Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Flip

1 2

Original poster

Buyer at start of chain want us to pay their rent due to our delay - weird, no?

47 replies

Beckadillo · 27/09/2016 11:13

We accepted an offer on our house at the start of the summer, and our buyers have been very patient waiting for us to find the Right House. They have a first-time buyer for their property who has been able to buy since his funds cleared this month. We've now found a house, and hope to exchange immediately, with a view to moving just before christmas, which our buyers have accepted with good grace.

However their buyer is kicking up a fuss about waiting (a bit rich as he's only just become able to actually buy) and has said that he wants us to contribute towards his 'extra' rent while he waits to move (though he won't be paying a mortgage, so that must balance things out a bit). That's very weird, isn't it? I was initially sympathetic as I know his tenancy agreement officially ends in November, and had even started asking around locally if there was anywhere affordable he could stay, but asking us for cash? His contract isn't even with us, after all.

I obviously don't want the chain to fall through now that we've found somewhere to buy, but am tempted to tell him to sod right off (politely, via estate agents).

What do you think?

OP posts:

PikachuSayBoo · 27/09/2016 19:28

So you're holding up the sale as you don't want to mess the kids school I g up?

Which is fair enough but you're messing him up and causing him problems and expense. I'm not been funny, but that's the way I see it.

I thought you could complete very soon after exchanging. Last house sale I was involved in we exchanged on Weds and completed on Friday. So if you're exchanging immediatly you're then dragging your feet for two months??? Have I got that right? If so I would be annoyed.

kirinm · 27/09/2016 22:04

What do you mean by his funds having only cleared this month?

I'd be pissed off if we exchanged and then I had to wait another 2-3 months to placate someone to be honest.

anotherdayanothersquabble · 27/09/2016 22:29

It is strange asking for money, yes, but exchanging immediately and then waiting for three months is also odd. Why don't you exchange and complete within a more reasonable time frame and you can all stay at your mates house and put your stuff in storage until you are ready to move schools. (Doesn't sound so reasonable this way round does it?)

PurpleDaisies · 28/09/2016 09:06

Our sellers are paying our rent. We were the middle of the chain and going to lose our buyers if we didn't complete on our sale. They were supposed to be moving out and renting but changed their minds. Their house was only supposed to be two weeks behind us but it wasn't. We couldn't take a normal rental because the time period was too long so we're in holiday cottages.

I don't think it was unreasonable for us to have asked them to move out as they'd said they would or agree to pay for our cheap holiday cottage in the meantime or we'd pull out. We are happy to cope with the inconvenience of having most of our stuff in storage and no permanent address as long as we weren't out of pocket as well. We've been ready to go for three weeks now.

I think it's out of order to wait three months to complete when you've got other people waiting for you.

RedKites · 28/09/2016 09:13

Could you move October half term instead?

YelloDraw · 28/09/2016 12:38

I'd be pissed off if we exchanged and then I had to wait another 2-3 months to placate someone to be honest

Yeah same. 3 months is a crazy amount of time to wait. He could find and buy another place in that time! Suggest you are being a little bit precious re school/nursery places.

starlight36 · 28/09/2016 12:50

We ended up knocking money off our asking price to cover our buyer's extra rent on a short term let. They had handed in their notice on their flat based on our 'pushy' estate agent's advice of the latest possible move date rather than waiting for their solicitor's recommended move date. They were first time buyers and were threatening to pull out of the sale. We had already had two offers drop out in the flat - one couple couldn't get a mortgage and the second buyer lost his job - so we didn't want to start again from scratch. I was initially really cross at the demand and annoyed that we were paying for their mistake but a colleague reminded me that in the grand scheme of all the other fees we were paying the extra amount was a small extra to pay to guarantee the sale went through. He was right and 7 1/2 years on it seems mad we initially didn't want to pay.

DesolateWaist · 28/09/2016 12:51

I can see why he's pissed off. He's having to find a place to rent for a very short term, which will be more expensive than a mortgage and move twice/keep stuff in storage to suit your children.

NoSquirrels · 28/09/2016 13:00

Well, if you don't offer (between you and your buyers) to help him out with the delay that is meaning his rental contract would be up, then he could well decide to pull out entirely if he felt like it, and then you would be delayed even further if your buyers lost him?

I know it sounds like blackmail, but perhaps his landlord won't extend his contract, or doesn't want to try to relet just before Christmas (as a former LL I would be reluctant to have an empty property in December/January whilst I relet). From his POV, you have found somewhere and can exchange, but don't want to - I sympathise with your reasons, but you might need to sympathise with his as well.

Perhaps between you and your buyers, you can find out exactly what the financial consequences are to him of staying put past the end of his contract with his LL, and go from there.

Don't be blackmailed, but I would say don't dig your heels in over the sake of a small sweetener either.

GplanAddict · 28/09/2016 13:12

We had our rent paid for by the house builders when the build of it was delayed. I don't think it's that unusual. Bit different that it's your buyers buyers but same principal.

