Revised offer before exchange- covid 19

peppapig14

offer accepted on mid 2 bed property in Feb (with a 25% deposit), due to exchange in 2 weeks
we have agreed a early surrender from our rental agreement , with the property being marketed for beginning April ( we have paid the re-advertising costs). Had zero interest , so at present still liable for full rental untill end of original tenancy date in Nov.
we have put all our funds into the purchase of our house with about 3k left in the bank. If the rental property doesn't rent out we will not be able to pay both rent and mortgage for more than 3 months.
With covid 19,our hours reducing at work, and having our child at home from school we are starting to doubt if proceeding with the sale is the right thing to do?
Would the Sellers be likely to take a small reduction in the offer with the current financial situation? 
we really don't want to lose the house as we have been looking for a long time, and although it's not perfect it's £250 monthly cheaper than our rent and would prefer our deposit used for that rather than just sat in a bank! 

pinkshoes

How much would the additional rent be during the overlap, and how much is this in proportion to the sale price?

You have nothing to lose by asking. 

jimbog

Tesco, and other supermarkets are desperate for temporary staff at the moment. Make up your lost hours that way and it will help the community too

peppapig14

pinkshoes said:

How much would the additional rent be during the overlap, and how much is this in proportion to the sale price?

You have nothing to lose by asking. 

the additional rent is £900, plus £150 council tax.
do you just ring estate agent and ask them to discuss with sellers or is it through solicitors?
we don't want to drastically reduce offer, just 3_4k roughly to give us some breathing space

peppapig14

jimbog said:

Tesco, and other supermarkets are desperate for temporary staff at the moment. Make up your lost hours that way and it will help the community too

that sounds great in theory, but not practical as I will have my daughter home from school. 
I can potentially work from home but our concern is not having funds should we need them in the future. 
asking for 3_4k off the price gives us that peace of mind 

csgohan4

no harm in asking, but don't expect it, vendors are also being squeezed as well

In terms of getting a second job, it may be a must for some and not optional. Some people in the States have 3 jobs with children ongoing. So if push comes to shove, you need to make difficult decisions, can't or wont?

HampshireH

As a seller I wouldn't be wanting to drop the accepted price to accommodate my sellers rental costs if they chose to buy before their tenancy ended.

It's worth asking but don't expect a favourable response as that's 3-4k ypur seller now doesn't have towards their onward purchase /plans. A lot of sellers will be reliant on the price offered

peppapig14

HampshireH said:

As a seller I wouldn't be wanting to drop the accepted price to accommodate my sellers rental costs if they chose to buy before their tenancy ended.

It's worth asking but don't expect a favourable response as that's 3-4k ypur seller now doesn't have towards their onward purchase /plans. A lot of sellers will be reliant on the price offered

the discount wouldn't necessarily be to pay rental costs. We had budgeted for paying to release early from the tenancy, and for money on the repairs required. with the current situation where the prices are due to crash, we don't want to be left with no emergency funds in the bank.  

diggingdude

I say ask. They might say yes. I wouldn't give you it but others would if they need the sale. What's the worst they can say? No? They wouldn't pull out in principle of they have any sense as buyers will be like hen's teeth right now 

jimmyjammy001

Predicting a 20% fall..... 
https://www.thisismoney.co.uk/money/mortgageshome/article-8138747/House-prices-collapse-20-amid-coronavirus-crisis.html

CrazySexyCool

peppapig14 said:

jimbog said:

Tesco, and other supermarkets are desperate for temporary staff at the moment. Make up your lost hours that way and it will help the community too

that sounds great in theory, but not practical as I will have my daughter home from school. 
I can potentially work from home but our concern is not having funds should we need them in the future. 
asking for 3_4k off the price gives us that peace of mind 

Supermarket staff count as key workers, and schools are still open for children of key workers.
So getting work in a supermarket may be a good option.