House Move

martysparty99

Hi All, newbie here.


In the process of buying/selling house. 6 in our chain, we are 3rd.


All going okish, date set for completion of 29th april.


Only fly in the oitment is FTB at the start of the chain is in rented and is struggling to find his remaining rent and his new mortgage payment.


In the sale of our property we reduced our house to accommodate our buyers.


Now our EA is asking us and all in the chain to contribute to the FTB. Its only going to be around £100 each which I know isn't alot but its the principle of it.


My wife is adamant we should not pay as we have already given money to our buyers (Through reducing sale price)


She thinks our EA should reduce his fee! More chance of brexit finishing this week!


End of the day I dont think we will hit our date if we don't fund the FTB


Any advice greatly appreciated.

middleclassbutpoor

If the chain collapsed.

Would you be sat there thinking “at least I saved £100” or

“I can’t believe I’m now going to have to wait how long for this to resolve?”

In your shoes, I would be asking the EA’s to equally contribute. 5 houses above the FTB = 5 EA’s and 5 sellers. You could maybe argue £50 each should cover it?

[Deleted User]

Have all the other people in the chain agreed to contribute to it? If not then what? you have to stump up even more cash for him?

If it were me i'd pay through gritted teeth but only if everyone else was doing the same.

Yellow_mango

For £100 I’d not want to be the one who refused and caused the chain to collapse.

I’d want the payment to be handled by lawyers, and not released / conditional on completion. The FTB’s first mortgage payment won’t be due until the month following completion, so this shouldn’t be an issue.

KatieDee

This is quite ridiculous. If you cannot afford to pay your rent, plus some percentage of the new mortgage you've signed up for, you probably shouldn't be buying a house. How is the FTB going to afford moving costs, furniture, everything else that comes with a house move? Or perhaps that might be why he cannot afford the rent...

Sorry, a lot of assumptions there. It just annoys me that at an already stressful time, people don't seem to think twice about putting even more pressure on.

I'd grudgingly pay it to avoid the sale falling through, but I do wonder how this is going to be arranged...