solictor advised not to reduce offer-would you?

peppapig14

Davesnave said:

ElefantEd said:

greatcrested said:

Either buy the house or walk away. Stop prevaricating!

I think you mean "stop procrastinating!" (putting things off). Prevaricating means lying!

  It could be argued that planned gazundering close to the point of exchange is a form of deception.

we are not deliberately planning to deceit the Sellers. They knew from the start we were using all our funds to meet the agreed sale price. we could see on viewing the windows and heating needed doing but planned on doing these in a couple of years, but after the survey these need doing more urgently. There has also been additional costs as the house is freehold, with a management company for grounds maintenance. This has incurred additional costs from the solictor and the management company for shares etc ( £1000 additional )
we really want the house, but at the same time don't want to simply throwing all of our savings deposit away 

Mickygg

Crashy_Time said:

comeandgo said:

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

What would you gain by doing that in this economic climate?

I don’t think I have ever agreed with Crashy before but I agree with this. By saying put back on the market cameandgo you make it sound like it currently has a good shot at selling, which over the next few months will not be the case.

I was going to comment on the OP but it’s yet another similar thread by them. Just make a decision without starting hundreds of more threads.

Tiglet2

I haven't read all the threads but here are my thoughts:

If you request to reduce the price now:  The vendors have to consider and decide whether or not to accept - adds another couple of weeks to the transaction.  All documentation has to be amended - the contract, the transfer, the mortgage offer.  While it may not take too long ordinarily, with the lockdown it will add significantly to the time to get all these documents amended - for example another 4 weeks to get the amendments and signed by the various parties.  Think about the Loan To Value.  If the reduced price means that the LTV changes, then the lender may want to amend their mortgage offer and not lend you as much.  This may mean the lender having to issue a new mortgage offer, however with a 25% deposit this may not be an issue.

If you don't want to go ahead at the price agreed, then pull out now and decide what to do once the lockdown is over and things get back to normal.  It might mean that house prices fall, in which case you may get another property at a knock down price - though it could also mean that the value of your own house (not sure if you are a FTB) has fallen too.  If you're concerned about job losses, then this might be a factor in deciding whether to go ahead now before having to disclose this to the lender or waiting until things get back to normal and knowing how secure you are financially at that time.  It's a decision only you can make, but as your solicitor pointed out, worries about job losses is not your vendors problem and therefore no reason to reduce your offer.  If the prospect of a job loss is really concerning you, then look for something cheaper or stay where you are.

Hodge58

Your Solicitor knows sos all about why you should or shouldn't. They probably can't be bothered redoing all of the paperwork. 
Conveyancing is a low profit margin business.

Thrugelmir

peppapig14 said:

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? 

Whenever anybody buys a property they need to think for themselves as to whether they can cope financially. Quite rightly that's a separate issue as to how much the property is valued at between the two parties involved. Divorce the two issues. 

tommyedinburgh

I was going to open my last bag of popcorn there just now but I think I will keep it for post number 7 during the week. 

GDB2222

“ If the reduced price means that the LTV changes, then the lender may want to amend their mortgage offer and not lend you as much. ”

Isn’t that a good thing, to pay less for the property and owe less money? 

csgohan4

GDB2222 said:

“ If the reduced price means that the LTV changes, then the lender may want to amend their mortgage offer and not lend you as much. ”

Isn’t that a good thing, to pay less for the property and owe less money? 

In the current climate, changing your mortgage offer, will be significantly longer than usual and no guarantee products will be beneficial. lenders are withdrawing products and putting up interest rates due to the current risk appetite

Up to the op risking the following 
1: Vendor telling the to foxtrot oscar
2: Lender telling them we no longer lend  or we will lend but your interest rates will be higher

[Deleted User]

it is YOUR purchase and your offer. Nothing to do with that solicitor if this is in England. If you have not exchanged you can do as you please! I just pulled out of my purchase (BTL) because the risk was too great and any offer to reduce - may not be enough / would be embarrassing 
so I just walked away until times are more certain 

[Deleted User]

Davesnave said:

ElefantEd said:

greatcrested said:

Either buy the house or walk away. Stop prevaricating!

I think you mean "stop procrastinating!" (putting things off). Prevaricating means lying!

  It could be argued that planned gazundering close to the point of exchange is a form of deception.

Oh please ! Id have fun drafting the indictment for that !! NOT  
Its not deception fgs but its a bit underhand