Revising offer situation - via solicitor or EA?

Countrysider

I actually understand your hesitance here. It sounds like the house next door is in better condition, was bought for less during the same time period, and the new owner likely benefitted from significant savings from the stamp duty holiday. The renovation and stamp duty costs needed to equal your new neighbour's house will be greatly in excess of £10K.

I would at the very least renegotiate or i'd potentially pull out myself, especially as this house was likely priced to account from the boost of the stamp duty holiday - which is no longer available. It's very easy to talk about the right and wrong thing to do but when it's your own actual money and you have such clear evidence that you're overpaying then you need to step back and assess the situation rationally. 

lookstraightahead

I'm always one for offering under in the first place., or being totally happy with my offer. Like a holiday where someone somewhere has probably got a better deal than me.

but my worry here op is that you are so concerned over such a small percentage. You do realise house prices can go down a lot, as well as up? When you buy, how will you feel if interest rates change in the coming years, or the housing market wobbles / crashes?
buying a house does not always mean you have a money tree.
personally at this stage, I wouldn't negotiate. If I were you vendor, now, I would immediately put the house back on the market (negotiation should be at offer stage unless something major comes up)

martindow

To me there seem to be huge risks in trying to offer less at this stage.  You must have a good relationship with the seller (at the moment) for them to agree to move into rented to suit you.  Even if they don't decide to drop you entirely and remarket, they could easily change their mind on renting.

You have a lot at risk by trying to knock £10k off the price.

nicknameless

I would tell you where to go were I the vendor and seriously consider re-marketing for such logic.  Pay the price you agreed if there is nothing on a survey that equates to hidden costs that you were unaware of at the time of your offer.

Mac_70_

george4064 said:

ss2020jd said:

If you feel like that’s reasonable, and they are reasonable vendors hopefully you’ll just get a “no”. If they are not and they do decide to re-market you lose your legal costs and fees, so factor that in, plus the next set of costs for a new property (if you have to start all over again) to work out what the real saving may be. Then again, they may be desperate to move and you may be putting them in a difficult position. If you were the one selling and were at this stage of the process and the buyer suggested a reduction of £10k, what would you do? 

Let us know how you get on. 

I should add a few key things I didn’t mention before;

1. We recently sold our flat and are currently living with family, so we are chain free.

2. Vendor had found a onward purchase, but I understand it’s moving very slowly so they are happy to move into rented to allow us to compete our purchase. Vendor originally stated their sale was on the condition they buy at the same time, but recently they changed their mind and are happy to go into rented. We haven’t been pushy at all, quietly suggested a 30th Sep completion date but stated it isn’t a hard and fast deadline really.

3. Vendor doesn’t need a mortgage for their onward property (I think they’re downsizing a bit).

Go for it mate, if i was the seller i wouldn't even respond to your antics, and put the house back on the market. 

climbthatwallseegar

I really wouldn’t risk upsetting your vendor at this stage of the process. My buyer waited until a few days before exchange to demand a reduction for a non existent leasehold issue. Even the EA was flabbergasted. I was so annoyed at the buyer’s behaviour that I ‘forgot’ to do a couple of things I had agreed to in order to help them settle into the flat (small admin things but important to the buyer). I have heard from my old neighbour that the buyer is extremely p***ed off and inconvenienced that I didn’t carry out their requests. I don’t care. They were awful. 

Gentoo365

If someone did that to me I would get the property revalued and ask for an increase, putting the property back on the market at 'offers over' the original asking price. 

Just on principle.

Quick edit: if the reason was a mortgage valuation problem, or the buyer though no fault of their own has to drop their offer I would consider it. But not if the buyer was just trying to get a better deal after we agreed a price with good intentions.

JCarmello

Did the mortgage valuation support the agreed upon price?

If I was the seller, I would not accept. I wouldn't pull out..., but you'd be out shopping for light bulbs on day 1!

Tiglet2

Just to confirm your question in the title of the thread: 

Revised offers go through the Estate Agent, not the solicitor.

Irishpearce26

So what did you do in the end OP?