Page 3 | house buyers want us to cover rent until sale complete

SAF55 · 2024-02-21T03:30:56+00:00

We are in a chain where we are selling and buying, our sale has been slow due to the housing association (we Own a shared ownership) being slow in responding to enquiries however we have chased and chased and tried to progress the sale as much as we could, ultimately it was out of our hands. Our buyers now asked if they could move in before the sale is completed as their rental agreement ends which is a definite no as we won’t have anywhere to move into and have a toddler and in also currently pregnant. They have then asked us to cover part of their short term Rental due to not meeting the ‘deadline’ of when their contract ends. I don’t think we should have to do this as this is just part of the process of buying a house- target exchange dates are not concrete and I understand their position is not ideal to have to rent but we also can’t afford to pay for their rental! We have cow winged contracts so I’m hoping we can still complete in the three weeks before their contract ends but don’t want to lose them as we have lost 2 buyers previously. Any suggestions??

AngelasEyelash · 25/02/2024 07:10

We were in a similar situation where the whole chain had to move by a certain date otherwise our buyer would lose their mortgage offer. The seller of the property we were moving into couldn't move for a further month so we ended up in an AirBnB with our stuff in storage. We negotiated with our seller who contributed towards our costs. If we had dug our heels in and not moved then the whole chain would have collapsed - this was in the middle of Liz Truss's time as PM so that disastrous budget would have scuppered our buyers likelihood of getting a new mortgage offer at an interest rate they could afford.

The problems seem to lie with speed of response from your HA OP - must be very frustrating for everyone! Can your solicitor apply more pressure to them to respond quicker?

Cornflakelover · 25/02/2024 07:43

My son couldn’t go on a month - month contract when he was buying
he was on a scheme that meant he had really cheap rent - think 850 a month compared to the usual 1400 so he had to extend his context by a further 6 months

as it is he got the keys on Monday and is living there
but he still has to pay rent till May

I’ve given him the 3k as a present as I just wanted him in the house as it’s absolutely perfect and

it also means no rush in having to get everything out
we can clean the flat properly and take our time
he will get his deposit back so that’s around 1300 I think

2months between exchange is ridiculous long

MrsWobble3 · 25/02/2024 07:43

Twiglets1 · 25/02/2024 05:34

She may have mentioned it to her Sellers but did the other people in the chain also get told? That’s unlikely and their wishes are just as important as your daughter’s. A simple Google will tell you & your daughter that a 2 month pause between Exchange & Completion is highly unusual & not a reasonable thing for one person in a chain to demand.

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I don’t know if the information was passed up the chain - possibly not since neither she nor her vendor were told there was a chain above her vendors purchase. And given that the last two house purchases I have made both involved a three month delay it did not seem that unusual to dd or me. And none of the professionals involved in the transaction, EA or solicitors, suggested it was unusual. So it didn’t occur to us to do a simple Google as you suggest.

And the earlier q about notice - her lease requires a 2 month notice period so that’s why it’s 2 months.

Twiglets1 · 25/02/2024 08:29

But now you know from this thread that a 2 month pause between exchange & completion IS highly unusual @MrsWobble3 why are you still not accepting that your daughter is being unreasonable expecting others to pay for a problem that is her problem as she signed the lease?

MrsWobble3 · 25/02/2024 08:42

well I don’t think she’s unreasonable to ask, and frankly given that the amount she is asking for will be pretty trivial if shared up the chain then she may well get it. But she’s not going to lose the house over this so we’ll help her out if necessary.

Autumnlover8 · 25/02/2024 09:29

MrsWobble3 · 22/02/2024 22:51

I think my dd is going to ask her vendors to contribute to her rent. She has been clear from the start that she has a two month notice period and would not hand in notice until exchange so there would need to be a two month gap between exchange and completion. Her vendors either ignored this or didn’t pass the info up the chain. There is now outrage at the top of the chain at this delay and dd is being pressured to agree to a shorter gap. She has said she will but only if her rent is paid as she can’t afford to pay mortgage and rent. I don’t think she’s being unreasonable.

I think most would agree she absolutely is being unreasonable - two months, wow!

