Delayed completion

davidmcn

CaPPsiE wrote: »

The property is in negative equity plus there is a loan on top. The buyer is taking all of that off my hands

No, they're not. If you don't believe us, get a solicitor to point and laugh at the contract on your behalf.

Rain_Shadow

CaPPsiE wrote: »

Why am I mad? The property is in negative equity plus there is a loan on top. The buyer is taking all of that off my hands and in return - eventually - gaining a property.

The price agreed would allow me to walk away break even - the place isn't worth what I paid for it and needs work doing.

Were I in a position to sell it at profit, I would, but I have other things going on.

A.

I'm sure there is a saying about things looking too good to be true.

HouseBuyer77

So the 'buyer' is taking possession of the house immediately, taking over all responsibility and presumably renting it out. Then 10-15 years later buying it off you for a price agreed today?

Obviously I can't see the contract but I doubt you'll actually have 'exchanged' in the sense used in house purchases with a completion date 15 years hence.

So really your question is not about delayed completion, it's about a scheme designed to help you with negative equity by allowing a third party to use your property for income. You need to consider this very very carefully. As above were such schemes a legtimate, good way, to deal with negative equity they'd be far more common and well known.

Mrs_Imp

https://www.citizensadvice.org.uk/housing/moving-and-improving-your-home/problems-with-selling-your-home-delayed-completion-and-lease-options-contracts/
Have a read, especially this bit:
It's important you know that there's no government regulation of these schemes. If you move out, you won't have much protection if things go wrong. For example, if the buyer stops making payments to your mortgage lender, you'll still be responsible for paying the mortgage. You could lose your home if you can't find the money.

Why not look at renting it out yourself and moving in to somewhere smaller? Or if you have a spare room get a lodger.

danslenoir

This idea is perhaps the craziest I've ever read on here.

You are mad, OP.

jamesgough

It's just a creative way at working with finance. Do you think all business deals are carried out conventionally?

If the vendor and seller are both happy, where is the problem?

Do you have better solutions to his predicament?

Doozergirl

This is a 2 year old post. Surely there's something a bit more recent that might pique one's interest?

The OP has hopefully solved their own predicament.

AnotherJoe

jamesgough wrote: »

It's just a creative way at working with finance. Do you think all business deals are carried out conventionally?

If the vendor and seller are both happy, where is the problem?

Do you have better solutions to his predicament?

Do you have a better solution than waking up a near two year old thread?

khrysha

CaPPsiE said:

Hi,

Due to personal circumstances, I'm considering selling my property under the rather different 'delayed completion' option.

As far as I understand, everything goes ahead as in a normal sale except the completion which is set for a future time as agreed by both parties.

Can anyone offer any advice? Ideally pros and cons etc.?

Thanks!
Adam.

khrysha

Hi,Adam
For very similar reasons,I entered into a contact for delayed contract for 10 years.8 years later ,I have been paid 900 pounds religiously each month,with completion in 2years.I had a contract set up with a reputable solicitor,the only risk is to the buyer,if they miss a payment by law it becomes mine again with no return of money already given to me.Any problems the house has had has been put right at no.cost to me.I was fortunate enough not to need the money from the sale at once to move on,the interest rates are rubbish,and the increase in prices are small in this area.So ,for me it has been win,win.But please make sure it is their responsibility,no matter what happens,you get finally the agreed price.Good luck.