Negotiating a completion date! Help!

so08dnd

Hi All,

I just wanted some advice. We are in the process of buying a house and have signed the contract, however we can't seem to agree on a completion date with the vendor.

For financial reasons we want to complete after 03rd September, as this means that we won't have to pay our first mortgage payment until the 01st October, and we can use Septembers pay packet to cover this. We have told the vendor that we are happy to complete any day after 03rd Sept. They are saying that they only want to complete on 31st of August.

Money is tight for us, do you think its unreasonable to suggest that if they want to complete on that particular day then we would be happy to negotiate of they can contribute towards our first mortgage payment which will be in September?

Any thoughts?

Thanks

john_white

I'd say not.

Why should the vendors pay towards your mortgage, your inability to pay your mortgage is not their problem.

Why not simply change your mortgage payment date?

more_money_for_me

I guess firstly it depends who has most to lose. Will your vendor get it back on the market, get it sold and completed by "their" date if you pull out?

martinsurrey

john_white wrote: »

I'd say not.

Why should the vendors pay towards your mortgage, your inability to pay your mortgage is not their problem.

Why not simply change your mortgage payment date?

the vendor should consider it becuase the buyer is going to pay off the sellers entire mortgage, but only if they can afford to buy...

If it boils down to negotiating, or pullling out of the sale I'm sure the seller will want to negotiate

go_cat

You do realise your first monthly mortgage payment is calculated from your date of exchange so your first monthly payment may be more than you have been quoted

StuC75

Not sure if your payment 'worries' are correctly calculated..

If you complete after 3rd September, then the first payment in october will be 1 months full payment (For October in advance), plus nearly one full months Interest for September \ when the funds were forwarded..

If you complete 31st August then some companies will still take an interim interest late september then regular payment at start of october if thats ther date you picked.. Afterall they do need to give you written notice of any payment that would be taken -so doubt it would be the first of september..

The only difference being a couple of days Interest..

Im sure if you spoke to the mortgage company then would be accomodating with the timing of the payment..