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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:

Freckle · 02/06/2007 14:03

Oh and mention to the agent that, if you do remarket, you may well be considering using a different agency (mention you have friends locally who would be happy to help sort matters) - if they think they are going to lose their commission, they'll pull their finger out and start putting pressure on the buyers.

Carmenere · 02/06/2007 14:04

You do realise that they are at home feeling quite pleased with themselves for being so clever don't you?
Agree about them being hard-nosed business men, they are just looking for ways to shave off the asking price. Don't fall for it.

lyrabelacqua · 02/06/2007 14:06

What grounds have they got for asking you to pay the stamp duty?
they are clearly just being cheeky bastards trying to get a better deal than the one they've already got.
Do not give them anything. It's obvious they won't pull out, they're just trying it on.

scatterbrain · 02/06/2007 15:14

I agree that they are cheeky bastards - no reason to ask you to pay their stamp duty, and as you stipulated 2nd July at the beginning they have no reason to moan !

My case is different in that we were being pushed for an 8 week completion (move date would have been May 1st) and here we are at June 2nd and he has suddenly discovered a redemption penalty ! We have been misled - you have not misled anyone !

Idreamofdaleks · 02/06/2007 15:32

Your estate agents are not earning their money here. They are employed by you but they want their money quickly and are prepared to let your buyer exploit your overseas position just to get their share of the money. They are not committed to getting you the best deal. Furthermore, why did you market this property £28k higher then drop the price by so much? Was the property overpriced or not?

I would remarket immediately with another estate agent. Dump this buyer and dump your agents. You will be able to arrange interim financing and if you can sell for £28k more it is worth waiting a little longer. Get your new agent to do an open house viewing next weekend.

Good luck with it all - but it seems to me that you are being taken advantage of by both your buyer and your agent.

RibenaBerry · 02/06/2007 16:19

I agree with what others have said. It sounds like your estate agent is not on your side here. He's thinking 'must get my commission' and is giving the seller the impression you'll cave.

You need to make him scared that his commission is on the line. Tell them (in no uncertain terms) that you will not be bullied. As others have said, say that you are seriously considering re-marking at the original asking price, and that if you have to you will use another agent. If you feel brave enough, you could even say something like "I don't feel like you've really stood up for us in this. You told me that a licence was common, and I've found out that it isn't. I'm sure we all want this deal to complete, but they're the ones who are being unreasonable and I think it's them you need to put some pressure on". Mind you, I'd chicken out of saying that...

Loshad · 02/06/2007 16:56

Agree - you really must not either cave in re completion date, or pay their stamp duty - cheeky so and so's. Probably currebtly boasting to their mates about good they are at getting money off the purchase.
Get tough with your estate agents and get them to tell the vendors it's original deal or the property goes back on the market first thing on monday morning.
Sorry you've been getting all this sh**, particularly when you are so far away.

Idreamofdaleks · 02/06/2007 16:58

Ask your estate agents how they suggest pressure can be brought to bear on the buyers.

Sugarfree · 02/06/2007 17:01

The only time I have really totally lost it was on the phone to an estate agent.Dh walked in,in the middle and was speechless to find me effing and blinding at the top of my voice.

I was 7 months pregnant and our buyers wanted to have their new double bed and three piece suite delivered to our two up-two down before completion.They also threatened to pull out on us if we didn't agree.

Get on the phone and give them what for,go on you can do it.Stick up for yourself.They are cheeky buggers.Stamp duty indeed!

Freckle · 02/06/2007 17:02

If you can get your lenders to agree to a mortgage holiday, you will be in a very strong position. I can't see them refusing as they must be aware that you are in the process of selling and they know that their money is safe.

Really, get your agents to earn their commission rather than sitting there just waiting for it to fall into their laps by putting pressure on you rather than the buyers.

Your solicitor sounds good and clearly has your interests at heart. Don't let your greedy buyers push you into selling yourselves short. Your house is always going to be your biggest asset, so make sure you don't let it go for a song simply because you can't stand the stress.

Original poster

DCsnatchsunhill · 02/06/2007 22:36

Thanks everyone, everything you said makes so much sense.
Freckle, I might cut and past everything you said and e-mail it to the estate agents.
And I agree with everyone who said that we're simply going along with it as we we're in a different country. Have woken up this morning and still feel sick with worry and have no inkling which way to go.
Will check on Alliance and Leicester Website and see if they're open later today (tomorrow your time) and check out mortgage holidays.
Will certainly post and let you know how we handle it. REALLY appreciate all of the encouragement to do the right thing...thank you

OP posts:

lyrabelacqua · 05/06/2007 20:47

So, what happened???

mm22bys · 06/06/2007 12:48

We did this when we bought our first flat five years ago...

