Being taken for a ride! Please help

Yorkie1

Ivana_Tinkle wrote: »

Also, have you checked through your solicitor that their mortgage company will even allow you to give them this cheque? Surely if their solicitor is doing his job honestly he'll have to tell them and it will count as a vendor gifted deposit?

ragle wrote: »

Ivana and Eddddy, thanks for your points. Firstly, they are not FTB. They are a middle aged husband and wife with 2 kids. Husband is an insurance broker/risk assessor and wife IS the solicitor doing her own conveyancing, so not sure how "honest" a job she is doing.. I hadn't heard of a vendor gifted deposit - what is this and could we get in trouble for it?

If they are buying 100% cash then the vendor gifted deposit is irrelevant.

If they are buying with a mortgage, then the lender needs to know all of the financial elements to the purchase. If the seller gives the buyer any added financial assistance or contribution, then it has to be declared to the buyer's lender because it can affect the lender's decisions.

Whether you choose to give in to their demands is up to you; whatever happens, make sure you keep your solicitor fully informed of anything you decide to do. They will not want to be party to anything unprofessional. You won't get into any trouble if your solicitor is fully informed - it's really a matter for the buyer.

To be honest, if the buyers are using a mortgage, and are asking for the money to be given to them in an envelope, it looks as though they are not acting properly and I suspect your solicitor wouldn't want to be party to it.

I'd be considering reporting her to the solicitors disciplinary tribunal / professional regulator if you think she's acting unprofessionally or dishonestly (after your transaction concludes, irrespective of outcome).

belisha-beacon

In these cases, it often comes down to who has the most to lose. I think they are 'sounding you out', trying to work out whether you are desperate to sell. It's a risky strategy but I am pig-headedly stubborn when it comes down to it, so I would be tempted just to go back with a flat 'no' I'd say "They have said 24 October completion date throughout, I have kept my end of the deal and I'm entitled to assume that they agreed to the deal knowing that they still had rent to pay. They can have 24 hours to decide whether they wish to continue with the deal they agreed to".

The risk is you losing your sale, but hopefully what would happen is that it would show you have backbone and are willing to walk away. That would make gazundering later on less likely (hopefully!)

Good luck, whatever happens!

Ulfar

Say no, if you give in now it could cause trouble later.

I would also be wanting them to exchange now, do not agree to completion and change on the same day. It leaves you open to gazundering and if you have given in now they will know you are desperate to sell.

Pixie5740

At first I thought you were dealing with FTB but now that I know that your buyers have bought at least 1 property before and that one of them appears to be a conveyincing solicitor I'm even more convinced they're at it.

Flugelhorn

if they are fretting over £700 then they will fret far more over the lost purchase.. agree with above posters, they are trying it on and if you agree to this, goodness knows what else they will try.

shireknight

Not advocating you to do this but I had a minor disagreement with the person I brought my first house from and to get back at me they loosened the overflow pipe on the bath so the first bath I had the water flowed into the overflow and onto the ceiling of the kitchen below ruining the plaster ceiling.

It was a genius move because you wouldn't know the pipe had been unscrewed unless you actually took the bath panel off and looked and who would think of doing that?

thequant

ragle wrote: »

Hi,
We are in the process of selling our house as we move abroad. We chose the buyers on advice of our estate agent because they could complete by the 24th October. The plan was to exchange by end of September, which they have continually delayed on for various reasons. However, all their questions, even the idiotic ones, we have answered and provided evidence for. We have gone above and beyond and tried to accommodate their every need to get this sale on track and moving forward.

This morning our agent advised us that the buyers will not complete until the 10th November as they don't want to be liable for 10 days rent as well as a mortgage - a cost of £700. We have been given the choice of either delay completion to the 10th November or pay their rent. We can't delay until 10th November because we need the money from the house before we leave the country on October 29th, so it seems the only choice is to pay their rent.

This seems SO wrong!!! Is this a normal way of doing business? They won't exchange until the agent has his hands on our cheque for their rent signed and on his desk. Is there anything we can do? I feel utterly disempowered and like the greedy buyers are taking the mick and laughing all the way to the bank and we are totally over a barrel!

Sorry for the rant and length of post - any advice would be appreciated!

I think something maybe getting missed here.


10 days rent is £700, so one month is approx £2100, 6 months is £12,600.


If they have been delaying, that sounds like to me, they are in the 6 month part of their tenancy and have been stretching things out till the end of the term.


It's does appear, there biggest worry in life is paying duplicate rent and mortgage.


Call their bluff, because if they don't buy your house, then they will end up in another 6 month contract.


You think you are taking a gamble for the sake of £700 ? they are taking a gamble as they potentially face being in another contract for 6 months and having to pay an £12,600 extra rent!


these pair sounds like total money grabbers, if they have sold their house, it must be killing them that they have forked out out £12,600 in the past 6 months for rent and face paying the same again.


Not to mention all those juicy price rises they have missed out on!


Sounds like you have all the cards here.

united4ever

thequant wrote: »

I think something maybe getting missed here.


10 days rent is £700, so one month is approx £2100, 6 months is £12,600.


If they have been delaying, that sounds like to me, they are in the 6 month part of their tenancy and have been stretching things out till the end of the term.


It's does appear, there biggest worry in life is paying duplicate rent and mortgage.


Call their bluff, because if they don't buy your house, then they will end up in another 6 month contract.


You think you are taking a gamble for the sake of £700 ? they are taking a gamble as they potentially face being in another contract for 6 months and having to pay an £12,600 extra rent!


these pair sounds like total money grabbers, if they have sold their house, it must be killing them that they have forked out out £12,600 in the past 6 months for rent and face paying the same again.


Not to mention all those juicy price rises they have missed out on!


Sounds like you have all the cards here.

may be wrong but don't 6 month tenancies just turn in to rolling contracts after 6 months requiring just one month notice

Prothet_of_Doom

Okydoky25 wrote: »

Having just been a 1st time buyer I would refuse and call their bluff. They have already committed thousands they will not pull out over this. I would wait untill the 11th if you wanted to be really smart as they would be needing to give 1 calendar months notice so will be handing that in on the 9th/10th.

Yes indeed.


They have forked out £2K on survey and solicitors fees, and in a rising market, they might end up in rental for sometime if they aren't careful.


There is only one good reason for delaying and that is where the buyer is taking out a mortgage protection insurance policy, and his employer announces a period of employee consultation pending reorganisation and redundancies. This delayed our sale by 2 months, whilst the poor sod waited to find out if he still had a job.


Offer to pay them £700 if and only if they agree to you taking the bath and toilet, and stairs.

thequant

united4ever wrote: »

may be wrong but don't 6 month tenancies just turn in to rolling contracts after 6 months requiring just one month notice

I think the standard is 12 month contract , with 6 month break clause. Then it should transfer to rolling contracts, but lots of landlords will then ask for another 12 months.