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[Brexit] Post offer renegotiate

LondonBuyer19
LondonBuyer19 Posts: 3 Newbie
in House buying, renting & selling
Hi - first time buyer and first time poster, but I am a long term reader.

I am in the process of buying a house, at around 370,000. I have secured the mortgage. I made the stupid mistake of not negotiating because there were number of viewers who were interested ( we arrived as they were leaving). I really like the house and wanted to secure it.

I am in a position now where I feel due to more brexit uncertainty and possible ecnomy down turn that it might not be smart to maybe over pay. I am thinking 350,000 would be a good price.

Any advice ? Between 350 and 375 isn't much in the grand scheme of things as this is a long term asset for myself.

Would it cause any harm to ask the question ?
would this late into the process cause further issues ?
If i were to lower the mortgage price, would I need to redo the mortgage process?

Many thanks <3
«134567

Comments

  • EachPenny
    EachPenny Posts: 12,239 Forumite
    First Post Combo Breaker
    LondonBuyer19 wrote: »
    I am in a position now where I feel due to more brexit uncertainty and possible ecnomy down turn that it might not be smart to maybe over pay. I am thinking 350,000 would be a good price.

    Any advice ? Between 350 and 375 isn't much in the grand scheme of things as this is a long term asset for myself.

    Would it cause any harm to ask the question ?
    If it were me I would immediately categorise you as a 'flighty' unreliable type, who was probably likely to come back to me multiple times through the purchase process (especially when you get the survey done) and try to negotiate further price reductions.

    In consequence of that I would feel that it was an utter waste of time having anything further to do with you and promptly ask my agent to restart marketing the property (that is if they have actually stopped).

    On the other hand, your vendor might recognise that you were suffering from a genuine case of buyer's remorse and offer to drop it down to a round £300,000 to avoid you having any further doubts.

    Equally, your vendor could be anywhere on the scale inbetween. :)

    The question is:- How lucky do you feel? ;)
    "In the future, everyone will be rich for 15 minutes"
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    LondonBuyer19 wrote: »
    1.Would it cause any harm to ask the question ?
    2. would this late into the process cause further issues ?
    3. If i were to lower the mortgage price, would I need to redo the mortgage process?


    1. Yes it might do. If it was me, I'd tell you to sling your hook and I'd be calling the EA one minute after I put the phone down on you, even if you backed off, because I'd feel you were either a chancer, a liar who would try another last minute gazunder down the line even after I dropped the price, or incredibly stupid (did Brexit come as some sort of surprise to you???)

    I certainly wouldnt deal with you again. After all, who knows what else might spook you. General election. Would you want another £20k off? Pound rose? £10k off? Pound fell? £10k off?

    Of course, alternatively your vendors might crumble and drop £20k in a heartbeat. "do you feel lucky?" you'll have to ask yourself.


    2. Other than the vendor telling you to take a long walk off a short pier? Yeh, what are your vendors buying? This will rumble up the chain and most likely it will fall apart so you wont be buying anyway.



    3. No idea. IMO its wildly optimistic to think you'll get that far though.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    There's been Brexit uncertainty for the past 2.5 years - at what stage was it in any way more certain? I think it highly risky to try chipping away at the price without any objectively good reason for doing so.
  • Secretagentsssshhhh
    Secretagentsssshhhh Posts: 5 Forumite
    Agree with other posters. I wouldn’t give you a reduction and I would be very anxious about continuing to deal with you. Brexit isn’t news now. I would expect you to pull out before completion.
  • Tridentmorph
    Tridentmorph Posts: 12 Forumite
    Agree pull the deal if I was a seller (or at least tell agent to remarket to try and find another buyer). Only time I have renegotiation end well is as a result of adverse survey. Brexit is a particularly weak reason too, been going on for years, was happening when deal agreed.
  • LondonBuyer19
    LondonBuyer19 Posts: 3 Newbie
    edited 17 January 2019 at 8:06AM
    Thank you everyone, Like I said I am a first time buyer and everything is all new to me. I personally really want the house, and can see myself being there for 5-8 years.

    I guess if I was the seller, I would be pretty cheesed off and rightly so.

    Thank you all <3
  • lisyloo
    lisyloo Posts: 29,614 Forumite
    Name Dropper First Anniversary First Post
    I wouldn’t for the reasons explained.
    Get the survey done. If there are genuine issues then is the right time to drop (if you still want to proceed) because your offer was subject to survey and everyone understands that.

    You should look at it as what you want long term and pay8ng the asking price is maybe a premium you pay for a sought after property but one that will make little difference long term.
  • lookstraightahead
    lookstraightahead Posts: 5,540 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    I think differently about this. I do think there is uncertainty but you have to work out whether you want to pay what you consider to be more than it's worth or whether you are happy to walk away if the vendor thinks as above.

    I'm not sure why any vendor would be surprised at buyers wanting to renegotiate at the moment, it's a huge financial decision and at the end of the day you are entitled to change your mind and what the vendor thinks of you is not important if you are happy with both scenarios.
  • lookstraightahead
    lookstraightahead Posts: 5,540 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    The seller has not your boss either - remember that
  • lookstraightahead
    lookstraightahead Posts: 5,540 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Also, I can't see many vendors saying no to you if you actually revert to the original price again afterward as they would be cutting off their nose to spite their face.

    There are also many vendors who pull out for no reason as well - you being nice and friendly wouldn't matter a jot to them if they decided not to move.
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