JimmyRB5PRO

I agreed a sale on my house in Sep last year at 8K off the asking price for a quick sale cos was looking to purchase something else. That then fell through and the sale has just reached about exchange -31st March due to solicitors arguing etc - i can rent my own house back from the new purchaser in the meantime???
in the meantime i have had an offer excepted on another house but they are struggling to find something else - so will be at least 2/3 months.
1) do i wait for the other house and exchange on mine anyway -
2) do i say i will exchange BUT up the price £5K as it was 6 months ago and was at that price for a quick sale - 6 months aint quick.
3) do i exchange anyway and become a cash buyer and wait for the other one and see what else comes up in the meantime.

I have never had so much hassle in trying to buy and sell as i have this time round. If i came back and put the price up to the seller at the last minute bearing in mind the time and the fact that the market has gone up would you understand or just tell me to p*ss off ???????
what ya thoughts

fast bloke

I would tell you to p1ss off. A deal is a deal. If he pulls out then there is no harm in bunging a few quid on the asking price next time around.

CooperS

^^ Me too ^^

2000TLondon

Markets gone up, you accepted offer for a quick sale, sale wasn't quick, ask for more if you want mate! Risk is he may tell you to p1ss off, and that's that, but............

OllyK

I'd sack your solicitor as well.

davegtt

lol @ markets gone up comment. que big conversation on the state of the market....

As Olly says sack the solicitor, WTF has he been doing for 6 months?!?!

MattW

Exactly that happened to us a few years back, agreed sale, big long chain in pace. The vendors of the house we were buying pissed off their buyers so much they told them to f**k off on exchange day

Anyhow they had to find somewhere but since they sold the prices had gone up massively, so they asked us for an extra 12k. Told them where to get off.

Jay m A

iTrader: (2)

You forget your buyers are all up for the quick sale, the reason you haven't had the sale is due to you and the house you're buying. So asking for more because of your crappy solicitor is a bit much don't you think?

lozgti

Who says the solicitor is at fault? Might be the other sides solicitor being awkward? Something odd might have come up that the buyer's solicitor isn't happy with.No explanation is given as to why the solicitors are arguing.Do they just not like each other?

Amazes me.The biggest problem in conveyancing is a chain and everyone blames the solicitor!

No,I am not a conveyancer BTW.

JimmyRB5PRO

it wasn't my solicitor that held it up it was the purchasers cos he wasnt happy with the lease plan compared to the land reg plan as it was different and wanted it changing - so lots of paperwork and re writing of deeds etc and then finally they have accepted what the land registry have said !!!!!

so it was all his side not mine delaying it - originally i had agreed to rent of him in Jan cos i had knowwhere to go ! ironically that is still the case and i can can still rent off him !!

i think as the saying goes - the cash in my bank is better than waiting and risking another buyer- only prob is to leave circa 3 figures in my bank without burning a hole in my pocket only joking but would be nice ....

Jonathan Davies

How do you lot know who's been responsible for the delay? Solicitors arguing doesn't mean the delay shouldn't have happened - if there's a defect in the title or something in can certainly add months to the process, particularly if the buyer thinks there's a problem and the seller doesn't.

Do what you like - everything up to exchange of contracts is negotiation. You confirm a price that's acceptable if the contract can be agreed - in your case that contract has not been agreed.

The legal position is completely clear. The problem is that people think an accepted offer is binding, when it's no more than an indication and subject to sorting out details... and details can affect the price significantly.

If you agreed to buy a Scoob for 12k subject to an RAC inspection, and the inspection turned up a problem, would you still feel you had to buy it? Seems to me that house offers and surveys etc are analagous.

Edit - some of this superseded by previous posts now....

scoobynutta555

Is six months a quick sale? I think not!

On the other hand the buyer might say stuff you. 5k isnt that much in the scheme of things, and IMHO youll only complicate things for yourself if you ask for money and havent got another buyer lined up.

Jonathan Davies

At least you should be able to sell more quickly if do try someone else, now that the paperwork on your lease title has been straightened out. Maybe the buyer's lawyer was just doing the right thing for his client - if title isn't clean when you buy, you can have trouble when you sell, like you're having now. Get it right when you buy and the sale should be smooth.

hades

Has the market really gone up in your area? It certainly hasn't in mine (should be exchanging on sale of my place within the next few days, also got £8k under asking price).

There is certainly something to be said for (a) being cash buyer when looking at properties at the far end, and (b) having lots of money in the right account earning plenty of interest (there are accounts around doing almost 5%, even after Tax that will give you a healthy "boost")

As for putting the price up by several £k a few days before exchange, if you tried that with me, you'd lose the sale, guaranteed.

I'd beware relying on the other house, too. I had somewhere lined up where I was just waiting for the vendors to find somewhere. After a short while, they decided they didn't like what they could buy for the money so dropped out. I know of several similar instances. Your chain would get very nervous and might pull out from under you if you told them "exchange now, complete at some unknown time in the future"

hades

P.S. I guess that means option 3). This is pretty much what I am going to be doing - but it also saves me 160 miles/day commuting to rent local to new work!

Foot_Tapper

Well if you upped the price on me ... I would drop it straight away.

Would I ask for the extra myself ? ..No
Why... because I would expect a big f'off from the purchasers

I would consider holding on to the property instead.. not insulting the purchaser.
OR, sell to them...after all why go through the hassle again for a measly 5k.
( ok i know 5k is 5k, but its not really like 5k in ur pocket as such is it)

The property market seems not to be rising to quickly generally.
ok, it might have moved a bit if your transaction has taken so long, but you cant expect the purchasers to pick up the tab for this.

I would sell, become almost a cash buyer with no back chain.
This would give u an advantage when buying and being able to "move" quickly.
In doing this sellers may accept a little less for a quick sale, knowing no chain on your side...
so they themselves will not suffer a little price change in the market, which is just what has happened to you.
So in reality, you may re-coup that 5k.

briforbes

I think if you had agreed on a price in the beginning, but with the caveat that if the sale extended over a set period there would be penalties, i.e. £5k, it would be fair. Your Solicitor should have considered this.

Builders do this all the time, my folks were recently charged £11000 penalty interest on their new house due to the sale of their old house falling through.

Jonathan Davies

They had a binding contract presumably?

There's no legal agreement in this case.