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advice needed about numpty seller
glen5213
Posts: 335 Forumite
Hi guys i am after some advice
the story starts were buying a house agreed price we were both happy with. the seller then said someone else was interested in the property so we went to the full asking price and they accepted all going fine nowe apart from going 2 grand above what we offered
today our solicitor has informed us that his solicitor has asked if we would give his client 50%of the deposit we have paid so that he can pay off some debt some 8 grand
the advice i am after is should i say to them he can have the cash if we exchange and complete on the same day
or
tell him no chance and pull out of the sale
the story starts were buying a house agreed price we were both happy with. the seller then said someone else was interested in the property so we went to the full asking price and they accepted all going fine nowe apart from going 2 grand above what we offered
today our solicitor has informed us that his solicitor has asked if we would give his client 50%of the deposit we have paid so that he can pay off some debt some 8 grand
the advice i am after is should i say to them he can have the cash if we exchange and complete on the same day
or
tell him no chance and pull out of the sale
T&C APPLY
0
Comments
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Your 1st option sounds favourite but make sure that his solicitor is bone fide. and then agree with those conditions E&C on the same day plus reduction to the original agreed price.
He is obviously in a spot so take advantage."Unhappiness is not knowing what we want, and killing ourselves to get it."Post Count: 4,111 Thanked 3,111 Times in 1,111 Posts (Actual figures as they once were))Women and cats will do as they please, and men and dogs should relax and get used to the idea.0 -
thanks i must be to naive i did not even think about taking an advantageT&C APPLY0
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No, don't do it. deposits can only be used to act as deposits further up the chain. you let him use this money and you have no fallback position if the chain goes belly-up. your deposit has disappeared and he will have no way of repaying it. this only happens rarely but it is a risk. solicitors always advise that deposits remain with the sellers solicitors.
what happens if he needs this money to repay all the charges on his property? He has used the money to repay debts elsewhere and there is insufficient funds to repay the mortgage. result is you could end up paying even more, so that the charge on the property will be released.
he is clearly in a financial mess, but he should be able to tell his creditors that he has exchanged and they will get their money in a week or two. Ask your solicitor if he advises that the deposit be released, bet the answer is no!
can't emphasise enough how bad an idea this is. you are lending someone money; all you know about them is that they have some financial problems. Its not a good idea!
exchange and completion on the same day are fine as there is no deposit then.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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