Near to exchange on new build first home - Should I back out or renegotiate post brex

teddysmum

Ashley_Davis wrote: »

I feel I am in my right to ask for a slight discount.

Is this a new clause in the Human Rights quoted by all and sundry ?


You have no rights, but the seller has the right to sell to someone less difficult.

AnotherJoe

Are you saying you are paying £290 because you are locked in at a previous price but they are currently selling for £335? If so I think I'd just proceed as is rather than jeopardize that, why wouldnt they just remarker to someone else for say £315-£325?

hazyjo

Ashley_Davis wrote: »

I understand I have agreed a price but I agreed this price several months before the referendum and the market is much more volatile now.

I feel I am in my right to ask for a slight discount. Bring very close to exchange and near to completion, the seller isn't going to want to put it back on the market at this stage so they can either agree to it or meet me in the middle otherwise refuse and leave it up to me to decide whether to go ahead.

Sounds like you've decided what you're going to do now.


Good luck Not sure it's the best plan, but hey ho...


Jx

Harper123

Ashley_Davis wrote: »

Original purchase price = £244,150 (May 2014)
New purchase price = £290,000 (April 2016)

Similar developments in the same area are currently being sold between £335K - £385K (This includes units in the same development but higher floors)

I feel like I'm getting a good deal here looking at other development prices.

My deposit is £144,000 and I have a good rate for a 2-5 fixed interest only mortgage.

Completion is set for October and it is very near to exchange. I have paid a £2,000 reservation fee and £1500 solicitors fee.

Can anyone offer any suggestions?? Anything would help

Im confused. You say that you think you've got a good deal? If you've got a good deal why do you want to offer less/why do you think they'll accept less?

Either you've got a good deal or you haven't?

I'm also confused that you say similar developments/your developments are selling for a lot more because you've locked it in at a previous price.

If similar units in the development are selling at a higher price then won't they be glad if you threaten to pull out as they can then just sell it at a higher price? You only have a good hand if they are now struggling to sell.

If you are genuinely worried about brexit and this property then walk away, continue renting and see what the market is like in two years time. You can't have it both ways. You can't have the benefit of a home for two years and the benefit of two years time prices. It's up to you.

Crashy_Time

Ashley_Davis wrote: »

I understand I have agreed a price but I agreed this price several months before the referendum and the market is much more volatile now.

I feel I am in my right to ask for a slight discount. Bring very close to exchange and near to completion, the seller isn't going to want to put it back on the market at this stage so they can either agree to it or meet me in the middle otherwise refuse and leave it up to me to decide whether to go ahead.

Exactly, save as much as you can, you are under no obligation to bail someone out of their big mortgage debt.

david1951

Ashley_Davis wrote: »

they can either agree to it or meet me in the middle otherwise refuse and leave it up to me to decide whether to go ahead.

Or refuse to deal with you altogether.

Ashley_Davis

david1951 wrote: »

Or refuse to deal with you altogether.

Very unlikely since its near to completion. Either way, its clear this didn't go down well on here so Ill consider my options and go from there.

Im not considering this unfounded and simply to try and save a bit of money but haggling last minute. Im genuinely nervous and have considered backing out and losing some money. This is an alternative to that which I imagine the seller would prefer rather than me back out. These units are hard to move as they're very difficult getting on a mortgage due to being a reassignment. I don't believe the would be easy to re sell at the current value

Thanks for all the advice

AnotherJoe

Ashley_Davis wrote: »

These units are hard to move as they're very difficult getting on a mortgage due to being a reassignment. I don't believe the would be easy to re sell at the current value

But earlier you said they were selling for £40k more!!

You also need to understand the difference between a corporate seller and a private one. A private one may have another place they are buying and feel they have no option or they will lose out. A corporate seller can take a different view, if only because if it became known they were susceptible to last minute gazundering everyone would do it so even if they lost money on this one deal they would gain in the end if they rejected you.

In any case, please make your mind up, are these apartments that are selling for £40k more, or are they not selling them at all?