Chipping on London flat before exchange

brodawel

Chipping? is that a London thing? well if you feel you are paying too much you'll need a better reason than Brexit. If you want the vendor to take you seriously at least make something up that sounds credible. Tbh if I was the vendor and you had withdrawn I'd refuse to deal with you, just not worth the aggro, I'd rather sell it to someone else for less money.

loufsun

Sellers can of course demand more as well and in fact people do that hence the term "gazumping". Then it's up to the buyer to walk away or accept the new terms! There is no difference between a buyer asking a lower price and a seller asking a higher price after initial offers were agreed. Of course, one should tread carefully when doing this as you and others point out regularly that this can lead to whole sale falling off.

In my opinion, there is also nothing wrong about re-negotiating the agreed price when significant changes in economic outlook such as the UK leaving the EU, one of the biggest economic, social and political decision of the last few decades, happens.

david1951

Are you capable of seeing this from the vendor's point of view?

ruelle

My friend's boss got £30k off his house sale post-brexit. from reading all of these forums i think most people at least asked for a reduction if they were in the process of a sale. obviously you need to be prepared for the fact you could !!!! the seller off.

http://www.homesandproperty.co.uk/property-news/buying/postbrexit-property-asking-prices-continue-to-fall-as-buyers-demand-better-deals-following-vote-a102681.html

agrinnall

brodawel wrote: »

Chipping? is that a London thing?

I was puzzled too, I've been posting on this board for many years now and don't recall ever seeing the term before. If it is a London thing then that may explain it as I don't spend too much times on threads about a place that I don't know very well and I'm unlikely to ever have enough money to be part of the market myself.

[Deleted User]

leachyd wrote: »

If if was the vendor i'd tell you to sod off and remarket

Or say "the second word is 'off', choose the first one yourself"

Seriously, you want to offer 20% less than the price you agreed? If I was the vendor I would refuse to deal with you further.

ruelle

Sleazy wrote: »

Or say "the second word is 'off', choose the first one yourself"

Seriously, you want to offer 20% less than the price you agreed? If I was the vendor I would refuse to deal with you further.

I do think 20% is a lot. You might have better luck with 5%.

dacouch

AndyBSG wrote: »

Speculating on post Brexit house prices is completely pointless because no one knows. All the tales of stock market woes already seem to be proving false with the FTSE actually closing at the highest it's been in nearly a year.

The FTSE 100 would naturally increase in value when the pound devalues.

Crashy_Time

AndyBSG wrote: »

Your agent is probably pretty much spot on.

Speculating on post Brexit house prices is completely pointless because no one knows. All the tales of stock market woes already seem to be proving false with the FTSE actually closing at the highest it's been in nearly a year.

If you felt the price was fair when you made the offer and you could afford then what on earth has changed since to make you think that wiping 20% off it's value is a good decision?

The central banks have been pumping liquidity around like a drunken holiday rep running the foam party, just as there have been extraordinary interventions to prop up the housing market, the question the O.P needs to ask is - How long can/will this continue?

AFF8879

Being nervous is understandable - but if you are not committed to the purchase then you should pull out full stop. You're messing with someone's life and plans, sounds a bit dramatic but it's very true....