paying vendor to rent somewhere so not to pull out

AmyAlex

Hello

Looking for some advise.

We were supposed to exchange on a property in 2 days and the vendor has just pulled out.

She still wants to sell but needs to find another property.

She is not willing to pay to rent somewhere however after 5 months we are very invested in this property and would be willing to pay more to keep the sale alive.

What would be the best way to approach this?

Increase the offer - would these need to be reassessed by the mortgage lender with a surveyor etc?

Could we just pay her a sum? This would not reflect the true price paid for the house , is this a bad idea?

Any help here or ideas where to research this would be amazing.

Thank you

[Deleted User]

Why has she pulled out if she still wants to sell? Why not just wait for her to find a property?

AmyAlex

She doesnt want to but the property she was due to purchase.

We have waited for 5 months - we were originally supposed to complete the end of February. We are really keen to just get move in now.

We could wait but just want this to happen asap so are exploring ways to make it happen.

Thanks

Cakeguts

Your vendor has pulled out of the sale. This means that they have decided not to sell at this time. It is possible that they have lost the house that they put their house on the market to enable them to buy. If this is the case then it won't matter what you do your vendor will not sell their house now.

One of the risks of buying a house is that it won't complete. You have one of those situations.

Time to start looking for something else to buy.

nubbins

I am not sure what you are hoping to achieve by paying extra, she doesn't appear to want to move into rented so a few grand is not going to achieve much.
I can understand you wanting to force the issue as I have been in your situation but I think you are just going to have more patient or walk away and find another property. From what you have posted I would set your expectations that you will lose this property, start looking at other properties and anything else will be a bonus.

sparky130a

Alarm bells would ring for me with this vendor.

2 days to exchange and it's suddenly dawned on her she needs somewhere to live / isn't far down that route ?

As others have said i'd start looking elsewhere.

If the market is moving where you are she may well re-market at a higher price anyway.

always_sunny

after 5 months?
You should have walked out 4 months ago!

G_M

AmyAlex wrote: »

....

She is not willing to pay to rent somewhere however after 5 months we are very invested in this property and would be willing to pay more to keep the sale alive.

What would be the best way to approach this?

Offer to pay her rent until she is ready to Exchange. Put a 6 month cap on it, to give her an incentive, but if after 6 months she has still not found somewhere and exchanged, offer her another 6 months rent payments.

csgohan4

Nothing stopping the vendor to refuse to sell after 6 months rented

G_M

csgohan4 wrote: »

Nothing stopping the vendor to refuse to sell after 6 months rented

hence the suggestion of a further 6 months.

AmyAlex

Hi

This is what we were thinking - however we would exchange so we could move in and she would move into somewhere rented whilst looking for a property to buy.

We were just wondering the lagalities and process of actually doing this, and whether it is a viable option

Thanks