Is it too late to renegotiate the purchase price?

Charismaticpug717

youth_leader said:

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

Not yet - it's a relatively new build (2017) so still under 10 yr warranty... I'm waiting for the knotweed report before deciding if I should get a survey.

Tabieth

The council tax is neither here nor there. I would however want much more information about the Japanese knotweed and the potential implications. 

(And, as others have said, either party can renegotiate up until contracts are exchanged). 

Charismaticpug717

Sapindus said:

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

It's more to do with budgeting - monthly cost increase Vs what I'd anticipated based on the listing. Appreciate I should have checked first, and that wasn't my biggest concern.

Charismaticpug717

BargainJunky said:

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?

My solicitor has requested the knotweed pack, so we're waiting for that - depending what it says will determine if I get a survey done I guess.

Charismaticpug717

EssexHebridean said:

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. 

I'd read this on Google, unfortunately they selected 'Yes' but didn't provide any further info (I've requested this through my solicitor)...

Charismaticpug717

TheJP said:

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?

I'm waiting on the survey pack they should have - then I guess it'll depend on costs to rectify as to whether I walk away or offer a reduced price.

House was up at £205k and we agreed on £200k. I've read some management plans for KW can run into thousands, but until I know more I can't plan. 

I'll chase my solicitor today and hopefully get an answer 😅

RHemmings

theartfullodger said:

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....

How many times has this happened to you? 

In my case we were ready with a response if there were any last-minute changes to the price from the seller. Our full family-agreed response that we had prepared was a well-known two-word Anglo-Saxon phrase. 

I believe that I have seen a claim that the majority of sales where one side attempts to unilaterally change the price fall through. I don't know if that includes renegotiation after the survey, however.

The council tax thing would be less worrying for me. As it's likely to change in any case. My house is currently band B, but I have checked and it should be band C. The council will notice ... sometime. So, if you buy a house which is in one band when it should be in another (i.e. your potential purchase was in band A, but that house should really be in band B ), then reality will probably catch up with it eventually. 

I believe that Japanese knotweed has to be mentioned on the TA6 form in perpetuity even if it has been thoroughly eradicated. That's therefore a permanent discount on the price. 

There is insurance against Japanese knotweed. I am wildly guessing that it won't be a one-and-done cost like certain types of indemnity insurance. So, asking the seller to provide insurance rather than knocking down the price probably won't work. 

theartfullodger

RHemmings said:

theartfullodger said:

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....

How many times has this happened to you? 

In my case we were ready with a response if there were any last-minute changes to the price from the seller. Our full family-agreed response that we had prepared was a well-known two-word Anglo-Saxon phrase. 

I believe that I have seen a claim that the majority of sales where one side attempts to unilaterally change the price fall through. I don't know if that includes renegotiation after the survey, however. 

Understood, but my comment is for when the purchaser, having agreed price, wants to drop the price...

Would you reply as in your earlier example??

Best regards to all...

RHemmings

theartfullodger said:

RHemmings said:

theartfullodger said:

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....

How many times has this happened to you? 

In my case we were ready with a response if there were any last-minute changes to the price from the seller. Our full family-agreed response that we had prepared was a well-known two-word Anglo-Saxon phrase. 

I believe that I have seen a claim that the majority of sales where one side attempts to unilaterally change the price fall through. I don't know if that includes renegotiation after the survey, however. 

Understood, but my comment is for when the purchaser, having agreed price, wants to drop the price...

Would you reply as in your earlier example??

Best regards to all...

It entirely depends on the situation. If it was a drop of the price by a purchaser with no explanation, and I believed that they were playing games, then quite possibly the same response. But, if it was accompanied by polite reasoning for the change, I would be much more polite in my response. 

If I was in a situation like the seller for the OP, and they put their case politely, then most definitely not the two-word response. Nor a response like yours up above.

If the seller and/or their agents have mis-informed the buyer, then it's reasonable to propose a revised price. That doesn't mean that the seller will agree. If I was in that situation as a seller I would be quite embarrassed. 

daveyjp

If its a relative new build chances are there was knotweed on site before the scheme commenced and it was removed.

 If there is no evidence of it in the local area now its not an issue I'd be at all concerned about.