MiltonNorthern · 25/02/2024 10:02

MrsWobble3 · 25/02/2024 07:43

I don’t know if the information was passed up the chain - possibly not since neither she nor her vendor were told there was a chain above her vendors purchase. And given that the last two house purchases I have made both involved a three month delay it did not seem that unusual to dd or me. And none of the professionals involved in the transaction, EA or solicitors, suggested it was unusual. So it didn’t occur to us to do a simple Google as you suggest.

And the earlier q about notice - her lease requires a 2 month notice period so that’s why it’s 2 months.

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Some landlords put 2 months notice period in leases but it's not enforceable assuming she's out of her fixed term period. If she's on a periodic tenancy then she only has to give 1 month.

MiltonNorthern · 25/02/2024 10:03

MrsWobble3 · 25/02/2024 08:42

well I don’t think she’s unreasonable to ask, and frankly given that the amount she is asking for will be pretty trivial if shared up the chain then she may well get it. But she’s not going to lose the house over this so we’ll help her out if necessary.

But she really is. She will make herself look stupid if she asks and risk looking unserious to the vendors. Please advise her not to do this.

Winter2020 · 26/02/2024 02:08

MrsWobble3 · 25/02/2024 08:42

well I don’t think she’s unreasonable to ask, and frankly given that the amount she is asking for will be pretty trivial if shared up the chain then she may well get it. But she’s not going to lose the house over this so we’ll help her out if necessary.

The problem is after exchange the buyer is compelled to buy the house but the seller is still in charge of it. So if the house gets flooded/ burns down, someone in the chain get made redundant/has a serious accident/ dies, the mortgage lender pulls the mortgage/lender goes bust etc it creates a world of pain for everyone involved.

There is too much risk in a 2 month gap between exchange and completion.

mathanxiety · 26/02/2024 03:16

SAF55 · 21/02/2024 07:13

if they start looking at other properties they would surely be renting longer. We are very close to exchanging and we just can’t afford to pay our mortgage, childcare costs and their rent. We also both made it clear on our contracts that if either we or they pull out, they must pay the solicitors fees if the other party, so it would cost them our fees if they pull out.

Stick to your guns.

They can get a bridging loan.

Ladybyrd · 26/02/2024 04:35

What if you cover their rent and they pull out?

I wouldn't. They can either put up with it, or not and pull out. That's the way it works.

Whaleandsnail6 · 26/02/2024 09:35

We were the renters in this situation although we didnt ask for rent contributions, we did threaten to pull out.

The sellers had already changed the date on us 3 times due to buying a new build that hadnt been fully built, and had guaranteed to us that they would be out by June and move in with relatives if needed. Our landlord had been brilliant over the years we had rented off them, so we didnt want to keep messing them about . Our buyers then turned round and said they suddenly couldn't move in with relatives, and took June off the table. We were prepared to pull out over this, even though that was probably cutting off our nose to spite out face, however they the changed their minds and suddenly June was back on. So be prepared that they may be willing to pull out over this.
Stressful situation all round but we got there in the end!

MrsWobble3 · 26/03/2024 18:39

Just thought I’d update re my daughter. Based on the comments on here I warned her that she was unlikely to get any rent contribution and also likely to get pushback on a two month delay. The chain has agreed a five week gap between exchange and completion.

Notamum12345577 · 26/03/2024 18:42

SAF55 · 21/02/2024 07:13

if they start looking at other properties they would surely be renting longer. We are very close to exchanging and we just can’t afford to pay our mortgage, childcare costs and their rent. We also both made it clear on our contracts that if either we or they pull out, they must pay the solicitors fees if the other party, so it would cost them our fees if they pull out.

Any update?

MiltonNorthern · 26/03/2024 18:43

MrsWobble3 · 26/03/2024 18:39

Just thought I’d update re my daughter. Based on the comments on here I warned her that she was unlikely to get any rent contribution and also likely to get pushback on a two month delay. The chain has agreed a five week gap between exchange and completion.

She's very fortunate, that's a good compromise.

pilates · 26/03/2024 18:50

Op, don’t feel pressured into paying. Just say no.