When and How to Renegotiate Your Home Purchase 

Brilliant, thanks for the advice.

A must watched video for home buyers 👍

Really good info Charlie, many thanks.

Really helpful, thank you!

Some sellers are still living in early 2021. Recently offered on a house valued at 437k, it needed lots of work and other houses on the street that needed less work had offers accepted at 400k. I offered 395k. Seller rejected that and a 420k offer saying something along the lines of “it’s valued at 437k, I’m getting 437k”…ok then mate I’ll see you at the bottom 😂

Hi Charlie, thanks for this video. I am unfortunately in a worst of both worlds situation. First time buyer that agreed a purchase in April before the interest rate hikes. Got my 90% mortgage offered fine, but there has been huge delays in completing due to land issues with the house. We are now highly unlikely to complete before my mortgage offer ends. My advisor sent me a new illustration that was £7500 more over the 5 year fixed term! We absolutely love the house, but can't take that kind of hit, I have had to tell the seller if they don't hurry up I will have to reduce my offer. The only possible silver lining is that a reduction in price combined with longer time to save means I will likely be able to reach a 15% deposit. Its honestly been a total nightmare.

We don’t have this problem in Hong Kong. Well, we do but there is adequate compensation to the non-welching party. On agreement of a price for a property, a provisional sale and purchase agreement is drawn up by the estate agent along with a 5% deposit from the purchaser. If either party backs out, they are liable to the tube of the deposit plus the estate agent’s commission. In Hong Kong, the estate agents act for the buyer and purchaser equally, and the buyer and purchaser share the cost of the estate agent equally. The formal sale and purchase agreement is then prepared by the vendor’s solicitor that includes a further deposit of at least 5% with the balance payable on completion, typically within a few months. Again, the welching party is liable to pay the non-welching party the deposit to date and all incidental costs including legal and estate agent commission. Compared to the certainty of what I’m use to in Hong Kong, buying a property in the U.K. is a ‘mare.

11:38 This happened to someone I know. The agent was so rude and said he wouldn’t even tell the seller about the offer. Then the buyer offered something more than they thought the property was worth based on area statistics and the seller accepted straight away. First timer mistake.

It’s crazy that the standard model most landlords follow is to max out the borrowing on properties each time they get an increase in value, they rarely leave any equity in the property as they use it as a cash machine. All I know is no matter what I own, if it is maxed out it’s dangerous!!!

Great video, as always. I'd really appreciate some advice on regional variations during previous crises and what do you expect in the next few years. I'm interested in south coast urban areas (trying not to divulge my exact location 🙂). Thanks for great content

Hi Charlie, you are on point. I fell in the circle of up and down. I have renegotiated, but not quite what I really want to pay for the property. I wish to negotiate again because the property size is smaller that what I anticipated and it has Damp back and front. What do you thing about my move?

Now I just need a video on how to determine the value of a house that I want to buy...

I sold my house last September 2021 the whole process took 56 days from start to finish and the money was in the bank is was very happy with price and complete process I would also recommend this because if anyone backs out it will cost them their ten per cent deposit paid at fall of hammer on day of auction is feel you should cover auctions on your videos as often now a better price can be achieved for the seller and it takes away a lot of messing about it believe this is the way of something achieving it's true value I also sold a house through auction in 2003

Hi Charlie, we bought our house 8 years ago and I renovated it and built a lodge in the garden added lot of value but we had been thinking about selling for a while for a bit of a change, last week we were offered 10k over asking price just because the woman loves the house and has sold hers. Looking around the market has definitely slowed which is why I’m surprised we got that offer. No other house on the street has sold near our offered price. I’m very unsure about letting go of our family home I’ve done a lot of work to but please reassure me I’ve probably sold the top 😅🙏🏽 Moving in with family and Hoping to get discount next spring.

Surely negotiating down would only improve your loan to value if you kept the same deposit?

Do you have tips on negotiation with house builders for new build homes?

I'm a cash buyer, I've agreed upon the price, had a survey carried out, which recommends repairs, I put this to the sellers, they outright refused to put right, or reduce the price of the house !..any suggestions anyone ?(also under pressure from she who must be obeyed to drop my frustration and just carry on with purchase...)

Would you send your new offer by email? (for the same reasons you should send your original by email)

I get people want to avoid negative equity and maybe right now is the only acceptable time in the past 10 years because of the £ crash, but it really is a sh*t move, because the seller has lost all leverage as it has now been off the market for x amount of time. Especially if you over bid! Someone else might have not got it because they priced in the very obvious down turn coming...

I had this done by the buyer £10k off few days before completing

It’s also worth noting that the sellers probably calculated what they could afford in their onward purchase based on what you offered. So if you try to lower at the last minute then they are often unable to afford their next purchase and the whole chain falls apart. Which wastes thousands in conveyancing fees for everyone but especially the person in the middle of the chain. That’s why I personally think gazundering and gazumping are both crappy things to do. Don’t offer on a house more than you think it’s worth in the first place because you could cost other people thousands in fees and there was probably someone else who they could’ve sold the house to if you hadn’t messed them around. If the house wasn’t worth as much as you offered the mortgage company would’ve down valued it (which they do all the time and that is a legitimate reason to renegotiate, as is unexpected issues in searches/surveys) The other side of the coin in just as bad - my friends parents accepted an offer for £360k on their house last September, come January they hadn’t found anywhere they wanted that they could afford with that and the market had shot up so they went back to the buyers and demanded an extra £40k. Obviously the buyers told them to do one. They put it back on the market for £425k and it still hasn’t sold even though everything else put on at the same time sold ages ago.