Can we renegotiate after referendum

motherofstudents

Your survey valuation was after the referendum but didn't down value. I think you should stick to what you agreed.

david1951

The danger is that the seller almost certainly won't see it the way you do. They will be well aware of what you have spent so far and may be in a better negotiating position. Like any deal, you need to give them an incentive and I don't really see one at the moment.

"prices look like they're dropping" - not enough

Pixie5740

Your survey was done after the referendum and came back with a valuation that matches your offer. I can't see the vendor entertaining a reduced offer now. The EU referendum was weeks ago, if you were that spooked by it you should have tried re-negotiating then. It's time to s.h.i.t or get off the pot.

System

I used your excuse on several properties - it did not work. There will always be another buyer out there.

AHomeBuyer

hazyjo wrote: »

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 don't think it's a case of pulling out at the last minute, although it's been almost 2 months the vendor has not been very proactive to progress the sale. We received outdated and incorrect property information documents in early July and are still waiting for this to be corrected, for example. We've also paid money towards the survey and legal fees.

hazyjo wrote: »

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?

I bought in the recession in 2009 actually, got a good deal at the time but took 5 years for the prices to start to improve in my area and decided to sell when the market was strong.

hazyjo wrote: »

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.

The problem with an offer is that it's not legally binding, all parties have to hope that the other doesn't pull out and both have to pay fees up front with the knowledge that it's possible that something could go wrong.

We have in fact had one buyer pull out, fortunately as our area is still highly sought after we found a new buyer and agreed a new offer within 2 days.

We felt it was better to be honest to the vendor and say that we feel the offer is over market value due to changes in the market since the referendum. We assumed that presented with the facts the vendor would be realistic about it and be open to the discussion at least.

goodwithsaving

You knew Brexit was coming. Sure, prices won't rise so much and will slow down but we're in the same situation as before; lots of people not enough houses.
If you were my buyer I'd tell you where to go.

AHomeBuyer

SailorSam wrote: »

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.

If a substantial change had occurred in the market where I'm selling, then granted I wouldn't be thrilled but I think I would be realistic about it, chances are I wouldn't get as much for my house if I put it back on the market so it might be worth negotiating rather than starting over.

We had a buyer drop out (well went awol) but as our local area is still highly sought after even after the referendum (in fact prices have risen further on Zoopla) we actually got a slightly better offer from a new buyer, the day after it was relisted.

Grenage

AHomeBuyer wrote: »

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.

This seems like a good way to risk your money, in the current climate; you'll be paying additional stamp duty and legal fees.

hazyjo

If you're not happy with the speed the vendor has been going at, pull out. Are you now saying that's another reason for dropping the price? You do realise the average purchase takes 12 weeks from offer to completion? Note 'average' - some take 5 weeks, some take 5 months (I've had both).


Good, so you bought in a recession - did you ask them to drop the price a month or two in? If not, what is the difference? Why do it now? It's the same thing, surely? You agreed a price, it's been valued at that price, so I don't see why Brexit is now an excuse to reduce your offer this far down the line. You say there have been changes in the market, but that would have been happening in a recession. Or maybe I'm wrong and you did manage to reduce your offer then...


I've bought in a recession, sold in one (ouch), bought in the same one, and then 15-20 years later, sold again in another recession (and five houses inbetween in various markets). Never used the market to lower my offer (same as I'd be furious with the vendor for trying to gazump me in a rising market - they have tried and I've walked).


Exactly, that's my point. It's not legally binding which means it's done on good faith, trust, and gentleman's agreements. For someone to gazunder two months or so down the line just ain't very nice IMO.


Your title says 'can we renegotiate...'. I gave my opinion. Others will give theirs. You're going to do what you're going to do against most people's opinions, so I wish you luck. Be prepared for the vendor to tell you to naff off and to lose the property though. There is a risk.


Jx

hazyjo

PS you'll be wise to stop quoting zoopla - you know it's only an estimate, so it's pointless using it. Overvalued one house I bought by over £100k. As someone on here used to say, search the forum for 'zoopla' and 'rubbish'. There are quite a few posts LOL.