Am I being unreasonable?

lookstraightahead

Chronotrigger said:

I would tell them the 310 is a final offer take it or leave it and mention you will walk away if not accepted by the end of the week. You are still paying 10k over the valuations and add to the fact the lease length isn't as initially advertised.

In my experience mate there is always something better around the corner for you.

I absolutely agree with this. The seller can refuse all they like, they're still going to want to sell yet you can just say byeee snd move on.

I've walked away from properties and found something better. Especially when they want you to pay over what it's been valued at.

Noneforit999

Chronotrigger said:

You are still paying 10k over the valuations and add to the fact the lease length isn't as initially advertised.

Lender valued it at £320k. Technically that is the only valuation which matters as they can pay whatever they want for the house as long as they have the funds in place to buy it, which they do.

If I were the seller and I had a buyer with a full mortgage offer of £320k, why on earth would I drop the price £10k because a home buyer valuer disagreed?

Once the offer has been made and the buyer has a full mortgage offer, unless the survey found something which needed money spending on it, I wouldn't even entertain renegotiating with the buyer at that point. 

koalakoala

I have overpaid on houses before, but I never would on a flat.

nicknameless

So what happened?

saajan_12

Belleofthebooks said:

Neither of you are being "unreasonable" to be honest. 

I can understand your reluctance to go ahead with the agreed offer if the home buyers survey came back lower than expected and you don't feel like your getting a fair price BUT you were happy when you made your original bid and the bank did not have a problem with the valuation. A house is only worth what someone is wiling to pay for it, there is no exact science to these valuations. 

As for the flat sold back in August, that was 6 months ago. prices have moved onwards and upwards.

The seller is not being unreasonable, he doesn't owe you anything, he doesn't have to sell his house to you for an offer he's not happy with and you don't have to buy the house for a price you are not happy with. Either pay the agreed price or if not comfortable then walk away and find a house with a price you are comfortable with. The seller has every right to not accept the lower offer. 

This is the important thing to remember. 

It doesn't matter who's being 'unreasonable' - its the vendor's house and its your money. You can both decide what you want in exchange, and if you don't agree then there's no sale. 

All the justifications and evidence of value aside, decide what your best & final offer is, and offer that. 

greenleaves70

The seller thinks £320k is achievable and isn't desperate to sell. The other flat is irrelevant, it's a different property and market conditions change quickly.

If the down valuation isn't affecting your mortgage that isn't good a reason to try and chip down the price. If you weren't prepared to pay it, you shouldn't have offered it in the first place. 

On the other hand, it does sounds like you were misled about the lease, which I personally would not be happy about.

You can pay what you offered or walk away. 

lookstraightahead

Noneforit999 said:

Chronotrigger said:

You are still paying 10k over the valuations and add to the fact the lease length isn't as initially advertised.

Lender valued it at £320k. Technically that is the only valuation which matters as they can pay whatever they want for the house as long as they have the funds in place to buy it, which they do.

If I were the seller and I had a buyer with a full mortgage offer of £320k, why on earth would I drop the price £10k because a home buyer valuer disagreed?

Once the offer has been made and the buyer has a full mortgage offer, unless the survey found something which needed money spending on it, I wouldn't even entertain renegotiating with the buyer at that point. 

Which is why the buyer should walk - vendors choice of course but their loss, depending on the buyers mindset.

lookstraightahead

greenleaves70 said:

The seller thinks £320k is achievable and isn't desperate to sell. The other flat is irrelevant, it's a different property and market conditions change quickly.

If the down valuation isn't affecting your mortgage that isn't good a reason to try and chip down the price. If you weren't prepared to pay it, you shouldn't have offered it in the first place. 

On the other hand, it does sounds like you were misled about the lease, which I personally would not be happy about.

You can pay what you offered or walk away. 

Like there's any morals from the vendor. What they want is to have their cake and eat it. I would have already walked to be honest.

Indigo_and_Violet

What's your current situation? Are you living rent-free with family or privately renting? 

If renting, what's your monthly rent? Let's assume £1,500 (not unreasonable for somewhere where a flat costs £310,000 ish). How long were you looking before you found this flat? Let's say 2 months to find a similar one, then at least 4 months of conveyancing. So, if you pull out now you've probably given yourselves an extra 6 months of rental, which works out at £9k. 

Only you know how reasonable that calculation is for you. It might be that there are loads of places that meet your needs so that you could offer on a different one next week. It might be that you've got tricky requirements and a suitable place only comes up every 6 months. 

Property valuation is an art not a science. If you could live happily in this flat knowing you'd paid £320k for it then I'd go ahead. As others have said, if you think you're likely to move quickly or if you'll never enjoy the flat because you feel swindled, then pull out. 

nicknameless

So what happened - OP and ultimatums were days ago?