Can I let the Sellers stay in the house for 3 weeks?

GDB2222

Irishpearce26 said:

GDB2222 said:

Irishpearce26 said:

GDB2222 said:

Irishpearce26 said:

Its risky letting them stay but that's up to you.

I cant believe the amount of people saying that you should demand they leave before the SDLT holiday when you agreed an offer knowing that they cant complete until July. Its almost holding someone to ransom.

This is very true, but it’s hard to believe that an extra £15k cost won’t affect prices when the SDLT holiday ends. Essentially, the buyer has agreed a pre holiday price, without the benefit of the holiday. Unsurprisingly, this was a bad idea, and they are looking for a way out. 

Sadly for the sellers, whether they are in the right or not morally, they are in a terrible negotiating position.

The buyer has said she knew she wouldn't make the SDLT holiday and offered the price knowing she would pay an extra £15k. The OP is actually trying to find a solution that works for both parties.

In my opinion its the buyer who is in a terrible position as they will either run the risk of letting someone stay in their house for 3 weeks or fork out £15k. They agreed that mid July completion was ok to complete but now the SDLT holiday has been extended they are hoping to capitalise which is fine but not at the expense of someone else.

As I said, I entirely agree with you that the seller is absolutely in the right, morally, in insisting on not moving out a day earlier than previously agreed. Nevertheless, £15k is quite a lot of money, and the buyer might just decide to pull out over it. In that case, the sellers will find it difficult to find a buyer who can complete when they want. 

If the buyer pulled out they would ultimately pay the same amount as they would miss the SDLT holiday with another purchase. The seller as stated by someone else can still sell the property if they pulled out even if they are overseas. The seller holds the card on this situation in my opinion.

You're assuming that prices won't react to the ending of the SDLT holiday. Nobody knows, of course, but it would be quite surprising if it had no effect.

I live in London, and prices for higher priced homes round here definitely reacted badly to the SDLT increase a few years ago.

Irishpearce26

GDB2222 said:

Irishpearce26 said:

GDB2222 said:

Irishpearce26 said:

GDB2222 said:

Irishpearce26 said:

Its risky letting them stay but that's up to you.

I cant believe the amount of people saying that you should demand they leave before the SDLT holiday when you agreed an offer knowing that they cant complete until July. Its almost holding someone to ransom.

This is very true, but it’s hard to believe that an extra £15k cost won’t affect prices when the SDLT holiday ends. Essentially, the buyer has agreed a pre holiday price, without the benefit of the holiday. Unsurprisingly, this was a bad idea, and they are looking for a way out. 

Sadly for the sellers, whether they are in the right or not morally, they are in a terrible negotiating position.

The buyer has said she knew she wouldn't make the SDLT holiday and offered the price knowing she would pay an extra £15k. The OP is actually trying to find a solution that works for both parties.

In my opinion its the buyer who is in a terrible position as they will either run the risk of letting someone stay in their house for 3 weeks or fork out £15k. They agreed that mid July completion was ok to complete but now the SDLT holiday has been extended they are hoping to capitalise which is fine but not at the expense of someone else.

As I said, I entirely agree with you that the seller is absolutely in the right, morally, in insisting on not moving out a day earlier than previously agreed. Nevertheless, £15k is quite a lot of money, and the buyer might just decide to pull out over it. In that case, the sellers will find it difficult to find a buyer who can complete when they want. 

If the buyer pulled out they would ultimately pay the same amount as they would miss the SDLT holiday with another purchase. The seller as stated by someone else can still sell the property if they pulled out even if they are overseas. The seller holds the card on this situation in my opinion.

You're assuming that prices won't react to the ending of the SDLT holiday. Nobody knows, of course, but it would be quite surprising if it had no effect.

I live in London, and prices for higher priced homes round here definitely reacted badly to the SDLT increase a few years ago.

Still have SDLT to pay...

GaleSF63

Nobody really holds any cards as it's been agreed how/when the sale would go through.  But just maybe an opportunity to save a bit of money has arisen. 

If I were the seller I might welcome a bit of space between leaving the house and leaving the country, in case any loose ends still existed - especially if someone else paid. Pity about lockdown - they could use the time doing a bit of sightseeing in this country. 

Irishpearce26

GaleSF63 said:

Nobody really holds any cards as it's been agreed how/when the sale would go through.  But just maybe an opportunity to save a bit of money has arisen. 

If I were the seller I might welcome a bit of space between leaving the house and leaving the country, in case any loose ends still existed - especially if someone else paid. Pity about lockdown - they could use the time doing a bit of sightseeing in this country. 

