No question - just need to vent about my AWFUL vendor!

BluecoatRob

Actually, I just ran the sums, and I think their potential tax saving is more like £3-5K...

No exchange yet - we're advised to have a simultaneous exchange and completion to avoid Covid risks, having to isolate and not being able to complete, etc. So as yet, no one is liable for anything, just our sunk costs and time wasted.

There will be another property, though as I said, we're expecting an eviction notice any moment now, and it's not our first time through the grinder, so we'll salvage it if we can.

My hunch? They have no idea of how significant a delay this will cause, and how terrible a position it puts us in. Both sets of solicitors and the agents seem equally perplexed by their actions, and are working to make them fully aware of the situation. All we can do is lay down the law very clearly in advance of them submitting the paperwork - you do this = we must walk - and hope that shakes them awake, otherwise we have no choice but to walk away, and they'll have to lie in their bed.

SonnyLumiere

If the vendors are clueless, they may not have taken correct tax advice, which might lead to further delays. For example:
https://www.taxcafe.co.uk/resources/capitalgainstax_unmarriedcouples.html

BluecoatRob

Thanks for this link, it's very informative.

housebuyer143

Ludicrous that someone will risk their entire sale for £5k... That's probably all it will be though 🤷‍♀️ 

MysteryMe

This is poor from the vendor, it's something that should have been thought about at the outset. The OP has already offered more than the vendor was asking. The vendor needs to be careful not to let the pursuit of more money jeopardise the sale. 

lookstraightahead

housebuyer143 said:

Ludicrous that someone will risk their entire sale for £5k... That's probably all it will be though 🤷‍♀️ 

Just two things :

1. some people feel entitled. They probably behave like this with everyone, in every situation. 

2. It is just a house. Really, it's just a house. Think of all the positive things you have in your life, and move on. Give them the boot (or at least a very short deadline, like when you want to move).

TripleH

Tell you what, tell them if they're worried about capital gains  sell the house at the value to you where there is no capital gain. Problem solved!

chrisw

Goes against the grain but offer them 5k to cover the tax bill? It may save you that in the long run.

Thrugelmir

Ring the EA and ask to view other properties. Might focus their minds once they hear the news. 

lookstraightahead

chrisw said:

Goes against the grain but offer them 5k to cover the tax bill? It may save you that in the long run.

People like this would take the £5k then revert back to not moving.