Advice needed on a FTB purchase on the verge of falling through.

Soot2006

I honestly think you've made the right decision. You'd feel sick to the stomach at the thought of giving this person the extra £50k ... If you have the extra £50k and can spend £475k on a home, then I bet you will find something you like on the market. I really hope you do, and with a nice keen seller because you deserve an easy process and to be in your new home by Christmas x

sammyjammy

You should post a link so we can all have a look and he will think he is getting lots of interest!  

I'm a great believer in fate, what will be will be for the right reasons.

Sarah1Mitty2

MajimaGoro said:

Sarah1Mitty2 said:

MajimaGoro said:

DairyQueen said:

As a veteran property owner (40+ years and dozen+ house moves)  I can comfortably state that seller is taking the mickey big time.

I suggest that you emotionally let go of a property that you should have given up as soon as the solicitor screwed-up. The direction of travel on interest has been clear since last autumn and your priority should have been to complete a purchase asap to secure a decent mortgage rate.

Hindsight is a wonderful thing.

The seller deserves a sharp shock. Time for a counter-offer to their obscene £475k suggestion....something like this:

Given that you are facing a much higher mortgage rate, have missed the stamp duty window, have been deliberately misled over the property boundary, have been mucked about for over a year, and that the market has now moved against vendors....you are prepared to proceed on the basis of £400k, and only if vendor will reinstate the property boundary and exchange within 'x' weeks.

Any vendor this greedy and exploitative is likely to say 'no' but it may startle them into a reality check. At the least they may choke on their morning cuppa. Regardless, you will have the satisfaction of taking control and exiting the transaction on your terms.

You have been very unlucky so wishing you well in finding your first home.

I did also strongly feel like doing what you have just suggested, in terms of lowering our original offer. I feel like I would totally have to write the chances of the purchase off if I go down this route. I am sure it would be a rude awakening. The other part of me thinks of getting a price we agree on and then just stringing him along for another month or two and then pulling out on exchange day, very petty, but I guess it would be on his level.

What did the valuation say the house was worth with the smaller garden space?

Unfortunately we never reached that stage, as once we learnt about the situation, my solicitor said we would need to report this to the bank, where a valusation would likely take place again. Of course, before then, the seller asks for an additional outragous sum.

So the garden shrinks and they ask for more money, very strange behaviour, hopefully their next buyer will get a very large down-valuation.