Help - being gazundered.

sarah1980

RedSquirrel wrote: »

How are we wronging him? He is the one playing a nasty little game and breaking the law in the process! ..

Didn't your Mum ever tell you that 2 wrongs don't make a right??

If he is outside the law for holding you to ransom over this cash, then you would be perverting the course of justice by going along with it.

Keep your side of the street clean.

Call his bluff, you can't afford to give him the cash, tell him that. Tell you won't be blackmailed either, if he is that keen he will stick to the agreement and if he is not then you're better off finding a serious buyer.

The last thing you want to do if you're making a new start in a new home is have it hanging over your head about this cheque bouncing affair coming back to haunt you...

RedSquirrel

EA fees are flat, and it is stamp duty exempt.

ruggedtoast

RedSquirrel wrote: »

If we have agreed to this verbally, via the EA, but there is nothing in writing, no cheque and we still exchange, then say no, what would be the backlash then?

The backlash is that you will have sorely vexed someone who has already proved themselves to be dishonest, untrustworthy and selfish.

Personally I would pull out of the deal and find a reliable buyer but if you plan to go ahead with this 'plan' then good luck, you're going to need it.

And if you do find your windows being put through every other day and people following you down the high street, dont expect the police to be especially understanding when you tell them why.

Debras_Angel

Redsquirrel,

I'm with all those who say call his bluff, don't go down to his level as you are dealing with a scumbag and god knows what he might do.

He needs you more than you need him, sounds like he will lose the mortgage deal if you say no to him and in the current climate he won't get such a good deal me thinks.

Good Luck hope it all works out for you.

ginvzt

Is it just me or anyone else get a feeling that OP is trying to get an idea how to agree on the deal and then to back out (cancel the check, etc.)?
The truth is house prices are falling every month and while I wouldn't like to be gazundered and would tell him to stick it, do you think you would achieve the same sale price (with or without £5000) if you put your house on the market today?

briona

Hmmmm... If it's not too late, I'd be inclined to say sod what the buyer's up to, are you sure this a good idea?

RedSquirrel wrote: »

We have really scrapped to get the house we are buying as it is over £50K more than the one we were buying and simply don't have anymore funds available.

Face the facts: if you can't afford to take a 5K hit because in your own words, "you simply don't have any more funds available", as you're buying a house costing 50K more than the one you were previously buying, how quickly are you going to end up in negative equity? If the figures only barely add up on paper, they are most unlikely to add up in practice. Personally I would stay put and tell the buyer to sod off.

ginvzt

briona wrote: »

Hmmmm... If it's not too late, I'd be inclined to say sod what the buyer's up to, are you sure this a good idea?


Face the facts: if you can't afford to take a 5K hit because in your own words, "you simply don't have any more funds available", as you're buying a house costing 50K more than the one you were previously buying, how quickly are you going to end up in negative equity? If the figures only barely add up on paper, they are most unlikely to add up in practice. Personally I would stay put and tell the buyer to sod off.

Or what if the boiler breaks 2 days after you move in your new house and you have no money to fix it?

Hillfly

The other option would be that you simply tell him that you are aware what he wants you to do is illegal and as such you are not willing to break the law.
Tell him that unless he exchanges as you have agreed then you will be forced to tell his solicitor and his mortgage company what he has proposed. That would then stop him buying anything as the lender will withdraw the mortgage offer.

Fight immoral fire with morally correct fire and you can't go wrong!

RedSquirrel

We won't end up in negative equity, because the house we are buying is worth twice the amount of the mortgage we have on it.

We would get as good if not a better deal on our if we pulled out, he is paying us well under what it's 'current' market rate is, which is considerably less than it was valued at 18 months ago.

We are borrowed up to the hilt by 'our' standards, because I will not put my family in more debt that we can afford. We could get a loan, we could get a credit card, but I don't do debt other than a mortgage.

Yes, I am looking at a way of getting out of paying him, because this is the second time he has put myself and my family through this and he is a bully, he had to be warned off by the estate agents for his aggressive behaviour, when they refused to give him our home phone number.

However, thank you for your advice, and I won't be cancelling any cheque, if we have to do this we will, we need to move now for personal reasons, that can't wait for another buyer, involving the residency of my niece, and my mothers health, which is another long story.

The man is scum and I won't go down to his level, what I find hard to understand is how some people actually seem to believe he is in the right to do this.

Still we haven't exchanged yet.. lets see what trick he pulls out of the bag today to try and get it back to the 10K he was asking for yesterday :mad:

ginvzt

Just be strong - call his solicitor and say you are not going to reduce the price and ask when does he expect you will be exchanging...

Good luck and keep calm - it is very stressful to move. We had a vendor who was cheeky enough to ask us for money to pay his mortgage redemption fees to exchange!!!! And that was 3 months after we put an offer in with him confirming that they will move out as soon as we are ready to complete!!!!!

We just send him and EA a letter saying that if he doesn't exchange by next week, we drop our offer and then it drops on week by week basis... That sorted him out!