Offer buyer cash incentive to delay completion

lattridge1984

Like the title says really?

Is this possible. Its looking likely that we will be exchanging contacts by the end of this month.

Our buyers have been fantastic. They have their offer in place, and have their end of the contract ready to sign. And of course they are keen to get done.

When we on the other hand have only just had our valuation back after waiting three weeks. Still waiting for our mortgage offer (hopefully next week) and we are still waiting for the building survey to be done.

As I say, it looks like exchange will be coming at the end of this month. however, we have a date of November the 3rd in mind. Simply because thats the best time for getting off work. And also to get our oldest in school. He still needs to be placed after signing contracts. It would also allow us to get a few more things in place before we move

Is there anyway we could say, offer the buyers a cash incentive to wait till then? As in get it written into the contract that we will pay them say £500 to put towards their first mortgage payment as a gesture of gratitude.

Obviously its best to just ask my solicitor but as she's not available till tomorrow, I though I would ask for advice here.

Anyone done anything similar?

G_M

Why pay them?

Exchange when you are ready and tell your conveyancer (& estate agent?) you wish Completion date to be November the 3rd.

eddddy

The buyers should declare a cash-back incentive to their mortgage lender. And mortgage lenders can get very suspicious about these kinds of arrangements. It may cause more grief than it's worth.

It would be easier to just reduce the selling price by £500, because that's more transparent. But it could still cause a chunk of extra work for the mortgage lender and solicitors.

As you suggest, ask your solicitor what he/she thinks.

ancientofdays

If they are first timers, you might consider leaving some white goods for them as a sort of incentive?