Can't commit a vendor to rent, can you?

LauraFox

Hello,

thought this sounds too good - and easy - to be true, so I wanted your opinion...

Offer was accepted 2 weeks ago but vendor "delayed as was indecisive on what solicitor to use". Met vendor at after-offer viewing, he asked me when we were planning to move in, and was dead-honest in telling me that the house was actually sold twice but sale fell through both times as buyers got fed up of waiting for the vendor to find a property to buy. Before our offer, he told us through EA he would rent to allow sale to go ahead, but now I am not sure why he was having this conversation with me? He DID look uncertain as to whether he should keep looking or rent.

From our side everything fine but we re in a hurry to complete within 3 months (which I told him), so what vendor said left us feeling bit insecure that sale wont be completed. We expressed these worriess to our lender and she suggested that we "request that the vendor puts in writing his intention to rent."

I was planning to call the EA tomorrow, but I m not convinced how much power such a written statement would give me, in the end of the day, I feel he could pull out even last minute? On the other hand, I could give him the benefit of the doubt and say, maybe he has learnt his lesson and wont want to repeat the past?

Ironically, he asked my phone number on my way out so that his wife could get in touch, but had no call yet. I feel stupid for not asking their number as well, and for not asking him straight if he would rent or not.

So, in summary, is there any point asking him to commit to rent in writing, will the EA be on my side to complete the sale and how can I improve my chances to avoid dissapointment in the future?

david29dpo

1.No point at all. 2. The agent should be on your side, they want a sale! 3. You can't.
Don't spend any money on fees until the vendor has.

casper_g

It depends on what form the written commitment to rent takes. If it's a letter saying he's thinking about maybe renting to you, there's no point at all. On the other hand, if it's a signed Assured Shorthold Tenancy Agreement, then that represents a certain amount of commitment!

getmore4less

Looks fishy

If he has sold before(twice fallen through) then there would be a soliciter in place that had doen some work, you would want to utilise this.

Wonder if only one of them wants to move or there is a play to pretend they are trying sell(debts) so thye have not be trying to move.


Stop spending money, keep looking for somewhere else.

Tell them they have one month to find a buy or rental and ned tostrt their process to move.

SuzieSue

Before you waste any more time or money on this purchase, you need to get something in writing from the vendor to say that he will move in to rental accommodation within 3 months if necessary in order for the sale to proceed. He also needs to deposit, say, £5,000 with your solicitor so that if the sales falls through because he hasn't found somewhere to rent then you get to keep the £5,000.

If he won't agree to this, then walk away as he is obviously a time waster.

vickyj

What i would personally do is request vendor pays all fees that need to be paid before completion, then add these to the offer price so that if all falls through you are not out of pocket but vendor is guaranteed to get his money back if all goes through properly.
ie solicitors fee £550 Morgage product fee £400 survey fee £300
If offer price is £100k then offer £11250 when it's his money on the table i bet he will be a lot less likely to pull out !

theartfullodger

£5 says if he does rent it he'll never pay rent again and you'll need to take him through courts, get possession order, then bailiffs, to get him out...


Cheers!


Artful

casper_g

I initially thought the OP was planning to rent the house they were buying from their vendor until completion. My first reply was on this basis. Artful seems to have interpreted that the OP is considering renting the house to the vendor so that completion can be before the actual move date. Re-reading the OP, I don't think either of these is the case. I think the vendor is saying he'll move out into a rented property and the OP is wondering whether the vendor can be held to this.

If this interpretation is correct, then all the OP can do is make an offer conditional on completion by a certain date. Whether the vendor moves to a house they've bought or rented, or puts all their stuff into storage and sofa surfs round his mate's houses is unimportant. The risk is that the vendor doesn't believe the OP will really pull out if he fails to complete, but I'm not sure how this can be got round.

Cambridge32

Crumbs, I am in exactly the same position! Seller has "sold" house twice in last 2 years (both times for 20k below asking price) but sales fell though as he could not find a bungalow that he liked :-(
Estate agent not returning my calls at the moment. Tempted to forget it and buy a different house...

jc808

LauraFox wrote: »

Hello,

thought this sounds too good - and easy - to be true, so I wanted your opinion...

Offer was accepted 2 weeks ago but vendor "delayed as was indecisive on what solicitor to use". Met vendor at after-offer viewing, he asked me when we were planning to move in, and was dead-honest in telling me that the house was actually sold twice but sale fell through both times as buyers got fed up of waiting for the vendor to find a property to buy. Before our offer, he told us through EA he would rent to allow sale to go ahead, but now I am not sure why he was having this conversation with me? He DID look uncertain as to whether he should keep looking or rent.

From our side everything fine but we re in a hurry to complete within 3 months (which I told him), so what vendor said left us feeling bit insecure that sale wont be completed. We expressed these worriess to our lender and she suggested that we "request that the vendor puts in writing his intention to rent."

I was planning to call the EA tomorrow, but I m not convinced how much power such a written statement would give me, in the end of the day, I feel he could pull out even last minute? On the other hand, I could give him the benefit of the doubt and say, maybe he has learnt his lesson and wont want to repeat the past?

Ironically, he asked my phone number on my way out so that his wife could get in touch, but had no call yet. I feel stupid for not asking their number as well, and for not asking him straight if he would rent or not.

So, in summary, is there any point asking him to commit to rent in writing, will the EA be on my side to complete the sale and how can I improve my chances to avoid dissapointment in the future?

Ive had the same, divorce seller 'keen to move' blah blah blah will find somewhere to rent... i went away and spent c2k on solicitors and survey fees - it came to end of january (vendor agreed to rent after christmas) vendor was still umming and ahhing, by February still the same, sale fell through.

Once bitten, twice shy - dont make my mistake DONT spend a PENNY in fees until you have a rental agreement IN WRITING from the vendor