FTB asking for 5K reduction just before exchange

MaryNB

Blue_bell_20 said:

But for the question ‘why now?’ The survey picks up issues. They didn’t account for the 1.5k or they don’t understand if it’s a recommendation. Are there other recommended costs in the survey? Maybe they add up to 4-5k. 

You could reassure them that it isn’t immediate work that needs doing so they can save for it and fix it over time? Or you could offer to pay half towards (£750 or the whole 1.5k). The other option is just refuse, leave the ball in their court to continue or walk away. 1.5k is quite small to walk away though. 

Summary of the info from the OP's earlier thread: After the initial survey the buyer got a electrical survey carried out. OP asked the electrician what the cost of the electrical work would be and he said £1k to £1.5k. Buyer was a chancer and said the work would cost £5k, not realising OP has already asked the electrician. The £1.5k predominantly relates to upgrades, not essential work. A reduction of £500 for a new CU was offered as a goodwill gesture. 

Sid91

MaryNB said:

Blue_bell_20 said:

But for the question ‘why now?’ The survey picks up issues. They didn’t account for the 1.5k or they don’t understand if it’s a recommendation. Are there other recommended costs in the survey? Maybe they add up to 4-5k. 

You could reassure them that it isn’t immediate work that needs doing so they can save for it and fix it over time? Or you could offer to pay half towards (£750 or the whole 1.5k). The other option is just refuse, leave the ball in their court to continue or walk away. 1.5k is quite small to walk away though. 

Summary of the info from the OP's earlier thread: After the initial survey the buyer got a electrical survey carried out. OP asked the electrician what the cost of the electrical work would be and he said £1k to £1.5k. Buyer was a chancer and said the work would cost £5k, not realising OP has already asked the electrician. The £1.5k predominantly relates to upgrades, not essential work. A reduction of £500 for a new CU was offered as a goodwill gesture. 

Thank you, that's exactly what happened! They only had an electrical inspection because they noted i had an old CU. I think they then used this as leverage to try and get me to drop the price even more. Not realising I already had the costs from the electrician.

macman

So you had already offered the £500 reduction, without condition, before they came back and asked for a £5K reduction?

If so, I hate to say 'I told you so', but they've done exactly as I suggested they would on your other thread: perceived that you are lacking in resolve, a soft touch, and attempted to screw you down some more.

If you aren't prepared to reduce further, the there is only one correct response now: 'no, I'm not reducing by £5K, and since the £500 goodwill is not being reciprocated, I'm withdrawing that too, so you can pay the original offer price or look elsewhere'.

They've invested more in this purchase than you (survey, EICR, local searches, draft contract), so why are you not defending your position?

One point: you didn't 'sell your house last October': you received and accepted an offer, which either party could rescind at any point up until exchange. And still can.

Sid91

macman said:

So you had already offered the £500 reduction, without condition, before they came back and asked for a £5K reduction?

If so, I hate to say 'I told you so', but they've done exactly as I suggested they would on your other thread: perceived that you are lacking in resolve, a soft touch, and attempted to screw you down some more.

If you aren't prepared to reduce further, the there is only one correct response now: 'no, I'm not reducing by £5K, and since the £500 goodwill is not being reciprocated, I'm withdrawing that too, so you can pay the original offer price or look elsewhere'.

They've invested more in this purchase than you (survey, EICR, local searches, draft contract), so why are you not defending your position?

One point: you didn't 'sell your house last October': you received and accepted an offer, which either party could rescind at any point up until exchange. And still can.

No they asked for 5k before and I said. But said 500.

macman

So, refuse, or refuse and withdraw the £500. Or reduce.

No one can tell you what to decide, or whether they will really withdraw. But these guys have 'bluffers' written all over them.

Sid91

macman said:

So, refuse, or refuse and withdraw the £5k. Or reduce.

No one can tell you what to decide, or whether they will really withdraw. But these guys have 'bluffers' written all over them.

Thanks. I've already refused and said 500. I've not heard anything back. I'm going to chase tomorrow afternoon If I've not heard anything. We're literally just waiting for them to sign now. 

greatcrested

No point chasing.

Just makes you look desperate. Wait them out.

Sotts

Call their bluff.  They won't want to lose all the money they have spent on surveys, solicitors etc.  Tell them no, don't even offer £500.   They are trying their luck.

lookstraightahead

Sotts said:

Call their bluff.  They won't want to lose all the money they have spent on surveys, solicitors etc.  Tell them no, don't even offer £500.   They are trying their luck.

Or they are genuinely going to pull out.

Atomix

I hear this time and again, there is absolutely nothing wrong with your consumer unit.
if you were to build a new house today, then it probably wouldnt pass the regs, however it was pefectly adequate to pass any regs for the age of your house. (Regs that change on an annual basis).