Is it too late to renegotiate the purchase price?

Charismaticpug717

We had made an offer on a house in Feb and it was accepted.

A few things have dragged since then, but generally things seem to be going smoothly (touch wood).

I received the property info form last week and a few things jumped out.

Firstly, the property was advertised as Council tax Band A - it's actually Band B. I should have checked, I know, but took the sellers at their word/thought the EA would have done their checks.

Secondly, there is a mention of Japanese Knotweed. I've requested the report to see how close etc it is, but there wasn't any mention of this prior.

Should I use these issues as a way to lower the price? Cut and run? Carry on as I am? 

TIA

youth_leader

Have you had a mortgage survey as well as your own survey? 

FlorayG

Until you exchange contracts you can do whatever you want. The vendor may or may not agree, and equally can change their mind about accepting your offer

theartfullodger

Never too late to renegotiate.  Nor for the seller.

My response when someone does this is to me is to reply ..."oh, didn't realise the price was flexible, that being the case it's gone up £19k...".  But that's just me....

Albermarle

Probably the council tax banding is not such a big issue, but JK can be. So priority is to check out that situation and then decide what to do next, depending on what you find out.

TheJP

Yes you can renegotiate at any time until exchange of contracts. 

The council tax band is your responsibility to check, it may have been an error by the EA so i dont see any grounds for renegotiating on  this. I doubt the difference would be much.

 The knotweed is something to have concern for, have you had a survey done on the property? Do you know where the knotweed is in relation to the property, there are management plans that can get rid of this which isnt too expensive and come with insurance.

what is the price of the house and what do you think you want to drop it by?

ReadySteadyPop

theartfullodger said:

Never too late to renegotiate.  Nor for the seller.

My response when someone dose this is to reply ..."oh, didn't realise the price was flexible, that being the case it's gone up £19k...".  But that's just me....

That type of strategy will just be laughed at in today`s market, or worse you will alienate the buyer and they will go elsewhere, there are issues here that warrant a re-think, I would walk away to be honest.

EssexHebridean

The CT thing I would say was indeed down to you to check before you offered, so personally I would disregard that. 

The knotweed though - that is potentially a problem, and you definitely need more info on that before deciding how to proceed. One thing I will  mention is that some conveyancers now recommend that sellers answer "not known" to that question as they aren't qualified to confirm one way or the other, and it removes a possibility of a "No" answer being challenged later as untruthful. Therefore if you have "Not known" it MAY not mean that there is any JK nearby. 

BargainJunky

Until contracts are exchanged both buyer and seller can instigate negotiations on the price.  Personally the council tax banding is minor but the knotweed could prove costly.  Has the knotweed been mentioned by the surveyor?  What has your solicitor said?

Sapindus

I'm struggling with the idea that a house in a higher council tax band is worth less...

theartfullodger

ReadySteadyPop said:

theartfullodger said:

Never too late to renegotiate.  Nor for the seller.

My response when someone dose this is to reply ..."oh, didn't realise the price was flexible, that being the case it's gone up £19k...".  But that's just me....

That type of strategy will just be laughed at in today`s market, or worse you will alienate the buyer and they will go elsewhere, there are issues here that warrant a re-think, I would walk away to be honest.

You've not tried it then?

Best wishes to all