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

Dan-Dan

apologies for spelling , on my phone!

Hailstorm

If you don't ask you don't get, just don't get your hopes up.

What if there are financial implications for your vendors if it doesn't happen by the end of September? What would you do if your vendors agreed to an October completion on the condition that you covered their additional expenses as a result?

Agreeing completion dates is often a matter of compromise. What is best for one party may not work for another and vice versa.

Out of interest, do you know why the vendors are pushing for September?

Yorkie1

Dan-Dan wrote: »

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

I am not an expert. But from what I have read on here is that it is what is called a vendor gifted deposit because the seller is paying something which the buyer would otherwise be liable for. It has to be declared to the lenders, some of which are not keen on it.

Dan-Dan

Yorkie1 wrote: »

I am not an expert. But from what I have read on here is that it is what is called a vendor gifted deposit because the seller is paying something which the buyer would otherwise be liable for. It has to be declared to the lenders, some of which are not keen on it.

I cant agree Yorkie , i dont see how it relates to the purchase by the FTB, the remaining rent is surely of no concern to the lender to the FTB ?

Kathy535

Yorkie1 wrote: »

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

Completely open about it and it caused no issues. It was 13 years ago though, don't know if that makes a difference.