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  • FIRST POST
    • LNEWTON93
    • By LNEWTON93 28th Nov 17, 4:59 PM
    • 35Posts
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    LNEWTON93
    Paying buyers rent?
    • #1
    • 28th Nov 17, 4:59 PM
    Paying buyers rent? 28th Nov 17 at 4:59 PM
    Hello,


    Due to exchange this week - buyer wants to complete in December , seller is not bothered when completion is (he is not funding a future purchase), personally we don't want to complete until mid January.


    Our buyers have to be out of their property by 15 December as that is when their tenancy is up. Or they have to pay another months rent up to 15 January. Which they don't want to do.


    As a good will gesture, could I offer to pay 50% of their rent (maybe be reducing purchase price of property)? Me postponing completion until January means I eliminate the early redemption charge on my current mortgage. This purchase as been going on for coming 6 months, so at the time I thought we would be in by Sept/Oct and could justify paying it..


    Let me know your thoughts?
Page 1
    • Comms69
    • By Comms69 28th Nov 17, 5:04 PM
    • 1,315 Posts
    • 1,066 Thanks
    Comms69
    • #2
    • 28th Nov 17, 5:04 PM
    • #2
    • 28th Nov 17, 5:04 PM
    Don't offer anything. They're either paying rent or paying a mortgage.
    • LNEWTON93
    • By LNEWTON93 28th Nov 17, 5:08 PM
    • 35 Posts
    • 29 Thanks
    LNEWTON93
    • #3
    • 28th Nov 17, 5:08 PM
    • #3
    • 28th Nov 17, 5:08 PM
    Don't offer anything. They're either paying rent or paying a mortgage.
    Originally posted by Comms69

    Shall I just stick to my guns - whether they like it or not.


    Let the EA do some work?
    • LittleMrsThrifty
    • By LittleMrsThrifty 29th Nov 17, 12:56 PM
    • 411 Posts
    • 626 Thanks
    LittleMrsThrifty
    • #4
    • 29th Nov 17, 12:56 PM
    • #4
    • 29th Nov 17, 12:56 PM
    There are lots of positives in moving from rented to owning a house but one of the downsides is that you can end up paying for two properties - unlike when you move from one mortgaged property to another. The timing of giving notice can also be difficult. So I can see why they want to avoid this.

    I wouldn't get in to paying half their rent or giving a discount because that would involve needing to reissue their mortgage offer - and maybe yours - which would include many delays. But I would look to exchange before 15 December (well before, ideally) and with a fixed exchange a few days before 15 January. That way they can give their notice on their current place, not have to pay rent and mortgage - and know that the purchase is fixed before Xmas.

    If you want to exchange a few days after 15 Jan ( you don't specify) then that will be problematic for them as they'll need to pay until 15 Feb unless they have a very understanding landlord.

    It may not be anything to do with the rental period at all and rather that they want to be in for Xmas.
    MSE aim: more thanks than posts
    • hazyjo
    • By hazyjo 29th Nov 17, 3:31 PM
    • 9,843 Posts
    • 12,487 Thanks
    hazyjo
    • #5
    • 29th Nov 17, 3:31 PM
    • #5
    • 29th Nov 17, 3:31 PM
    If I was this far down the line, thinking I'd be in for Christmas (not a biggie for me, but generally it's a nice thing that most people look forward to), I'd be pretty peed off to find at this late stage you were taking about mid-Jan. Had you not mentioned it to anyone before now? That's about 6-7 weeks away! Even 4 weeks is rather dated now (used to be the norm) and most have a week or two. I had slightly over 2 weeks (completed last Fri) but only cos we struggled to find a date - it was going to be a week.


    How much is the early repayment?
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