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Part offer, part cash?
OpportunityKnox
Posts: 3 Newbie
Hello! Fairly new to this so if I've posted in the wrong place or duplicate posted, I apologise! Basically wondering if anyone might be able to give me their thoughts...
We're selling our home at the minute and have it on the market. It was on the market for a short period of time before we got a viewer. They are extremely interested in the property and wanted to chat figures face to face before involving the solicitor to put a concrete offer in. What we're looking for is £5k more than their budget however they're willing to officially offer £3k over their budget and hand us the remaining £2k in cash, bringing the total that we get for our home to the figure we are looking for.
It doesn't sound strictly legal to me but I've never sold a house before. My partner seems to think it's all good. Anyone got any guidance/advice/anything?
We're selling our home at the minute and have it on the market. It was on the market for a short period of time before we got a viewer. They are extremely interested in the property and wanted to chat figures face to face before involving the solicitor to put a concrete offer in. What we're looking for is £5k more than their budget however they're willing to officially offer £3k over their budget and hand us the remaining £2k in cash, bringing the total that we get for our home to the figure we are looking for.
It doesn't sound strictly legal to me but I've never sold a house before. My partner seems to think it's all good. Anyone got any guidance/advice/anything?
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Comments
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It's not strictly legal. Sounds like they're trying to dodge SDLT/Mortgage affordability. Or something else. Avoid.0
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If the £2k isn't going to be mentioned in the contract, you'd better ask them to hand it over now while you consider their offer further...0
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Can you not sell the house for x amount and 'Fixtures/Fittings/furniture for the additional amount?0
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Nothing will be in contract so they might spend your £2k towards a nice new car. Them needing to get exotic over a mere £2k spells trouble. If they are that near the bone there's a good chance the slightest thing could cause them to pull out (such as something mentioned in their survey)
If it is a tax fiddle, remember this when you want to complain the NHS or whatever needs more funding...0 -
SDLT would only be £40 different if they officially offer us £2k under our asking price so can't imagine they'd go to that length to save £40. If it was mortgage affordability related, surely putting the £2k down as an additional deposit would resolve that? I can't figure it out.0
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OpportunityKnox wrote: »SDLT would only be £40 different if they officially offer us £2k under our asking price so can't imagine they'd go to that length to save £40. If it was mortgage affordability related, surely putting the £2k down as an additional deposit would resolve that? I can't figure it out.
My hunch is they will knock you for the £2k cash and you wont have a leg to stand on, just don't bring unnecessary hassle into your life, you only live once!!0 -
OpportunityKnox wrote: »SDLT would only be £40 different if they officially offer us £2k under our asking price so can't imagine they'd go to that length to save £40. If it was mortgage affordability related, surely putting the £2k down as an additional deposit would resolve that? I can't figure it out.
I wouldn't be bothering to think about it i'd just be refusing.,...0 -
No cash should be handed directly to you as part of the sale (unless you do have a private agreement for extras). That's what money laundering regs are in place for.
My guess is that they won't pay, or have some cash they don't want to pay into the bank for some reason... it can only spell 'dodgy'.
Jx2024 wins: *must start comping again!*0 -
Thanks everyone. I do agree. I have no interest in getting involved in anything illegal which has the potential of coming back on us. It's not worth it, nevermind for a couple of grand! Really appreciate everyone's help
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