It would be easy to assume that the accepted price of a property is the end of it, but this isn’t quite the case. During the conveyancing process (UK), the opportunity for the buyer to offer less or the seller to ask more is still applicable. This week, we shall discuss renegotiating the price of a property during the conveyancing process. Whether you are buying or selling, read on to learn more.
When is it possible to renegotiate the price of a property?
Until you exchange contracts, the sale agreed is not legally binding until the conveyancing process (UK) is complete. The contracts themselves will state the agreed price that must be met as soon as both partied have signed and exchanged. Failure to do so could lead to you forfeiting your deposit, as well as the buyer taking legal action if necessary.
It is highly unlikely that you can renegotiate prices after the exchange of contracts unless there are particular circumstances that are applicable.
Why might you want to renegotiate?
Renegotiation is actually a rather common with buyers and sellers after an initial offer had been made. This is usually due to one of two reasons…
The first reason might be due to findings from surveys or searches carried out by the solicitor or surveyors. Upon these findings might be numerous issues that were perhaps left undisclosed beforehand. This could be certain issues with the property itself or goings-on around the property that may affect their way of living. In these circumstances, the buyer may wish to renegotiate for a lower price.
The second reason might come down to the seller receiving an offer of the same amount or higher. In this case, the seller may ask the buyer if they are willing to up their offer. The seller is well within their rights to do this, despite how frustrating it might be for the first buyer.
No matter which way round it is, you should always remember that nothing is legally binding until the exchange of contracts has been made.
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