Vendor changing deal at last minute

ADGJL

Morning folks.

Looks like I need a bit of advice.

I had an offer accepted a month or so ago. After negotiating we came to the following agreement.

Agreed a price.
Vendor agreed to fix a couple of very minor issues.
Vendor agreed that, to stop negotiations, they would move out and break any chain to aid a quick sale.

We're now ready to exchange. However, the vendor has now found a house they like and is insisting on linking the transactions.

In my mind this is absolutely not in accordance with our offer. The fact they weren't in a chain was used in negotiations.

What should our next step be? Every week we're in rented accommodation is a financial burden on us.

Dan-Dan

Sorry but your !!!!!!ed, welcome to the english house buying system

Vendors say anything to get a sale , once your balls deep.......

pinkteapot

Your choices are:

1. Pull out and start looking for something else - but your original chain may well complete first anyway.

2. Reduce your offer and see what they say. Risk them telling you to take a hike.

3. Do nothing.

Or, in short, what Dan-Dan said.

mrginge

Start looking at other houses and tell them that you're doing so.

ReadingTim

What matters more - the destination (ie the house) or the journey? (ie whether you're in a chain or not).

Finally, why is paying rent a financial burden when (presumably) paying the mortgage on the new house not?

EmmyLou30

Yep, what they said! The English system is very flawed. Unfortunately they've probably known all along this was their plan, they just chose to let you in on it once you were over a barrel and fully committed financially.

moneyistooshorttomention

ReadingTim wrote: »

Finally, why is paying rent a financial burden when (presumably) paying the mortgage on the new house not?

Having lived in rented accommodation before now = I can answer that.

Rent is "dead money" and just sent down the drain for nothing. Mortgage payments = you are paying to get a (big expensive) possession and therefore getting something for your money.

My sympathies to OP on that - because I landed up having to send a few more weeks worth of rent money down the drain back when I bought my first house thanks to the vendor:(.

Rosetinted

Well, they changed one of your three agreed conditions, so you're entitled to restart negotiations on any of the conditions again, including price, or add in another condition of your own to mitigate the inconvenience for you. However, rather than feeling hard done by that someone's gone back on their promise, it's worth taking time first to consider how much this will really impact you.

What is the issue with the change of circumstances? If it's that you'd be paying X amount less per month on your mortgage than you currently are paying in rent, I'd ask the sellers to pay the X amount for as long as it takes them to complete on their new property. After all, they are the ones causing you to keep renting beyond the agreed completion date.

moneyistooshorttomention

Rosetinted shows one possible way to deal with these vendors - only I'd be going for them paying all the extra rent they have caused to be payable because of their delaying. That is = not just any difference "to the good" on mortgage v. rent payments.

mrginge

Oh yes lets get in there and start demanding thousands of pounds in compo.

moneyistooshorttomention

I'm referring to OP making a claim for the costs incurred because of these vendors to be deducted from the price they had agreed to pay for the house. That means purely making the vendors pay the extra rent they have caused to be payable - and not asking for any compensation (merely getting their extra costs covered).