solictor advised not to reduce offer-would you?

peppapig14

few weeks away from exchange. fortunate to be putting down 25% deposit , with enough funds left for a new heating system required in the property. 
we are now concerned about the current economic crisis, and asked solictor if concerns about partner potentially losing his job and wanting to keep some of our deposit back for a safety net would potentially result in a price deduction from the Sellers. She advised this is not a sufficient reason to ask for a reduction? 
looking for any guidance, experiences of doing this?

KatrinaWaves

Why do you think the seller will agree? They probably also have similar fears about the crisis.

comeandgo

So far away from exchange I'd tell you to take a hike and put it back on the market. 

princeofpounds

It's not a really a legal question, so I'm surprised she even expressed much of an opinion to be honest (not saying it's wrong that she did, but it's a personal opinion).
But if you gazunder at this stage, you will lose a huge amount of trust with the sellers and they may well withdraw even if they could sell at the lower price. I know I would. Certainly the sellers don't need to take your personal situation into account; they aren't a charity. That's the risk you have to take.

It's only really a risk I would take if a) your future employment situation really is that bad, b) the house isn't special enough to lose and c) you're confident you can get a cheaper house elsewhere in coming months.

The situation with house prices after this whole mess pans out is not clear. Whilst the economy is weak and unemployment will surge, BoE interest rates are lower than they have ever been. Rates are the strongest influence in mortgage prices, and mortgage prices are the strongest influence in house prices (because they are basically financial assets that produce a yield like a bond). So whilst there may be some bargains in the aftermath as forced sellers have to clear into a subdued demand, I wouldn't bet on any weakness being sustained. 

numbercruncher8

In a perfect world, they should have no real opinion. They are indifferent to what you pay for the house, their job and pay remains the same.
Just be aware that all it is, is vested interests. If you offer to reduce the price, the chance of it being accepted is less, and with that the chance of fee-paying work for them also declines. At this moment with no new deals being agreed you can understand why they would want to keep as much work as possible going.
But what is right for them isn't necessarily right for you. If there are genuine concerns about job loss it seems crackers to listen too much to someone else before more clarity is gained.

GDB2222

comeandgo said:

So far away from exchange I'd tell you to take a hike and put it back on the market. 

Would you, though? You certainly won’t be selling it to anyone else, as nobody is allowed to view the house. So, you’re going to have to tell the people you’re buying from that you can no longer proceed with the purchase, and the whole chain will collapse.

It would make more sense to at least try to negotiate a reduction on your purchase, and the people who are selling to you can do likewise, etc. That might suit everyone better than just going back to square one. Who knows?

davidmcn

princeofpounds said:

It's not a really a legal question, so I'm surprised she even expressed much of an opinion to be honest (not saying it's wrong that she did, but it's a personal opinion).

Not really, it's pretty normal for solicitors to give broader advice about the contract they're negotiating rather than just sit there offering no comment on anything other than purely legal questions (although some people here seem to be lumbered with solicitors who don't even provide advice about the legal questions!).

Certainly correct to say that one particular buyer's (possibly groundless) concerns about their own employment situation is irrelevant to the market value of the property. There might be other concerns about whether previous valuations are still correct (as we've seen from many other threads here) though too early for anything concrete to have filtered through to the statistics.

Linton

If you are worried about losing your job and not being able to afford the house or there is a major fall in house prices I dont see the odd few £K you might be able to squeeze out of the vendor making much difference.  In my view once you have made a deal you should keep to it unless overriding circumstances prevent you, and if that happens you should simply drop out.  It would then be up to the vendor to suggest a lower price if they were desperate to sell to you.

Suppose you ask for a reduction and the vendor says "no",  what will you do?  Only make or imply threats if you intend to carry them out.  If I was the vendor in making my decision I would take into account the risk that you would try the same trick again later in the process.

I was the vendor in a similar situation immediately after the BREXIT vote. The buyer asked for a reduction, I said and did nothing and a week later they came back, apologised, and reinstated the original offer.

SameOldRoundabout

This is your 6th thread asking the exact same question, plus you already wanted to renegotiate after the survey. I think you need to make a decision once and for all. Personally if I was your seller I probably wouldn’t be reducing for you at this point unless I was desperate to sell. 

Davesnave

SameOldRoundabout said:

This is your 6th thread asking the exact same question....

I was going to write much the same thing.

Anyway, if she really is Peppapig, we all know her husband is useless at everything, and she's highly capable, so why all the indecision?

greatcrested

Either buy the house or walk away. Stop prevaricating!