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25-07-2009, 09:46 AM
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Problem with price reduction
Hi
First-timer here, and first time seller! I'm a couple of days away from exchange on my property, but a last minute problem has arisen. Here's the situation: Buyer offered the asking price which we accepted. They had a survey done which revealed some damp, so we offered £500 off which they accepted. BUT the buyer doesn't want to have to go back to the mortgage company and get a new (reduced) offer as they don't want to waste any more time (and neither do I!) so my solicitor suggested to offer an allowance of £500. The buyer's solicitor won't let this happen (I don't know why) so the estate agent suggested that I could deposit a cheque for the £500 with them which they would then hand over to the buyer on completion. I was OK with that BUT now MY solicitor says I shouldn't do that! I don't know why this would be an issue and it's now the weekend so I have to wait til Monday to ask my solicitor. I'm an impatient sod, so I was wondering if anyone out there might know why I shouldn't give the cheque to the estate agent (is it illegal or something?) or, alternatively if anyone has done this successfully in the course of their sale. Thanks for reading! 
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25-07-2009, 01:01 PM
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Hi,
In the end the solicitors and estate agents are their to protect everybodies interests. Legal minefields ! I know what i would do, which is to take them out of the equastion. Let the sale go thro at the agreed price. Complete and then sort out the £500 with the buyer privately. Its a question of trust !
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30-07-2009, 08:38 PM
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sounds like a mexican stand-off! (between the solicitors)
 Hope you've managed to sort?
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03-08-2009, 07:31 PM
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Quote:
You are very naive. When it comes to property trust no one. To OP if your selling in this climate do what ever it takes to get the sucker to complete.
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