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Who has asked for the extra £12k?
and you have already agreed to the sale price?
They are at liberty to treble the price if they like at any time before exchange of contracts.
But if there is any change of price and you don’t want to go ahead at that price they are obliged to give you the GBP500 back.
In the last three months, the price of wood has quadrupled and other building materials have increased dramatically.
They are putting it down to the lack of lorry drivers, Covid and Brexit. It has been well publicised.
So that’s the reason,
But the reason doesn’t affect the answer. It really comes down to whether you want to pay another 11 grand for the house or not.
It also comes down to whether they would be willing to absorb it in total, in order to get the sale.
If you have exchanged contracts they are stuck with the price.
If they haven’t exchange contracts than they can charge what they like and you are at liberty to walk away provided they refund your deposit.