We were keen to buy, the seller was keen to sell (they too were moving to Oz), but the management company was holding up the sale.

So we rented the property from them on the basis of an assured shorthold tenancy for about two months.

It all worked out fine, plus we were able to buy all their furniture for a quite reasonable price.

We had signed lease, they were happy, and we were happy, and the sale did eventually go through with relatively no hitches.

Mumpbump · 06/06/2007 13:04

DC - there is very little property for sale at the moment in the south east - don't know whereabouts your house is - and anything new on the market seems to go really quickly. I would stick to your guns if I were in your position. If they are that keen to move in early, they won't want to have to start again, plus they will have incurred a whole load of costs in carrying out searches, etc.

If you were minded to let them move in sooner, I would be inclined to go down the tenancy route and get them to pay for credit and reference checks. Like that, they have to make a commitment for 6 months, you should be insured if they default on the rent and a market rent will presuably cover a large part of your mortgage if not all of it. I have a flat which I rented out when I was in Oz for two years and it never caused me any bother, but I am not a property lawyer so there might be reasons to avoid this situation where you're selling to the prospecctive tenants.

Piffle · 06/06/2007 13:09

Seriously taking the piss.
Hell if they agreed that date in the first instance, then tough shitty poo.
If they want it that much they should be paying your redemption costs - in advance cheque cleared thank you very much.
Of course the agents tell you it is done all the time, they've probably already spent their commission.

Trust your solicitor, she knows your best interests and will be the only one acting in them.
Honestly some people....

Woodmouse · 06/06/2007 14:35

If your house is in the south east there is a real shortage of sellers. I agree with Kaz, but have only skimmed the thread. Be very wary of licences to occupy. We use them on commercial premises, but they are risky. An Assured Shorthold Tenancy under the Housing Act for a term of two weeks might cover it, but then you are legally a "landlord" and you'd be responsible for all the baggage being a landlord carries. It'd cost you a fair bit to have your solicitor draw up an AST. is it worth the hassle? I think you'd prob need a court order to get them out if you didn't complete, so that could mean court costs etc

They must be desperate to get into occupation, if they want a 2 week Licence to Occupy. What about calling their bluff?
You could bring the completion date forward. Your estate agent knows b*gger all. he wants the commission and it's not usual to do this, although I have heard of it

LIZS · 06/06/2007 14:40

A slightly different tack but depending on how much commission your EA is getting and your selling price , how about asking that they split the Early Redemtpion fee with the buyer to prevent the sale allegedly being at risk - might focus their minds a bit !!

edam · 06/06/2007 14:41

Nooooo don't let them do this, call their bluff. They won't find anywhere else that they can move into that quickly.

oliveoil · 06/06/2007 14:50

tell them to feck off

I am sure your solicitor will have a polite, official term that means the same thing

lyrabelacqua · 06/06/2007 23:05

dc, we want to know what happened!

Original poster

DCsnatchsunhill · 07/06/2007 11:47

Hi all,
Well I finally have some news, but it is NOT the news that we were all expecting.....
I spoke to the Alliance and Leceister two hours ago and they are prepared to WAIVE the redemption charges!!!!
I can't believe it. Mum suggested I tried and appeal to their better nature. At first, they told me that it wasn't their problem, that completion dates were between us and our buyers. All I could do was agree and let them know that we tried all we could do to keep the sale going for another ten days. He said there was no chance of them waiving the redemption penalties but he'd just check with his manager....who said YES!!
Apparantly they can use discretion if there is only 10 - 14 days difference. all we have to do is pay the interest up until July 1st. So, buyers buy as planned on 16th (Soz guys, that was the date they came back to me with yesterday) and we redeem the mortgage immediately, but pay interest (ten quid a day) up until 1st July.
Absolute bargain. Well done Alliance and Leicester and boo hiss to my buyers, (although hope their op goes well, no bad feelings).
There you go ladies, what a resounding success. thank you to all for your support! I didn't stand my ground with the buyers, but tried to with the mortgage company

OP posts:

LIZS · 07/06/2007 13:58

But at least you're no worse off than if you'd got your way . Have you exchanged now ?

lyrabelacqua · 07/06/2007 18:20

Glad you got a result at last. Annoying though that your cheeky-arse buyers get their way

Original poster

DCsnatchsunhill · 07/06/2007 23:23

Yes,certainly no worse off and I've woken up this morning without a headache. Hurray!
Nope,still no exchange, think they want to exchange and complete on the same day, which would be around 16th June.

OP posts:

Blu · 08/06/2007 12:04

Why won't they exchange immediately, now? because they would have to pay the deposit, that's why!!!!

All v fishy if you ask me - any normal person would exchange asap - get your solicitor to insist theye exchange!

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