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    • caspar9
    • By caspar9 8th Mar 18, 1:13 PM
    • 30Posts
    • 16Thanks
    caspar9
    Delaying Tactics
    • #1
    • 8th Mar 18, 1:13 PM
    Delaying Tactics 8th Mar 18 at 1:13 PM
    I've had an offer accepted on a rather spiffing detached bungalow. I have enough cash sitting in the bank to buy the property outright although I am still intending to sell my current abode. My worry is that the properties are hundreds of miles apart and I don't really want to be traipsing up and down the country.

    I need some suggestions about how to delay the purchase until the sale of my current home is underway. I am already intending to market my property at 10% below valuation and fortunately the vendors of the property I am buying have not yet found anything suitable for their needs.

    Of course, if the vendors start getting anxious about completing then I will have to bite the bullet and complete but I'd rather hold fire a bit until my current property is starting the sale process.

    Any ideas for spurious queries that might prolong the sale are warmly received.
Page 1
    • Comms69
    • By Comms69 8th Mar 18, 1:20 PM
    • 2,970 Posts
    • 2,938 Thanks
    Comms69
    • #2
    • 8th Mar 18, 1:20 PM
    • #2
    • 8th Mar 18, 1:20 PM
    If you can buy it outright why delay? most councils offer a grace period for empty second homes, and you can get tax refunded if you complete within 6 (someone correct me) months
    • SharkBite
    • By SharkBite 8th Mar 18, 1:23 PM
    • 40 Posts
    • 26 Thanks
    SharkBite
    • #3
    • 8th Mar 18, 1:23 PM
    • #3
    • 8th Mar 18, 1:23 PM
    I would start buy getting your home on the market and seeing what interest you have. I would suspect 10% off the valuation price may make it a popular choice. You may be surprised on how quickly you sell.

    Do the vendors know you're a cash buyer and have it in the bank ready? If not you could say you need the money from your house sale to complete?
    • caspar9
    • By caspar9 8th Mar 18, 1:30 PM
    • 30 Posts
    • 16 Thanks
    caspar9
    • #4
    • 8th Mar 18, 1:30 PM
    • #4
    • 8th Mar 18, 1:30 PM
    If you can buy it outright why delay? most councils offer a grace period for empty second homes, and you can get tax refunded if you complete within 6 (someone correct me) months
    Originally posted by Comms69
    I am not worried about the extra stamp duty or any council tax. It is just the travel between the properties which involve buses, boats, trains and tubes if I have to move between the two places to get things organised.

    I am just hoping to delay things a little to get a bit of breathing space.
    • caspar9
    • By caspar9 8th Mar 18, 1:31 PM
    • 30 Posts
    • 16 Thanks
    caspar9
    • #5
    • 8th Mar 18, 1:31 PM
    • #5
    • 8th Mar 18, 1:31 PM

    Do the vendors know you're a cash buyer and have it in the bank ready? If not you could say you need the money from your house sale to complete?
    Originally posted by SharkBite
    My solicitor has already confirmed to their agent that I have funds in place.

    My current abode goes on the market Monday so fingers crossed someone will snap it up.
    • Comms69
    • By Comms69 8th Mar 18, 1:33 PM
    • 2,970 Posts
    • 2,938 Thanks
    Comms69
    • #6
    • 8th Mar 18, 1:33 PM
    • #6
    • 8th Mar 18, 1:33 PM
    I am not worried about the extra stamp duty or any council tax. It is just the travel between the properties which involve buses, boats, trains and tubes if I have to move between the two places to get things organised.

    I am just hoping to delay things a little to get a bit of breathing space.
    Originally posted by caspar9
    Sorry I just don't get it.


    What do you need to organise? Eventually you'll need to travel with your belongings, which I can understand. Until that point why would you need to be there at all?


    You can pay a housesitting service to ensure you comply with any insurance obligations
    • dunroving
    • By dunroving 8th Mar 18, 1:35 PM
    • 1,163 Posts
    • 814 Thanks
    dunroving
    • #7
    • 8th Mar 18, 1:35 PM
    • #7
    • 8th Mar 18, 1:35 PM
    I've had an offer accepted on a rather spiffing detached bungalow. I have enough cash sitting in the bank to buy the property outright although I am still intending to sell my current abode. My worry is that the properties are hundreds of miles apart and I don't really want to be traipsing up and down the country.

