Vendors asking for more money for their rental... SOS!

jimbog

They're cheeky, but play it by simply saying you regrettably don't have £10K available to give them as you are using all your savings to buy a house. See what happens, but continue looking elsewhere

Thrugelmir

Was optimistic to expect the entire chain to complete by the stamp duty deadline. Allow your vendors some breathing space to find a new property. There might be further parties in the chain above yet. 

HampshireH

Option 3 - start looking elsewhere and when you find somewhere walk away from this one.

magicmcone

Hey, first of all, you are saying you are FTBs. Even when the current scheme ends, I find very unlikely that Stamp Duty is brought back for FTBs, at least up to 300k.
So you have no reason to rush.
It’s obvious that the request is quite unreasonable, but think of it pragmatically. If the new price still is attractive for you, consider  the offer and try to negotiate it. If it isn’t, just walk away.

tink_1983

magicmcone said:

Hey, first of all, you are saying you are FTBs. Even when the current scheme ends, I find very unlikely that Stamp Duty is brought back for FTBs.
So you have no reason to rush.
That said, you say SDLT should be 8k so the property I assume is somewhere on the 275 range. It’s obvious that the request is quite unreasonable, but think of it pragmatically. If the new price still is attractive for you, consider  the offer and try to negotiate it. If it isn’t, just walk away.

Our house for 340k was just over 7k stamp duty?

JulietNovember

Thanks all. 

It’s a tricky one - the property in terms of size and space isn’t worth the price but its location is what pushes the price up. I was fairly reluctant to agree the 99% price but did so on the basis that we really liked it and would stay there for a few years. 

I’m glad everyone is equally outraged by the demand for £10,000 for rent - we have told them we can’t afford this (in principle, we thought it was pretty disgusting!). 

We made them an offer of a small amount of the deposit prior to exchange (to be covered by a separate contract of course) but they rejected it for reasons we’re still trying to make sense of. We are very frustrated but have agreed to wait - however, we can’t wait forever! Hoping some good news comes out of the SDLT extension debate on Monday. 

Thanks all 🤗

steampowered

It is running it a bit fine to complete before the stamp duty deadline if you've only just had your offer accepted. Conveyancing can take months.

As you are first time buyers, you will benefit from first time buyer stamp duty relief. Even after the stamp duty holiday ends.

Keep searching for new properties. The vendor is simply not in a proceedable position. There is no incentive for the vendor to move into rented accommodation if they aren't getting more than the market rate.  The vendor has probably been messed around by their buyer, and is trying to pass it up the chain.

rik111

Play them at their own game. Tell them you will wait but start actively looking elsewhere, if you find somewhere wait until exchange on the new place before telling them to do one (keep it on back burner). If you don't find somewhere else and they actually find somewhere, wait until the last minute then drop your offer by 8k to cover the stamp duty.... People like this are messers, there is a good chance they will never move and will just keep you on the hook just in case anything decent comes up. Whatever you do keep your options open.

magicmcone

tink_1983 said:

magicmcone said:

Hey, first of all, you are saying you are FTBs. Even when the current scheme ends, I find very unlikely that Stamp Duty is brought back for FTBs.
So you have no reason to rush.
That said, you say SDLT should be 8k so the property I assume is somewhere on the 275 range. It’s obvious that the request is quite unreasonable, but think of it pragmatically. If the new price still is attractive for you, consider  the offer and try to negotiate it. If it isn’t, just walk away.

Our house for 340k was just over 7k stamp duty?

Considered the taxes for someone with another property, my bad. Was just an assumption though to try to understand how much the OP is paying for the house , to understand hoy much is the 10k in the whole equation.

tink_1983

magicmcone said:

tink_1983 said:

magicmcone said:

Hey, first of all, you are saying you are FTBs. Even when the current scheme ends, I find very unlikely that Stamp Duty is brought back for FTBs.
So you have no reason to rush.
That said, you say SDLT should be 8k so the property I assume is somewhere on the 275 range. It’s obvious that the request is quite unreasonable, but think of it pragmatically. If the new price still is attractive for you, consider  the offer and try to negotiate it. If it isn’t, just walk away.

Our house for 340k was just over 7k stamp duty?

Considered the taxes for someone with another property, my bad. Was just an assumption though to try to understand how much the OP is paying for the house , to understand hoy much is the 10k in the whole equation.

Just had a mild panic and thought we hadnt calculated right ! :-)