Original poster

Beckadillo · 28/09/2016 16:37

Woah blimey lots of replies - sorry for silence, thought this fizzled out yesterday...

Ok, fair enough that most people seem to think we're the entitled ones, shall bear your thoughts in mind - I genuinely was after a straw poll of sorts when I posted, it's hard to keep things in perspective with emotive moving-house issues sometimes!

Am surprised that it's so unusual to have a gap of a couple of months between exchange and completion - round here it seems to be fairly standard for the whole thing to take an age - we had a wait of about 6 months when we moved here (not us holding things up that time).

Anyway we're waiting for first-in-chain to find out what his options actually are (he didn't have any details when he was asking for cash) then shall re-evaluate. The others in the chain have expressed no strong opinion about move date (though all wanted quick exchange, for peace of mind), they're all in very flexible positions, and I suppose if the only real issue for FTB-Renting Guy is that he'll end up out of pocket, perhaps we should consider helping out. Ho hum. There seems no end to additional expenses when moving!

Thanks again...

OP posts:

YelloDraw · 28/09/2016 18:18

How reasoned Beckadillo! Hope it all woks out :-)

user1471471187 · 28/09/2016 18:31

When I moved we were buying a new build and so were holding up the chain. Our buyer was ok but their buyer was in same situation as yours and we did end up paying their rent.
On our most recent house move we exchanged and completed within a week. All the work has to be done before exchange so a 2/3 nth gap is huge. It took us 10 weeks from offer to completion snd that felt like a long time.?2'when you agree to buy a new house usually you are keen to get in.
I think you are being unreasonable to expect everyone to wait until Christmas. Not the best time of year to move! But if that is the only option I think you should think about paying the rent unless you are happy to risk breaking the chain.

CotswoldStrife · 28/09/2016 18:41

We had a gap of one month between exchange and completions, because our buyers buyer wanted to give notice (he was renting). Everyone thought that was massive (we were expecting it anyway as we knew he was renting) but 2 or 3 months would be too long for me tbh.

It is difficult to rent short-term, ASTs are for 6 months so a short gap is actually quite difficult to cover.

PetraDelphiki · 28/09/2016 18:55

I think at most I would agree to the difference between his rent and his future mortgage payment!

Ifailed · 28/09/2016 18:58

Beckadillo
Yep, it is stressful, for everyone. Good for you for re-considering.
Hope it all goes OK for everyone.

Original poster

Beckadillo · 28/09/2016 21:39

Petra that's a reasonable suggestion, if he's able to extend his rental agreement without penalty then any difference between rent and mortgage would at least give us a starting point for negotiation...

Am I allowed to blame our estate agent a little (in fact, can I blame them for everything please, from my son's unlearnt spellings to the slightly-burnt-and-very-wonky Macmillan cake I'm staring glumly at?) as it was their initial suggestion that we exchange swiftly before a christmas completion... Don't think I'd have automatically thought that was ok otherwise.

Shall be whooping from the rooftops the day I can say goodbye to estate agents and their flexible relationship with the truth...

OP posts:

TheCrowFromBelow · 28/09/2016 21:59

Exchange will take as long as it takes! You can say you're trying for a quick exchange with completion before Christmas but unless you are a cash buyer with no survey you are at the mercy of your solicitor, surveyor and lender.

Maybe your buyer hasn't been honest with his buyer, and let him think things were progressing a bit faster to make sure they don't lose him? Anyhow, just say no. There's no way anyone in your chain can guarantee a completion date until exchange.

rubybleu · 29/09/2016 19:31

The problem with a long delay between exchange and completion is that you're on the hook to buy a house you don't own/can't control. Yes, you can insure it but that's only marginal comfort if something goes really wrong. You are wanting to hold up completion to suit your family so I would see it the same way as your buyer - if our seller had suggested we go rent a room belonging to one of her friends we would have given them very, very short thrift.

I have friends with a baby on the way who have been convinced by their seller that it's OK to serve notice on the sitting tenants only after they exchange. It's complete and utter madness - there is zero guarantee of securing VP before baby arrives.

YelloDraw · 29/09/2016 21:13

No way! Their solicitor needs to tell them that's not on. VP for exchange would be normal??

kirinm · 30/09/2016 09:30

That's what my bastard vendor did. Said in the various forms that he'd given notice and we got to exchange only to find out that he'd lied! We bit the bullet and hoped for the best and luckily his tenants moved on time. It's so infuriating because he'd delayed and delayed things and continually lied and we had zero comeback.

Iamdazedandconfused · 07/10/2016 22:02

I work in conveyancing at the minute and last week the buyer we were working for managed to get £1500 knocked off the original agreed sale price. This was due to a delay of about 3 months on the sellers' part, so ime it's not that unusual for buyers to ask to be 'compensated' for delay.

Also, where I am it definitely isn't the norm to have several months between exchange and completion, up here the whole process takes on average 6-8 weeks just shows how differently things can work around the country.

Good luck with the whole thing OP, moving house is a pain at the best of times!

Flip

1 2

Swipe left for the next trending thread