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Payment arrangement for property transaction
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Sandmar
Posts: 2 Newbie
I am writing to seek your advice on a potential payment arrangement I am considering as I'm selling my flat (agreed price 400,000£). The buyer is struggling to get a mortgage, as their bank requests a FRAEW (Fire Risk Assessment External Walls) report, that my building doesn't have; however they would be available to pay approximately £325,000 upfront. We are exploring the possibility of structuring the remaining £75,000 as a series of monthly payments. Does anyone have any experience with this type of agreement? Thanks.
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Comments
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Is the property mortgaged?0
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No it's not0
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You think working out how £400k property should be paid for from a free, open to all (anyone!) to answer, forum?? You will get useful guidance but suggest you talk to your solicitors.....
For the avoidance of doubt I am a great admirer of MSE & in no way criticising it.
Best regards to all.
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And what happens when the £75k never materialises? Or the first few do and then stops? Can you afford to lose the money? What time frame is the repayment over? Assuming it's not a decade how are they funding the purchase? If they have so much free cash why are they buying a £400k property?Sandmar said:I am writing to seek your advice on a potential payment arrangement I am considering as I'm selling my flat (agreed price 400,000£). The buyer is struggling to get a mortgage, as their bank requests a FRAEW (Fire Risk Assessment External Walls) report, that my building doesn't have; however they would be available to pay approximately £325,000 upfront. We are exploring the possibility of structuring the remaining £75,000 as a series of monthly payments. Does anyone have any experience with this type of agreement? Thanks.
Most important... what is your solicitor advising you?1 -
The buyer can't persuade anybody else to lend them £75k but you're considering doing so?1
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