Can we renegotiate after referendum

AHomeBuyer

We had an offer accepted on a property a few days before the referendum result.

The legal side of things have been moving along slowly, we had a survey done in July and that came back at the same price as the offer.

We've been monitoring Rightmove and Zoopla over the last few weeks and it's not looking very positive. A significant number of pre-referendum property listing has been reduced (although unfortunately we can't see by how much) and the property itself has dropped by just over £17,000 on Zoopla (it's an estimate of course, but it was on par with our accepted offer back in June).

Fortunately the market where we're selling has remained stable and our sale is going ahead at a price we're happy with.

We're quite concerned that we're going to be ~£15,000 out of pocket by proceeding with this purchase. We like the house and would like to go ahead if possible, but it doesn't seem like a good investment to potentially throw away this amount of money. We're only really looking for something shortish term (~5 years) to keep paying into a mortgage and then move to something a bit bigger or a different area. We don't want to be stuck waiting for the market to recover post brexit before we can afford to move again.

We'd like some opinions/recommendations on how we should proceed in trying to renegotiate with the buyer? Their agent, our solicitor?

Thanks in advance for any help offered.

lee111s

You can try and negotiate but if you were my buyer, you'd be getting a nice FRO

theartfullodger

Breakfast means breakfast

Guest101

You can renegotiate for any reason; similarly to Lee, you'd get a foxtrot Oscar from me.

System

Don't worry it's only representative money......

hazyjo

So you leave it as close to exchange as poss after everyone's spent money on their purchases further up the chain so they're less likely to say no?


I wouldn't, but some would. They're probably much richer than me money-wise. I'd rather be what I consider richer in other ways. We're all different though and the world would be a very boring place if we were all the same.


People are loving the Brexit label to stick on their gazundering. If you were buying in a recession or falling market, would you be doing the same?


Call me old fashioned, but I think people should agree a price at the start and stick with it for however long the process takes (12-weeks-ish). Of course there may be other reasons to drop such as valuation or survey.


If the chain collapsed and you were starting again, maybe that'd be different.


Good luck.


Jx

SailorSam

I think you're being a bit selfish. You're expecting your buyer to stick to the deal and pay you. But you want the people you're buying off to reduce their price.
If prices in the area have fallen, pull out from this house and buy one that's cheaper.

hazyjo

PS to add to it - I'm not someone who moves with thousands in the bank. I spend the lot. If someone expected me to magic £15k out of thin air, I'd have no choice but to remarket.

theartfullodger

If property prices had gone up significantly, let's say on average for your property by another £17k, would you have expected to agree to pay the vendor another £15k to compensate him??

Yeah, 'cors you would...

System

You will have to stick by your offer. A deal is a deal at the end of the day.

Hoploz

Pay it or pull out.