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

JulietNovember

Bluebell1000 said:

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...

That was precisely my thought too. It just doesn’t make sense and we can’t exactly ask detailed questions about their finances either 😓

JulietNovember

anteguardian said:

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.

We gave an option to release funds pre-exchange, but this would be a proportion of the deposit (i.e. no additional payment over and above the agreed price). They said they needed the money from the sale and didn’t have the funds to rent. This is the only way my partner and I could live together so it’s really got us down. 

I think the only option we have is to wait and hope that they find a house to buy asap 😓

numbercruncher8

TBH you might not even get the truthful answers if you did.

So we have an impasse, both of you probably don't believe the others claims that they have absolutely no money, so it's down to who blinks first. Having shown weakness in wanting to make a partial payment I would think they probably think it'll be you that does.

The only real power you have is to walk away; set a deadline for a decision on your terms and if you don't get it your bid is withdrawn. 

lookstraightahead

Why won't they have any money they're selling a 500000 property? They'll just have to use whatever equity they have if they want to sell. They're lording it over you op, tell them to go away.

anteguardian

JulietNovember said:

anteguardian said:

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.

We gave an option to release funds pre-exchange, but this would be a proportion of the deposit (i.e. no additional payment over and above the agreed price). They said they needed the money from the sale and didn’t have the funds to rent. This is the only way my partner and I could live together so it’s really got us down. 

I think the only option we have is to wait and hope that they find a house to buy asap 😓

I think @numbercruncher8 is right, you’ve done everything you can and it’s up to them to realise that they are being unreasonable here... it sounds like you just need to give them an ultimatum now and if they don’t accept it it’s their loss. 

I know how you feel and it’s not a great place to be in. My partner and I found our first house which was our dream house last year and were in the middle of buying it when it fell through. I felt like we would never find anything as good after than but here we are in January almost exchanging on another house which is even better! 

I didn’t think we’d ever get out of that disappointed feeling, but lo and behold, people were right and we found something better.

Im sure the same thing will happen if it doesn’t work out and you’ll look back and laugh!

saajan_12

Bluebell1000 said:

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...

This, plus they could invest their equity and put the interest / investment yield towards their rental as well. 

OP, you don't have to enquire about their finances - that's making it your problem. I would just reply to the agent / solicitor in general terms, saying "the rent is the seller's issue and in any case is not a real loss because its offset by other benefits in mortgage interest saved and return earned on the equity portion". 

jimbog

I suspect there will be further twists to this to come. Sit tight and start looking

JulietNovember

anteguardian said:

JulietNovember said:

anteguardian said:

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.

We gave an option to release funds pre-exchange, but this would be a proportion of the deposit (i.e. no additional payment over and above the agreed price). They said they needed the money from the sale and didn’t have the funds to rent. This is the only way my partner and I could live together so it’s really got us down. 

I think the only option we have is to wait and hope that they find a house to buy asap 😓

I think @numbercruncher8 is right, you’ve done everything you can and it’s up to them to realise that they are being unreasonable here... it sounds like you just need to give them an ultimatum now and if they don’t accept it it’s their loss. 

I know how you feel and it’s not a great place to be in. My partner and I found our first house which was our dream house last year and were in the middle of buying it when it fell through. I felt like we would never find anything as good after than but here we are in January almost exchanging on another house which is even better! 

I didn’t think we’d ever get out of that disappointed feeling, but lo and behold, people were right and we found something better.

Im sure the same thing will happen if it doesn’t work out and you’ll look back and laugh!

Ah thank you, that’s nice to hear!

We are kind of on a timeline - we have wedding plans in the spring so it would mean a lot to us to be able to live together after this. If we’re waiting for 6-12 months post-wedding, it defeats the purpose of getting married (for us, anyway - we can’t live together until we marry). 

We are due to respond tomorrow. There’s a part of me that wants this to be dealt with asap, so offering another £5k is something I’m considering. It feels so wrong though, to just give in 😞 The other part of me wants to wait it out and stand my ground, not part with any more money and just pay SDLT if it comes to it. 

Irishpearce26

Did you get a resolution? 

BrOz

Oh wow, don't pay as its highly unlikely you will complete before the end of March anyway. The house buying process is slower than normal due to covid and a busy market!

If they have the cheek to ask that what else will they have the cheek to ask you??