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Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7617
Experience:  BA (Hons), PgDip, Practising Solicitor
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In process of selling my house and buying a house, very close

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In process of selling my house and buying a house, very close to exchange, my estate agent has confirmed to the agent that I am buying from that my buyers have pulled out.

He has also comfirmed to that agent that he made an error and under valued my house by 40k my agent has now suggested that my house is re -marketed but only by an increase of 25k , under terrible financial stress now, can not afford to stay and start again but now my buyers will only come back on board if I drop from the original guide price of 600k down to 567k and this is without including the 40k difference, what can I do, I appear to be in a no win situation, have to sell as income is less than out goings now, but also can not afford to take this extra drop.

Thanks for your patience.

Obviously, with house purchases everything is “subject to contract” which means that either the buyer or the Seller may withdraw from the transaction at any time and provided that contracts have not been exchanged the withdrawing party will not face any legal recourse to the other party.

There is not much legal advice to give in this situation. It’s less about law and more about negotiation.

Ultimately, if the sale of your property at a lower price does not fully enable you to finance the purchase on your new property then you can only either sell but not proceed with your purchase property so that you can then move in the rented accommodation to refinance, or you can not sell your existing property. If your income is less than your outgoings then you need to calculate how long you can stay afloat for before absolutely having to sell.

As you are a sale and a purchase you have two agents wrapped up in this. Their fees depend upon this completing. They don’t get anything if it does not. Exploit that from both agents. I would take the agents honest thoughts on how best to approach the negotiations, because they will have to be honest because their fees are dependent on this. Go a little higher than they say though.

Like I say, it’s not a legal answer. It’s a practical and pragmatic one.

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Kind regards,

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