FTB : Can we ask the seller to contribute towards rent in order to exchange early?

dotdash79

You could always ask for people up the chain to contribute as well.

We had this issue, I didn't want to complete for a extra week as it would had cost me a partial months interest and a full months repayments and 3 weeks rent which meant an extra £700.

I said I would be willing to complete the date the vendors seller wanted but the £700 would had be found from the chain. We ended up getting the dates we wanted.

Remember you are the most important person in the chain, you make it all happen, as a FTB you might not have this power again use it.

dotdash79

Just out of interest are they selling due to money issues?

DRP

lolahippo wrote: »

Thank you for all of your responses, I appreciate it.

We can financially afford it - but as martinsurrey rightly so highlights, we would complete at a loss just to cater to the sellers' needs if that makes sense.
We wanted to complete at end of October because our mortgage payment would be deferred (with interest) by a month, so we would have a month's overlap anyway of both properties to be able to sort through everything (tenancy agreement does not end until 3rd December).

I am a bit too scared to ask now in case they are mortally offended - it just seems silly for both parties to be worked up over completion dates, without coming to a compromise! We wouldn't take the pi$$ and ask them to contribute a whole month's rent payment, but a contribution of some sort would mean we'd be more willing to make a gesture of goodwill by completing earlier.

I would calculate exactly what the difference in 'ideal' and 'worst' scenario dates are and communicate that to the EA/vendor/others.

Having it in black&white that it will cost you (say) almost a grand if the dates don;'t suit you, may give you some leverage for setting the completion date or getting some ££££ out of someone...

Strapped

No harm in asking.

Yorkie1

One thing which does concern me about the proposals is that where the seller pays some money back (or otherwise makes an allowance which doesn't affect the purchase price) to the buyer then it is effectively what is called a vendor gifted deposit. This must be declared to the solicitors and lenders, and makes many lenders reluctant to lend. For this reason I'd avoid what you are proposing.

moneyistooshorttomention

dotdash79 wrote: »

Remember you are the most important person in the chain, you make it all happen, as a FTB you might not have this power again use it.

Errrm....quite possibly other people in the chain are seeing themselves as the "most important person in the chain":cool:

In my little chain of 3 (with me as the middle one...and getting the FTB buying mine) I saw myself as the one in that role. So, if my FTB'er had seen herself in this role, then one of us would have been wrong.

In the event...I was quite correct...I WAS the one that "set the tone".

I really don't think its wise to listen to all the "FTB'er is MOST important/gets what they want" talk I see so much of....as it is not likely to be the case in actual fact in many circumstances. People further up the chain are likely to think "I was the FTB once and I basically had to go along with what other people wanted. I've done my share...and now its my turn to be in pivotal role".

Just saying...:cool:

Kathy535

I did this for the people who bought my last house. It was me that wanted to push things along and so I felt it was the right thing to do. Try asking, as others have said, they can only say no.

Yorkie1

Kathy535 wrote: »

I did this for the people who bought my last house. It was me that wanted to push things along and so I felt it was the right thing to do. Try asking, as others have said, they can only say no.

Were your solicitors advised of this, and did it cause a problem with the buyer's lender?

paddyrg

I'm for yes, ask. They weren't afraid of offending you by asking for faster cash, after all. Whilst it feels very personal, it's a secondhand asset like an old fridge in many ways. Would you worry about offending someone by bargaining on a fridge? If its that important to them to close the sale asap, let them show you how important.

Dan-Dan

Yorkie1 wrote: »

Were your solicitors advised of this, and did it cause a problem with the buyer's lender?

Hi Yorkie

I was watching thia thread , and wondered , if the scenario is vendor sells house to FTB , house vendor is buying isnt ready till december , FTB gets a 6 month rental while they wait


Vendors house comes ready earlier than expected , vendor pays FTB lease to conclusion , 3 months rent , otherwise FTB sits tight as wont pay mortgage and rent

The purchase price of vendors house hasnt changed , the mortgage offer doesnt change

Only way to get FTB into vendors house before December is vendor paying the remaining rental due

How would this affect what was being borrowed by FTB and finances already in place ?

Surley , it isnt influencing the purchase price or mortgage of FTB on vendors house , it is a real tangible cost that FTB faces so in vendors interest to pay it up for them

I cant see where that would fall foud of the purchase of vendors house in the eyes of the solicitor/lender ?

Cheers