Being gazundered

Sus59

I am in the process of selling an empty flat which was my home until I moved in with my partner last year. I accepted an offer in May from a couple who in turn had accepted an offer from a first time buyer.
Now, we are almost ready to exchange contracts and the FTB at the bottom of the chain have decided they want a 15K reduction from my buyers 'because of Brexit' or they will pull out. According to my estate agents (who are not my buyers selling agents but they are liaising with said agents) my buyers have tried to negotiate with them to meet them half way but they are sticking to their guns.
I am being asked if I am willing to make a contributions (they haven't specified a figure) to stop the chain collapsing.

I have a small mortgage on the flat so altogether it is only costing me about £300 per month whilst it is empty. However, estate agent thinks I may not get same asking price if back on the market (he would say that of course....). Also, of course there is the solicitor's abortive fees and the general stress of dealing with a sale.

My partner and I are hoping to buy a bigger place together so I'm relying on the proceeds of the sale for that although we haven't started looking yet.

Would you pay up or tell them where to go?

To say I'm fuming would be an understatement.

gettingtheresometime

I have no advice but I think a lot of people are blaming Brexit for a lot of things, surprising really given we haven't evoked article 50 yet

Pixie5740

Are there any recent sold prices available for similar properties to yours in the area. If so how do they compare with the offer you accepted? Does the market where you are look to have taken a bit of a dip since the referendum?

pinkshoes

Sus59 wrote: »

I am being asked if I am willing to make a contributions (they haven't specified a figure) to stop the chain collapsing.

I have a small mortgage on the flat so altogether it is only costing me about £300 per month whilst it is empty. However, estate agent thinks I may not get same asking price if back on the market (he would say that of course....). Also, of course there is the solicitor's abortive fees and the general stress of dealing with a sale.

My partner and I are hoping to buy a bigger place together so I'm relying on the proceeds of the sale for that although we haven't started looking yet.

Would you pay up or tell them where to go?

To say I'm fuming would be an understatement.

Tell them you are in no hurry so get them to tell their buyer to either exchange within 7 days or shove it, and put their property back on the market and find another buyer.

Hoploz

£15000 is a lot of £300s

Even £7000 is. Do you genuinely believe your house is worth less than before? Would another 4-6months delay while you re-sell cause you a problem?

It seems to me a lot of people are jumping on the bandwagon of 'I'm going to reduce my offer/offer less/threaten to pull out because of Brexit.' But basically it's just people trying it on. In a couple of months most people will have forgotten all about it and this b!!!!!!! will stop. Brexit (whenever it actually happens, in a couple of years) will make little difference to the majority. For the moment, interest rates are nice and low, and there's no sign of the mortgage market caving in

glasgowdan

As above, it'll sell, get it back on the market if the buyers can't cover the costs or find another buyer for their own place.

Mortgage rates are low, there are still loads of buyers out there. Don't forget we're just in a quiet holiday period just now and there'll be a flurry of people wanting a new place before Christmas.

Hoploz

Another thought .... You could give your buyer some breathing space, as you're not in a mad hurry. You could say you support them, and to prove this you will give them a certain time, eg a month, in which to sell again, if this chump decides to pull out.

That way you don't have the hassle of remarketing straightaway, and hopefully your buyer will find another buyer (or settle with the same one) and you won't have lost anything on abortive solicitors fees if it comes together again in the end.

david1951

I agree. No need to get angry - tell your buyer you are happy to wait for them to remarket and see what offers they get. If they get no offers then so be it, the FTB will have invested money in this and won't want to lose it

VultureDodger

Personally I'd call their bluff too. If I were in your position I'd be wondering why I'm expected to foot the bill for someone else's avarice! It seems like an awful lot of people are trying it on with the whole 'Brexit' excuse. As suggested above, tell them that you'll allow them an extra month to find another buyer if they pull out. If they want it, they'll go ahead - if not, someone else will buy it.

Good luck, my lovely

Cakeguts

Let the FTB pull out. They aren't that interested in buying anyway so the sale won't go through. If they were interested they wouldn't be doing this.

smile88egc

Depends how long you can afford to let it sit vacant. If the FTB are looking for reductions on your buyers property then it's likely a new buyer for your place would also seek a reduction compared to a pre-brexit agreed price.

If you are in no hurry and you are happy to pay for a vacant property then you needn't budge, but a small reduction as a show of willingness to complete the chain might go a long way.