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Original poster

Our house buyers want to move in two weeks before completion....can we allow this?

100 replies

DCsnatchsunhill · 01/06/2007 23:26

Our house buyers want to have an earlier completion date than us. We have redemption penalties on the mortgage that finish at the end of this month, but they want to move in ten days earlier.
We have asked them to wait but they have said they'll pull out if we don't let them.
Our solicitor is not happy but has said they can move in "under licence"??
Does anyone have any experience of this?

OP posts:
lyrabelacqua · 02/06/2007 12:18

Scatterbrain, that sounds awful, and he must have known about the redemption penalty when the original completion date was set. Git!
Have you managed to rearrange your holiday?

scatterbrain · 02/06/2007 12:30

Nope - have lost almost £2 grand on it ! Bastard !!!

I really want to pull out to show him that he can't piss people around like this - but we really want the house - and as dh rationally says - it is ONLY a month !!!

This house is like a shell though - I hate being in it !

lyrabelacqua · 02/06/2007 12:32

Two grand!!! That would seriously bother me for a long time. Get him to drop the price to cover your losses.
Good luck with the move and I hope nothing else goes wrong.

Original poster
DCsnatchsunhill · 02/06/2007 13:15

Thanks All. Right, think we're agreed that the buyers will NOT move in two weeks before completion.
Now all we have to decide is whether to bring foward the completion date by two weeks and lose 2000 pounds in redemption penalties, or to call their bluff and insist on the original completion date.
May I just stress that when we accepted their (low) offer it was on condition that they settled on July 2nd. (as we knew we would not have to pay penalties).
So, what would you do? Pay redeption penalties and have peace of mind that all was well...
...or seethe inwardly at having to pay unnecessary money to fat bastard bank, for the sake of a fortnight.
I'll go with the majority

OP posts:
lyrabelacqua · 02/06/2007 13:17

Call their bluff. Tell them to pay up or wait.
They won't walk away. They have broken the original agreement and you should remind them of that.

Carmenere · 02/06/2007 13:19

I am very relieved that you have decided against letting them move in. I would hold out to avoid the redemption charge, you have the perfect excuse of them getting the house at a price considerably under the asking price. The ONLY way you should consider this is to have them pay the 2k as this is probably what it would cost them to rent anyway. They will not pull out, how could they? What would they do?

portonovo · 02/06/2007 13:23

I would call their bluff - like the others have said, are they really going to find somewhere else to live that quickly? And if it were that easy, couldn't they just find somewhere for those couple of weeks anyway?
If one of them is having an operation, the last thing they will want to be doing now is to start the whole house-hunting and conveyancing process again.

I would stick with the original date unless they pay your redemption charges. I really would not budge on this one. And I would have serious words with the estate agent - it's you who's paying them!

Original poster
DCsnatchsunhill · 02/06/2007 13:32

Hmmm, lot of sense there Portonova, thanks for that.
Carmenere, just to make you laugh...we just took Portonova's advice and phoned the Estate Agents (to try and re-assert our authority - gulp!) and the buyers have been back on the phone saying that they'll complete on the 2nd July if we pay their stamp duty. WTF!!!!
I see another night of no sleep ahead. Thanks everyone, off to bed now but will check back again in the morning for any other words of wisdom.

OP posts:
gess · 02/06/2007 13:32

There's no way I would pay the redemption penalty. Make the offer again- if they want early access they pay the 2 grand, otherwise they wait 2 weeks.

gess · 02/06/2007 13:33

pay their stamp duty wtf???? They're having you on!

Kaz33 · 02/06/2007 13:33

EX commercial property solicitor - we used to grant Licence to occupy all the time bit for commercial property.

We would NEVER give a term to the licence as that was the one thing that turned it into a tenancy. And you don't even want to think about granting a tenancy as suddenly you move into the horrendous world of landlord and tenant law.

I would be clear and calm - you can't afford to buy your new house if you have to pay a redemption penalty so have to wait until the agreed date.

PS: Have you spoken to your mortgage company, if you are taking a new mortgage with the same company then they might be flexible ??

Original poster
DCsnatchsunhill · 02/06/2007 13:37

Kaz, the house is vacant and we're a million miles away in Australia. It's this vulnerability that makes it hard as I'm always worrying that it's secure, how we'll afford the next mortgage mayment whilst we're paying rent out here.
I even though about phoning the Alliance and Leicester and appealing to their soft side but somehow don't think this will work

OP posts:
noddyholder · 02/06/2007 13:39

Can't you let it to them for teh 2 weeks?

