Seller hikes asking price

Pumpkim

I would absolutely walk away, unless he went back to the original price. I know you're saying you've given notice on your rental but are you certain exchange will happen in 2 weeks anyway? We thought exchange was 'imminent' 2 months ago and it only happened last week!

dissstressed

The house has been empty whenever us or the surveyor visited and the seller lives in Southampton. I'm guessing it's a second house from when he used to work in London.

Money_maker wrote: »

Where is he moving on to? If you refuse, will it cause him trouble? Personally I wouldn't pay a penny more, if you're in rented then its easier for you to find another rental than if you had your own buyers. Call his bluff.

dissstressed

There's no chain at either end. My solicitor was ultra confident of the date. So much for that!

Pumpkim wrote: »

I would absolutely walk away, unless he went back to the original price. I know you're saying you've given notice on your rental but are you certain exchange will happen in 2 weeks anyway? We thought exchange was 'imminent' 2 months ago and it only happened last week!

Thrugelmir

I'd offer less. Don't tell him you are FTB's. Hold your nerve.

Nadeshkarine

We're in the process of buying and if our Sellers tried this we would tell them where to go!
Especially in London, the market is not moving so I'd call his bluff.
Tell him the reduction in stamp duty covers the cost of the searches and conveyancing for a new place instead.
How does he know you're a ftb? You could have had a property before and just sold it, then you wouldn't have this magical extra money he is demanding.

Clairabella

Call his bluff and make appointments to see more properties on his agents books. Say your moving in with family/friends.

You have nothing to loose, if he won't back down you can always change your mind.

Fed

Speak the agent, point out the vendor is wrong. I would expect them to be on your side for fear of the deal collapsing. Could also say that if it is a 2nd home and there had been some form of capital gains tax relief announcement saving the vendor 5k, the last thing you would expect would be for them to lower the price

ACG

Find a new property, just dont tell the vendor you have pulled out.
I bet your vendor is not forking out the stamp duty cut to his vendors.

I would not buy from this person out of principle now.

Davesnave

The house is empty and we're heading for mid-winter, so he won't be wanting to keep it longer than necessary. If you pull out now, he'll probably be stuck with it till March, and then there's no guarantee he'll sell for more.

Keep all this in mind if you negotiate. Unlike others here, I'm not sure whether I would or not, because that would depend on my feelings towards the house and whether I thought I'd done well in the first place. I'm not one to cut my nose off to spite my face.

If any negotiation didn't work out from my POV, I'd probably fake acquiesence at whatever level, string him along and then gazunder on the day of exchange to see if he was bluffing.

PS If you can't get this deal to work, your landlord won't be able to get you out for several months. Sad for them, perhaps, but if push comes to shove....

Flutterbat17

Oooh! What a horrid thing to do! I’d tell him if he doesn’t honour the original offer then sorry but would rather find another property. Cheeky bleeder! He’s trying it on with you, stay strong, be firm.