    I need some suggestions about how to delay the purchase until the sale of my current home is underway. I am already intending to market my property at 10% below valuation and fortunately the vendors of the property I am buying have not yet found anything suitable for their needs.

    Of course, if the vendors start getting anxious about completing then I will have to bite the bullet and complete but I'd rather hold fire a bit until my current property is starting the sale process.

    Any ideas for spurious queries that might prolong the sale are warmly received.
    Originally posted by caspar9
    I am in a somewhat similar situation - cash buyer, but have a house to sell, 300 miles between properties. I also would prefer the two transactions to be fairly close together, purely for simplicity.

    Could you not simply explain the situation to them in the same way as you explained it here, but commit to exchanging contracts early? That would reassure the vendor that the sale won't fall through. I would avoid silly tactics to "stall the transaction" as this might cause ill feeling and the purchase could fall through. Why not just be up front?


    My thinking is that the critical point for buyer and seller is the exchange of contracts (missives in my case, as the house I own is in Scotland).

    You say the vendors still haven't found a property to move to - so ironically, you could end up with the shoe on the other foot. Sounds like they are being up front with you, so I'd suggest that honesty is the best policy on both sides.

    I would start buy getting your home on the market and seeing what interest you have. I would suspect 10% off the valuation price may make it a popular choice. You may be surprised on how quickly you sell.

    Do the vendors know you're a cash buyer and have it in the bank ready? If not you could say you need the money from your house sale to complete?
    Originally posted by SharkBite
    True, but they may then go with a cash buyer. As per my comment above, I think being up front is best. If the OP says they need to sell their house and then later says they don't need to, that builds a sense of distrust as to whether he/she is being honest about other things.
    (Nearly) dunroving
    • saajan_12
    • By saajan_12 8th Mar 18, 1:41 PM
    • 1,228 Posts
    • 853 Thanks
    saajan_12
    • #8
    • 8th Mar 18, 1:41 PM
    • #8
    • 8th Mar 18, 1:41 PM
    I am not worried about the extra stamp duty or any council tax. It is just the travel between the properties which involve buses, boats, trains and tubes if I have to move between the two places to get things organised.
    Originally posted by caspar9
    Why do you need to move between the two places?

    -> Before completion on the purchase, you may need to travel for viewings, surveys etc but that would be before your sale anyway.

    -> After completion, you don't have to move into the new place immediately. Just leave it empty for a while. If you're not worried about the monetary differences in council tax and (temporary) stamp duty, then a slightly increased insurance cost for an empty property should be similarly trivial.
    • davidmcn
    • By davidmcn 8th Mar 18, 1:51 PM
    • 7,658 Posts
    • 7,799 Thanks
    davidmcn
    • #9
    • 8th Mar 18, 1:51 PM
    • #9
    • 8th Mar 18, 1:51 PM
    Any ideas for spurious queries that might prolong the sale are warmly received.
    Originally posted by caspar9
    Your solicitor will have a huge list of vaguely plausible queries and demands, so speak to them.

    But as above, I'm not sure why you'd need to make any sort of regular journeys between the two properties.
    • caspar9
    • By caspar9 8th Mar 18, 2:17 PM
    • 30 Posts
    • 16 Thanks
    caspar9
    S


    You can pay a housesitting service to ensure you comply with any insurance obligations
    Originally posted by Comms69
    Thank you that is an excellent suggestion. I know somebody who would jump at the chance for a extended free holiday and it would make me feel easier knowing that somebody was at the property whilst I complete on the sale of my current abode.
    • caspar9
    • By caspar9 8th Mar 18, 2:19 PM
    • 30 Posts
    • 16 Thanks
    caspar9
    Your solicitor will have a huge list of vaguely plausible queries and demands, so speak to them.

    But as above, I'm not sure why you'd need to make any sort of regular journeys between the two properties.
    Originally posted by davidmcn
    No you're right - I'm just anxious about completing in rainy Cumbria whilst I am hundred miles of away in the sunny south.

    But not too worry - thanks to a previous suggestion I can use a family member to house sit.
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