Vendor requesting deposit to remove property from market?

Slithery

getmore4less wrote: »

It's how the builders work and they are only promising to build a house.

Who said this was a new build?

darcyboo

Farmer_Johnson wrote: »

I paid £1,000 for exactly this reason on my current house, with the condition being that it would be forfeit if I did not exchange by an agreed date.

I didn’t mind, it stopped anyone else being able to view and was knocked off the funds needed at exchange.

Were there any clauses to cover you if e.g. the survey revealed major structural issues or something like that?

darcyboo

Slithery wrote: »

Who said this was a new build?

It is NOT a new build, it's an old house, hence even more concerned to see the survey results before parting with a penny.

The previous occupants moved to a new build, hence selling to this part exchange company.

darcyboo

davidmcn wrote: »

For it to make any sense you'd need to negotiate some sort of pre-contract contract specifying what would be reasonable grounds for you not proceeding etc. I suspect their proposed terms won't amount to much more than "thanks for the cash, sucker!".

Yes that sounds about right! But then for my solicitor to spend time negotiating all the nitty gritty will cost me money, the whole suggestion only serves to protect them and leave me at risk of losing cash if something goes wrong. Certainly hadn't planned on backing out or wasting anyone's time, but surveys and searches could reveal absolutely anything which could cause things not to proceed. Gahhh!

-taff

darcyboo wrote: »

We do want the house, hence we made an offer on it, however, I don't see why I should need to part with £1000 up front to give them piece of mind.

It gives you peace of mind too that you won't be gazumped...
However, i'd be asking to add a caveat that the deposit becomes refundable if the survey finds any major issues

davidmcn

-taff wrote: »

It gives you peace of mind too that you won't be gazumped...
However, i'd be asking to add a caveat that the deposit becomes refundable if the survey finds any major issues

Cue endless debate about how one defines a "major issue".

Also want to cover legal issues, or the sellers delay matters etc etc.

darcyboo

-taff wrote: »

It gives you peace of mind too that you won't be gazumped...
However, i'd be asking to add a caveat that the deposit becomes refundable if the survey finds any major issues

I wonder if a compromise could be to pay the deposit once the survey results are back and we're sure there are no major reasons why we may not wish to proceed...

Otherwise I think we either have to negotiate some clauses to protect our money, or take the risk of being gazumped.

AnotherJoe

That seems reasonable. Or do it the other way, a £1k deposit to be returned onceyou've had a survey done.
At present it very much seems to be a buyers market so I'd work accordingly amd not just acquiesce.

G_M

I'd like to change my advice from post 2 above:


Just say no to the deposit but insist the property is removed from the market.


If they refuse, walk away.

MysteryMe

£1000 is too much money to risk. If it was £100 I might consider it if I really, really wanted the house but it's certainly not the norm.