Kaz33 · 02/06/2007 13:39

Yes, but I bet if you rang them up and said that you needed a mortgage holiday then they would agree.

Mortgage companies don't want to have to take legal action, just means that you would pay a smidge more interest on your loan. That could give you peace of mind.

Original poster
DCsnatchsunhill · 02/06/2007 13:39

Hi Ribenaberry. Thanks for your advice - thing is, the estate agents know that we rented our house out a few years ago and so not sure if I could pull the wool over their eyes. However, I did just use your "Mortgage company has said we can't let them move in early" line. I am officially the Cowardly Lion!!

OP posts:
Kaz33 · 02/06/2007 13:40

No you do not want to let it to them - if they refused to go then you would have to evict them.

Original poster
DCsnatchsunhill · 02/06/2007 13:41

Kaz, never thought of that. Are we allowed to take breaks? Is that a normal clause in a mortgage? That might work for us if the buyers do pull out..

OP posts:
LIZS · 02/06/2007 13:44

Pay their Stamp Duty wtf ! so it isn't really about timing then is it . Push for the 2nd , remind them they have a good deal on that basis alone and if they want to do anything sooner your price goes up by 2k or you'll remarket. btw if the op is NHS it may get delayed, in which case no date you plan will be ideal, and if it isn't they chose that date and have created the "problem".

Kaz33 · 02/06/2007 13:46

A lot of mortgages have breaks built in. But, even if you don't the first rule of financial difficutly is to get in touch with your mortgage company and explain the position. They will take the attitude that they will get there money back when you sell the property so no downside for them.

If you discounted this property by 28K then are you underselling this property??

As to the stamp duty tell them to take a running jump.

Original poster
DCsnatchsunhill · 02/06/2007 13:50

Lizs, that's exactly what we said - about the op probably being delayed!
Thanks Kaz, will give A & L a ring on Monday if we decide to push for saving ourselves the 2000k.
Right, MUST go to bed, almost 11pm. Thanks again, will deffo post and let you know what we decide to do and how the buyers react. Cheers everyone!

OP posts:
noddyholder · 02/06/2007 13:50

I have re read this and if thwere is any way you can readjust yor finances for a few weeks I would call their bluff They are way too cheeky and grabby You have reduced the price and their stamp duty is not your business

LazyLine · 02/06/2007 13:51

I don't know an awful lot about mortgages and The Law but it sounds to me that they are counting on the fact that you will think it's too much hassle being in another country. They seem to be pushing you for everything you have got, seeing how far they can go before you say no.

You gave them everything they wanted. Maybe they will pull out, but seems unlikely if they need a house so badly. You have already given up over twenty grand of the value.

Just say NO!

CarGirl · 02/06/2007 13:57

your buyers sound like hard nosed business dealers. I think they are playing on your vulnerability being out in Oz. They are asking you to pay out money to compplete on a date that was stipulated when you accepted their low offer, errrrrr tell them to get lost!

I'd check out the mortgage holiday and if you can take one absolutely stick to your guns! If you can't then I'd ask the buyers to agree to the original terms and exchange immediately or you are going to put the house back on the market, personally I'd rather sell it for less to someone who is not going to mess you about.

Ask your agent if they have other buyers on their books at the moment who may be interested and able to do a quick purhchase.

Think this will sort out your buyers once and for all, do they really want the hassle of the sale falling through with surgery looming on the 20th ........I think not!

Freckle · 02/06/2007 14:02

I suspect that their stamp duty is a darn sight more than £2K.

They are clearly banking on the fact that you are on the other side of the world and want this done and dusted as soon as. Call their bluff.

They either complete on the original agreed date, paying their own stamp duty, or you remarket immediately at £30K more. Stress to the agent that you are deadly serious - tell them that your lender has given you a mortgage holiday so your finances can cope with remarketing (it doesn't have to be true ).

Get your agent working for you. It sounds as though your buyers have been given the idea that they can push and you will cave and I wonder where that came from .

Kaz33 · 02/06/2007 14:02

Just a thought if you estate agents start putting pressure on you - then just remind them that they work for you and no doubt there are other agents who would love to do business with you.

Can you tell I think most estate agents are shysters?

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