficulties of bringing about such a change may be significant - success is likely to depend on the detail of any new process and the willingness of buyers and sellers in England and Wales, and their professional advisers, to accept the change. "

Someone, anyone, whether buyer, seller or E&W property professional, please tell me/us - why on earth would you NOT accept this change?

Pixie5740

googler wrote: »

I'm saying the OP's situation isn't right, not the Scottish buying and selling system....

I see, sorry I must have mis-read your post.

googler

googler wrote: »

Someone, anyone, whether buyer, seller or E&W property professional, please tell me/us - why on earth would you NOT accept this change?

I'm shocked - I would have thought there would at least be a few responses to this, along the lines of "Yes, I would welcome change in the E&W house buying and selling system to introduce earlier commitment to contract terms" .... but no.

Is everyone happy with the status quo?

Mortgage_Mark_2

Sorry I'd not seen that, apologies!

I wouldn't have a problem accepting that situation at all, though I fear it would be too much of an overhaul for it to ever realistically happen now.