Gazundering threat

Sazot

We have made the decision to break the chain and move out due to bullying gazundering threats from our buyers. 

We then find out that their solicitors have made an error with the purchasers names on the contract paperwork that has put the completion date (that we were forced by them to agree with) in jeopardy. It should be this Friday. 

Contracts have yet to be exchanged due to this error. 

We have stated that exchange happens by 4pm tomorrow otherwise completion will have to be delayed a week. We need to know in advance for hiring/cancelling removal vans, taking annual leave, arranging accommodation etc etc. This is reasonable? 

They are still saying that they expect a reduction in price even though the error is their solicitors fault. They are coming across as aggressive. 

We are speechless, frazzled and dismayed.

Any comments or advice?

We did not think that the sols could apply for funds (5 working days notice is usually needed?) without the contracts being exchanged? 

Is there any recourse against their solicitors as the error is down to them? 

anselld

Not clear.

Have you actually exchanged contracts?

What mistake do they claim was made?  The completion date or the price?

Recourse depends If you have exchanged or not.  If not exchanged then you have none.  If you have exchanged then still none against their Solicitors as they don't work for you but you can enforce the sale contract.

Tabieth

Have you exchanged contracts?

Sazot

Not exchanged as error is due to incorrect names on the paperwork. 

Frazzled brain not being clear!

user1977

Still not clear to me what's going on, but if you haven't exchanged then everything is still up for negotiation.

sheramber

As you have not exchanged  you could refuse their lower offer and put the house back on the market. 

MysteryMe

If you have not exchanged contracts and you are not in an onward chain, I'd be inclined to tell them toodle pip and put the house back on the market. No one should be making threats or acting like bullies, buyer or seller.

Linton

You do not need to submit to your buyer’s demands and threats or put the house back on the market... Rather than you breaking the chain just say “no” and put the pressure on them. There is a good chance they will back down.

mlz1413

Say no! 
No you are not prepared to break the chain and move twice.  
No you are not exchanging and completing on the same day.
No you are not accepting less money than you agreed.

The buyers have as much to lose as you, even though they are shouting the loudest.

Just say you do not accept their terms and understand they will pull out.  It is disappointing at this stage but you will speak to your estate agent to re-market the property. 

If they don't back off then they can go bully someone else.

jimbog

No need to be bullied. Some FTBs have a disproportionate sense of entitlement usually sometimes spurned on by 'helpful' relatives and friends. I would relist at the original price

saajan_12

Sazot said:

We have stated that exchange happens by 4pm tomorrow otherwise completion will have to be delayed a week. We need to know in advance for hiring/cancelling removal vans, taking annual leave, arranging accommodation etc etc. This is reasonable? 

They are still saying that they expect a reduction in price even though the error is their solicitors fault. They are coming across as aggressive. 

We are speechless, frazzled and dismayed.

Any comments or advice? 

It is absolutely reasonable, and remember if you do those things before exchange, it could all fall through. However ultimately everything is a case of negotiation and who has the upper hand - if you are more keen and think they'll walk away, you may choose to give in on some reasonable things. Equally they've spent time and money on searches, surveys, etc and you might decide they're unlikely to throw it all away for the sake of a week. 

Negotiation is inherently a tough game of second guessing, so that feeling is normal. Just try to focus on what you think the buyer's alternatives are and if limited, then stick firm to your current price and 5 days between exchange and completion to arrange movers etc, they can decide when exchange is and argue with their solicitor. 

Sazot said:

We did not think that the sols could apply for funds (5 working days notice is usually needed?) without the contracts being exchanged? 

Is there any recourse against their solicitors as the error is down to them? 

No, the bank doesnt' care about exchange. The solicitor can technically request money x days before expected completion, and simultaneously commit to the bank that they will return the funds if completion doesnt' take place within y days. 
No recourse against the solicitor - you have no contract with the buyer's sol. Personally I wouldn't get involved in who's mistake and make it the buyer's problem. You're ready to exchange, and completion will be 5 days after the buyer is ready.