Delaying Tactics

caspar9

I've had an offer accepted on a rather spiffing detached bungalow. I have enough cash sitting in the bank to buy the property outright although I am still intending to sell my current abode. My worry is that the properties are hundreds of miles apart and I don't really want to be traipsing up and down the country.

I need some suggestions about how to delay the purchase until the sale of my current home is underway. I am already intending to market my property at 10% below valuation and fortunately the vendors of the property I am buying have not yet found anything suitable for their needs.

Of course, if the vendors start getting anxious about completing then I will have to bite the bullet and complete but I'd rather hold fire a bit until my current property is starting the sale process.

Any ideas for spurious queries that might prolong the sale are warmly received.

Comms69

If you can buy it outright why delay? most councils offer a grace period for empty second homes, and you can get tax refunded if you complete within 6 (someone correct me) months

SharkBite

I would start buy getting your home on the market and seeing what interest you have. I would suspect 10% off the valuation price may make it a popular choice. You may be surprised on how quickly you sell.

Do the vendors know you're a cash buyer and have it in the bank ready? If not you could say you need the money from your house sale to complete?

caspar9

Comms69 wrote: »

If you can buy it outright why delay? most councils offer a grace period for empty second homes, and you can get tax refunded if you complete within 6 (someone correct me) months

I am not worried about the extra stamp duty or any council tax. It is just the travel between the properties which involve buses, boats, trains and tubes if I have to move between the two places to get things organised.

I am just hoping to delay things a little to get a bit of breathing space.

caspar9

SharkBite wrote: »

Do the vendors know you're a cash buyer and have it in the bank ready? If not you could say you need the money from your house sale to complete?

My solicitor has already confirmed to their agent that I have funds in place.

My current abode goes on the market Monday so fingers crossed someone will snap it up.

Comms69

caspar9 wrote: »

I am not worried about the extra stamp duty or any council tax. It is just the travel between the properties which involve buses, boats, trains and tubes if I have to move between the two places to get things organised.

I am just hoping to delay things a little to get a bit of breathing space.

Sorry I just don't get it.


What do you need to organise? Eventually you'll need to travel with your belongings, which I can understand. Until that point why would you need to be there at all?


You can pay a housesitting service to ensure you comply with any insurance obligations

dunroving

caspar9 wrote: »

I've had an offer accepted on a rather spiffing detached bungalow. I have enough cash sitting in the bank to buy the property outright although I am still intending to sell my current abode. My worry is that the properties are hundreds of miles apart and I don't really want to be traipsing up and down the country.

I need some suggestions about how to delay the purchase until the sale of my current home is underway. I am already intending to market my property at 10% below valuation and fortunately the vendors of the property I am buying have not yet found anything suitable for their needs.

Of course, if the vendors start getting anxious about completing then I will have to bite the bullet and complete but I'd rather hold fire a bit until my current property is starting the sale process.

Any ideas for spurious queries that might prolong the sale are warmly received.

I am in a somewhat similar situation - cash buyer, but have a house to sell, 300 miles between properties. I also would prefer the two transactions to be fairly close together, purely for simplicity.

Could you not simply explain the situation to them in the same way as you explained it here, but commit to exchanging contracts early? That would reassure the vendor that the sale won't fall through. I would avoid silly tactics to "stall the transaction" as this might cause ill feeling and the purchase could fall through. Why not just be up front?


My thinking is that the critical point for buyer and seller is the exchange of contracts (missives in my case, as the house I own is in Scotland).

You say the vendors still haven't found a property to move to - so ironically, you could end up with the shoe on the other foot. Sounds like they are being up front with you, so I'd suggest that honesty is the best policy on both sides.

SharkBite wrote: »

I would start buy getting your home on the market and seeing what interest you have. I would suspect 10% off the valuation price may make it a popular choice. You may be surprised on how quickly you sell.

Do the vendors know you're a cash buyer and have it in the bank ready? If not you could say you need the money from your house sale to complete?

True, but they may then go with a cash buyer. As per my comment above, I think being up front is best. If the OP says they need to sell their house and then later says they don't need to, that builds a sense of distrust as to whether he/she is being honest about other things.

saajan_12

caspar9 wrote: »

I am not worried about the extra stamp duty or any council tax. It is just the travel between the properties which involve buses, boats, trains and tubes if I have to move between the two places to get things organised.

Why do you need to move between the two places?

-> Before completion on the purchase, you may need to travel for viewings, surveys etc but that would be before your sale anyway.

-> After completion, you don't have to move into the new place immediately. Just leave it empty for a while. If you're not worried about the monetary differences in council tax and (temporary) stamp duty, then a slightly increased insurance cost for an empty property should be similarly trivial.

davidmcn

caspar9 wrote: »

Any ideas for spurious queries that might prolong the sale are warmly received.

Your solicitor will have a huge list of vaguely plausible queries and demands, so speak to them.

But as above, I'm not sure why you'd need to make any sort of regular journeys between the two properties.

caspar9

Comms69 wrote: »

S


You can pay a housesitting service to ensure you comply with any insurance obligations

Thank you that is an excellent suggestion. I know somebody who would jump at the chance for a extended free holiday and it would make me feel easier knowing that somebody was at the property whilst I complete on the sale of my current abode. :T

caspar9

davidmcn wrote: »

Your solicitor will have a huge list of vaguely plausible queries and demands, so speak to them.

But as above, I'm not sure why you'd need to make any sort of regular journeys between the two properties.

No you're right - I'm just anxious about completing in rainy Cumbria whilst I am hundred miles of away in the sunny south.

But not too worry - thanks to a previous suggestion I can use a family member to house sit.