covid19 renogiating

peppapig14

looking for experiences of renogiating offers already accepted due to covid19 and the current economic situation
what is the process, how do you suggest it to the sellers?
we have iffer accepted at 240k mid terrace property in nice location. survey raised several no3's which were visible on viewing, however rather than having that miney avaliable to do these actions we now need to claw back some of our deposit as our jobs are currently at risk and we do not want to lose the house ( we were die to exchange Monday bit now its on hold due to the lockdown)

hazyjo

Are you selling too?

If I were in the shoes of anyone in your position, I would pull out and say I really hope to be back on board later, depending on what house prices, jobs, mortgages, etc are doing. I would not just be reducing my offer as I don't have a crystal ball and don't yet know how far prices may fall or how long this may last.

If you do offer less, you should speak with your solicitor, the EA and your lender. Not advisable to speak with the seller.

What % deposit are you putting down? Not sure how saving some of your deposit will mean you won't lose the house/mortgage. Not unless your mortgage is tiny with a very large deposit. If my job was at risk, that would be enough for me to pull out.

Bossypants

Honestly, if your jobs are at risk, is now really the time to be buying at all?

If you want to go ahead, best thing is probably to be up front, but since everything is now on hold anyway, I think a lot of sellers will prefer to wait for the dust to settle before agreeing to renegotiate (which honestly might not be the worst thing in your case).

peppapig14

hazyjo said:

Are you selling too?

If I were in the shoes of anyone in your position, I would pull out and say I really hope to be back on board later, depending on what house prices, jobs, mortgages, etc are doing. I would not just be reducing my offer as I don't have a crystal ball and don't yet know how far prices may fall or how long this may last.

If you do offer less, you should speak with your solicitor, the EA and your lender. Not advisable to speak with the seller.

What % deposit are you putting down? Not sure how saving some of your deposit will mean you won't lose the house/mortgage. Not unless your mortgage is tiny with a very large deposit. If my job was at risk, that would be enough for me to pull out.

not sellung currently renting. have decent sized deposit but having some retained (5_10k) would give us bit more of s safety net should we lose jobs

Linton

I agree that if you do not want to exchange in the short term you should pull out now or just put the purchase on hold, if the seller is welling to do that, and wait until the current uncertainty is over. Messing about with a few £K is not going to really change your situation.