Vendors redemption fee - our responsibility?!

kazwookie

Tell them no.

You are already at the top of your limit.

eddddy

Pertie wrote: »

We have just been informed that the vendors have a significant redemption fee on their mortgage if we complete prior to December! They are asking if we can split the cost with them.

Out of interest, was it the EA that passed on this message?

If so, I think I'd enjoy replying...

"Unfortunately, I can't pay £4k towards the seller's mortgage redemption fee, so can you pay the seller £4k towards it out of your commission instead?"

Larac

Personally I would tell them to 'sling their hook' - what I cant work out is why they did not 'port their mortgage' to their new home? Most people will know when their mortgage term ends so if you decide to move house prior to this - there maybe financial implications!
I took out a mortgage post divorce which did have financial implications for a number of years - as far as I am aware - I could port the mortgage if I need to do so onto a new mortgage.

Pertie

Thank you all for the replies. Useful to know we're not alone in thinking it's not something we should agree too.

ComicGeek

Just don't be surprised if the vendors agree to proceed and then drag their feet to get to December anyway....

AnotherJoe

To answer your Q, no it's not your responsibility but it is perfectly negotiable. Given you love this place, it's your dream house, etc and also given the reality is it's likely a delay of a couple months I'd be tempted to wait but ........ there's the Q of your buyers ... will they wait?
And yes I do think you have a right to be annoyed. Trouble is, as there was a bidding war the vendors may think they have you over a barrel. OTOH they may wish to move quicker than December anyway and may need to sell quicker.
I'd be tempted to call their bluff, say you are at max spend, you'll have to wait to December , apologise to your buyers and also start looking again in case the whole thing unravels.
Grrrrr ..... .how come in other countries people can get sales done without all this drama?

ethank

This is disgusting. I've just sold my house and paid this myself. Me and my other half wanted to move, we wanted to sell. We did our sums and we budgeted for it. Tell them to do one.

davidmcn

AnotherJoe wrote: »

how come in other countries people can get sales done without all this drama?

For one thing, in other countries people tend not to be as obsessed with forming "chains" as they are in England & Wales, so there isn't as much work involved in trying to coordinate all the transactions or risk of one awkward party upsetting the whole thing.

diggingdude

I would maybe pay half their redemption fee, but in exchange for the £4200 I would expect a £6000 reduction in the price of the property. Somehow I feel they wouldn't agree

muhandis

I second this. I'd be happy with a £5,000 reduction.

diggingdude wrote: »

I would maybe pay half their redemption fee, but in exchange for the £4200 I would expect a £6000 reduction in the price of the property. Somehow I feel they wouldn't agree