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  • FIRST POST
    • helenftb
    • By helenftb 4th Oct 17, 9:09 PM
    • 17Posts
    • 2Thanks
    helenftb
    EDC-Echange with delayed completion, pros and cons?
    • #1
    • 4th Oct 17, 9:09 PM
    EDC-Echange with delayed completion, pros and cons? 4th Oct 17 at 9:09 PM
    Hello
    We have a buyer who is struggling to get a mortgagee offer, and have been told they will be considered in summer next year.
    They have already paid for searches and bank did valuation.

    The buyer is now offering a delayed completion scenario and I cant find much info on this option.

    Any advice or links you can share? Property is currently empty and my main reason for considering it is its taken a year to get this offer

    They are proposing a 50% deposit. And paying mortgagee costs, but want to move in also. I didn't think such a thing existed but may consider it if little risk to us.
    Home owner since 19/08/2011
Page 1
    • G_M
    • By G_M 4th Oct 17, 9:14 PM
    • 42,330 Posts
    • 49,170 Thanks
    G_M
    • #2
    • 4th Oct 17, 9:14 PM
    • #2
    • 4th Oct 17, 9:14 PM
    If you're happy with the 50% deposit and firm Completion date next summer - fine.

    But think hard, take advice, and do research, befoffe agreeing to letting the property to them.......

    Start here:

    * New landlords: advice, information & links
    • eddddy
    • By eddddy 4th Oct 17, 11:37 PM
    • 5,550 Posts
    • 5,233 Thanks
    eddddy
    • #3
    • 4th Oct 17, 11:37 PM
    • #3
    • 4th Oct 17, 11:37 PM
    They are proposing a 50% deposit. And paying mortgagee costs, but want to move in also. I didn't think such a thing existed but may consider it if little risk to us.
    Originally posted by helenftb
    Do they intend to pay you any rent - or will they be living rent free and mortgage payment free?

    The risk is that they don't complete and you have to take them to court to get them out - plus maybe they trash the place.

    But on the plus side, I guess you would have the 50% deposit to cover your losses.


    But realistically, once they tell their solicitor their plan - I expect he/she will tell them that they're bonkers, and they will back out. Exchanging contracts when...

    - you have no mortgage in place
    - you have had your mortgage application rejected
    - you are hoping that your lender will change their mind and a future application will be accepted

    ... is pure madness.
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