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It's a written document agreed by both the seller and buyer after exchange of contracts, formally recording a change to the purchase price set out in the original contract. Under the Law of Property (Miscellaneous Provisions) Act 1989, the variation must be in writing and signed by both parties to be legally effective. It is typically used after a survey reveals defects that justify a price reduction.

No. An oral agreement to vary the price in a land contract has no legal effect in England and Wales. The Law of Property (Miscellaneous Provisions) Act 1989 requires all variations to a land contract to be in writing and signed by both parties. Acting on an oral price reduction without a signed addendum creates a risk that the original price is legally binding and the seller or buyer could insist on it.

SDLT is calculated on the actual consideration paid. If the price is reduced by a signed addendum before completion, the buyer's SDLT return should be based on the reduced price and the SDLT saving is real. If the addendum is signed after completion (which is unusual), an amended SDLT return should be filed with HMRC. Buyers should ask their solicitor to confirm the SDLT position before agreeing the addendum.

Survey findings are the most common trigger: a structural survey revealing subsidence, roof failure, or serious damp may justify a price reduction. Other reasons include incorrect measurements in the listing particulars, the discovery of a planning enforcement notice, or the seller failing to complete agreed remedial works before completion. The addendum should briefly record the reason to avoid future disputes.

A buyer has no automatic right to a price reduction after exchange of contracts simply because repairs are needed. They can request one, but the seller is under no obligation to agree. Where the seller's pre-contract representations were inaccurate, the buyer may have a misrepresentation claim under the Misrepresentation Act 1967, which gives leverage to negotiate a price reduction as an alternative to rescission.

No. A price-change addendum is a variation to a simple contract, not a deed, so it does not need to be witnessed or notarised. It needs only to be in writing and signed by both the seller and buyer (or their authorised solicitors). Solicitors typically exchange signed copies by email or post, which is sufficient.

The addendum should state: the address of the property, the original contract date, the original price, the new price, the reason for the change (briefly), and a declaration that all other terms of the original contract remain unchanged. Including the reason reduces the risk of either party later claiming the price change resolved (or did not resolve) a broader dispute about the property's condition.

Yes. If a price-change addendum increases the consideration above the original figure, the SDLT liability increases accordingly. A tiered SDLT calculation applies to the higher price. Where the increase takes the total consideration above an SDLT threshold (for example, from below 拢250,000 to above it), the incremental SDLT cost can be significant and should be factored into the renegotiation.