Think you've confused the situation. The OP wants to know if they can complete the sale early but let the seller stay in the house in between. The date the seller is moving to America hasn't changed so there isn't any space in between.

lookstraightahead

Irishpearce26 said:

Its risky letting them stay but that's up to you.

I cant believe the amount of people saying that you should demand they leave before the SDLT holiday when you agreed an offer knowing that they cant complete until July. Its almost holding someone to ransom.

So if the seller decided they didn't want to go to America and therefore didn't want to sell, should they sell anyway? As they agreed to sell, like? 

Irishpearce26

lookstraightahead said:

Irishpearce26 said:

Its risky letting them stay but that's up to you.

I cant believe the amount of people saying that you should demand they leave before the SDLT holiday when you agreed an offer knowing that they cant complete until July. Its almost holding someone to ransom.

So if the seller decided they didn't want to go to America and therefore didn't want to sell, should they sell anyway? As they agreed to sell, like? 

Maybe I don't know you would need to ask them. 

Scotbot

Unlike most people commenting ( I suspect) I have been in the vendors position. I have moved overseas 6 times and 2 of the moves involved selling a property. 

They are not moving out of their home on completion day and into their new home the next day.It takes approx 6 to 8 weeks for containers to get to the US depending whereabouts. I suspect covid is delaying things on top of that. The sooner the vendors ship their stuff the sooner they have it on the other side of the pond.  Plus with international moves there are a whole raft of packing and customs regulations.  You can't expect to exchange one day and have international removalists rock up the next.

I have always ended up in temporary accommodation (hotel, family friends) both sides of the move for anywhere between a week and a month. It is worth asking the vendors if they will move in June, the only reason I would have said no would be if the move was contingent on my employer and I didn't have a date from them.

Irishpearce26

Scotbot said:

Unlike most people commenting ( I suspect) I have been in the vendors position. I have moved overseas 6 times and 2 of the moves involved selling a property. 

They are not moving out of their home on completion day and into their new home the next day.It takes approx 6 to 8 weeks for containers to get to the US depending whereabouts. I suspect covid is delaying things on top of that. The sooner the vendors ship their stuff the sooner they have it on the other side of the pond.  Plus with international moves there are a whole raft of packing and customs regulations.  You can't expect to exchange one day and have international removalists rock up the next.

I have always ended up in temporary accommodation (hotel, family friends) both sides of the move for anywhere between a week and a month. It is worth asking the vendors if they will move in June, the only reason I would have said no would be if the move was contingent on my employer and I didn't have a date from them.

Valid points and I would hazzard a guess that the July date factors this logistical process. It may be costly for them to change the date?

AdrianC

lookstraightahead said:

Irishpearce26 said:

Its risky letting them stay but that's up to you.

I cant believe the amount of people saying that you should demand they leave before the SDLT holiday when you agreed an offer knowing that they cant complete until July. Its almost holding someone to ransom.

So if the seller decided they didn't want to go to America and therefore didn't want to sell, should they sell anyway? As they agreed to sell, like? 

Contracts have not been exchanged yet. Either side can still pull out for any reason or none at all.

Contracts are, it seems, still being negotiated - since the completion date has not been set.
Since the completion dates being discussed are three months in the future, it would seem unlikely that exchange is imminent.

Scotbot

Irishpearce26 said:

Scotbot said:

Unlike most people commenting ( I suspect) I have been in the vendors position. I have moved overseas 6 times and 2 of the moves involved selling a property. 

They are not moving out of their home on completion day and into their new home the next day.It takes approx 6 to 8 weeks for containers to get to the US depending whereabouts. I suspect covid is delaying things on top of that. The sooner the vendors ship their stuff the sooner they have it on the other side of the pond.  Plus with international moves there are a whole raft of packing and customs regulations.  You can't expect to exchange one day and have international removalists rock up the next.

I have always ended up in temporary accommodation (hotel, family friends) both sides of the move for anywhere between a week and a month. It is worth asking the vendors if they will move in June, the only reason I would have said no would be if the move was contingent on my employer and I didn't have a date from them.

Valid points and I would hazzard a guess that the July date factors this logistical process. It may be costly for them to change the date?

Depends who is paying for it, 5 out or 6 of my moves my employer picked up the tab. That of course meant I went when it was convenient for them. Often at short notice so I suspect this is self funded.  A July move could well be based on school terms.
Either way the logistics were bad enough pre covid, I will be very surprised if the final dates end up as originally planned.