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

WiseOwl00

I think that's very cheeky and I definitely wouldn't do it. It's their responsibility to find and fund their own onward purchase, not yours! To be honest, I don't think there's a guarantee that you will complete before the end of the stamp duty deadline anyway. You'd have to be completing in just under 3 months and there's so many delays at the moment with mortgage applications, searches (some people on here have been waiting over 12 weeks), and solicitors. It used to be that FTBs didn't pay stamp duty on purchases under £300,000, so you might actually still be exempt if it's under that amount. 

JulietNovember

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, 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.

Hi, not sure I understand your point here? 

We’re FTBs and spending just under £500k  so the SDLT holiday is very much relevant in our case. 

JulietNovember

steampowered said:

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.

Sorry, I wasn’t clear - we’ve had the searches commissioned and offer was accepted over two weeks ago. We’ve had pre-contract enquiries through and draft contract etc. 

tink_1983

JulietNovember said:

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 🤗

Honestly this shows your willing to compromise, but I can imagine this will make you distrustful of the vendors.
Worry they'd be the type to pull a stunt close to exchange.. money grabbers!

magicmcone

JulietNovember 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, 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.

Hi, not sure I understand your point here? 

We’re FTBs and spending just under £500k  so the SDLT holiday is very much relevant in our case. 

Did not know the value of the property. It it’s true that the SDLT holiday will benefit you on the tax paid, but even after the scheme runs out you will have the first 300k relieved and will find yourself in a position that any drop in market prices (very likely when the scheme expires) will outweigh that.
On top of that you will have much less competition as most buyers on that price range are not FTB and would have much more incentive to take advantage of the scheme that you do.

greatcrested

They've given you a choice. Well, 3 choices:

1) wait

2) pay their rent

3) walk away

2 above is a joke to be dismissed outof hand.

So do both 1 & 3!

Start looking for other properties.

If you find another property before they do, then do 3 above.

If they find another property before you do, then 1 above.

Crashy_Time

anselld said:

Wait.  Then reduce your offer by £10k to cover your stamp duty costs.

Or maybe reduce by more, it is a fast moving economic crisis that is unfolding and you should have no hesitation in lowering your offer price to take account of that, just think how you would feel if you overpaid AND paid their rent and then mortgage rates shot up or something!

JulietNovember

jimbog said:

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

We emphasised that we are already over the original budget and have no additional resources available to us. They responded by stating that they need all of the sale proceeds and don’t have the money to rent... not sure why that makes us responsible for rent payments but we’re pretty disappointed 😔

Bluebell1000

JulietNovember said:

We emphasised that we are already over the original budget and have no additional resources available to us. They responded by stating that they need all of the sale proceeds and don’t have the money to rent... not sure why that makes us responsible for rent payments but we’re pretty disappointed 😔

Their excuse doesn't really make sense, as unless they are mortgage free they'd no longer be making mortgage payments once their house sells, and could put that money towards the cost of renting instead...

anteguardian

JulietNovember said:

jimbog said:

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

We emphasised that we are already over the original budget and have no additional resources available to us. They responded by stating that they need all of the sale proceeds and don’t have the money to rent... not sure why that makes us responsible for rent payments but we’re pretty disappointed 😔

Sorry to hear that OP... 

I know it’s heartbreaking when you love a house, but remember this is a transaction and it sounds like they are unable to meet the conditions of the transaction... it’s not your responsibility to find any more than the house and is thier responsibility for any extra costs that are incurred during the transaction that affects them. You certainly shouldn’t be paying their rent for a year! 

It sounds like they are messing you and everyone else about if they aren’t in an actual position to sell.