Renegotiating after Sale Agreed

We were sale agreed recently on a property we really liked. Surveyors report highlighted approx 25k worth of repairs required immediately.

Sellers were not interested in any effort to negotiate or remedy defects so we walked away before wasting any more time/money on it.

You've waited this long so I do not believe you want to walk away from it. I'd be pushing an ultimatum of getting things over the line in 21 days rather than looking for a discount on the sale price.

Asking prices may have dropped in the area but that's not to say the sale prices have.
 
mathepac said:
Just to be 100% clear, once and for all. In a property sale, nothing is agreed until contracts and signed and exchanged. Any deposit paid prior to contract exchange is treated as "an expression of interest" only and either party is free to withdraw without penalty. "Sale Agreed" is a mythical, mystical status created by estate agents for their own purposes. To continue to use the term and to attach legal status to it is all hoo-hah, another legal term.
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What happens if one party has a change of mind after contracts have been signed and no longer wishes to proceed with the sale/purchase?
 
mf1 said:
OP is free to seek to re-negotiate the price- this is all pre-Contract. Vendor is free to agree or not.

From my own experience, I am not seeing any willingness from vendors, or real optimism from purchasers, in renegotiating prices notwithstanding current worries about Covid 19.

The worst that can happen is that the vendor says no but I think it is unlikely that they would refuse to complete at the agreed price just because OP asked.

mf
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a close relative of mine is in a similar position , they are very reluctant to request a revised sales figure however , the vendor could huff it and pull the property , in this case , there is a regulation breach which creates concern about possible resale value in terms of mortgage approval , relative is a cash buyer so no effect whatsoever to them ( if they never resell )

i suppose you need to ask if a 15K discount is worth the gamble ?
 
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