House sale taking too long, buyer wants discount?
Discussion
I'm in the process of selling my apartment - but it's gone on a little longer than I (or the buyer) wanted. He's asked that if it's not completed by Friday, he wants a discount of almost £1000 to cover his rent on his current property.
Solicitors are saying they are being held up by the leaseholders, as they're still waiting on documentation.
Where do I stand on this? The price he offered was good, on the basis I move out as quickly as possible, and the process was started immediately after the price was agreed (about 5 weeks ago). While I don't want the sale to fall through at this late stage, I also don't want to be quick to hand over £1k when I don't feel its my fault (I've been prompt with returning any information requested).
Or is it just a case of "tough luck" ?
MattyB_ said:
The price he offered was good, on the basis I move out as quickly as possible, and the process was started immediately after the price was agreed (about 5 weeks ago).
Seems fair enough if you said it would take no more than 6 weeks (for example). Then again it's not your fault that the legal paperwork is taking so long. I guess if you went halves on his rental then that might be an option - if that's 1k then seems fair. At the end of the day, it's how you want to play it.If you don't want to risk the sale, apologise for the hold up, say you understand his position but he needs to understand yours, that it's out of your control and you can't afford to lose a grand. Offer to meet him halfway at £500. That way he's got something for the hassle, and you stay on good terms with your buyer.
Mandat said:
Tell him that the price of the flat has gone up by £1k in the last 5 weeks but that you will honour his original offer, thereofre giving him an instant £1k discount without you having to hand over any cash.
^Tell him that its going cost him rent/mortgage/cost of finance no matter where he lives and that you're not going to subsidise that.
Or if you're nice, give him the difference between your mortgage and his rent. (eg. 1k rent - 800 mortgage = £200)
MattyB_ said:
I'm in the process of selling my apartment - but it's gone on a little longer than I (or the buyer) wanted. He's asked that if it's not completed by Friday, he wants a discount of almost £1000 to cover his rent on his current property.
Solicitors are saying they are being held up by the leaseholders, as they're still waiting on documentation.
Where do I stand on this? The price he offered was good, on the basis I move out as quickly as possible, and the process was started immediately after the price was agreed (about 5 weeks ago). While I don't want the sale to fall through at this late stage, I also don't want to be quick to hand over £1k when I don't feel its my fault (I've been prompt with returning any information requested).
Or is it just a case of "tough luck" ?
He has to pay his rent for an extra month but presumably pay his mortgage on your flat for one less month - sounds like he's not lost out...Solicitors are saying they are being held up by the leaseholders, as they're still waiting on documentation.
Where do I stand on this? The price he offered was good, on the basis I move out as quickly as possible, and the process was started immediately after the price was agreed (about 5 weeks ago). While I don't want the sale to fall through at this late stage, I also don't want to be quick to hand over £1k when I don't feel its my fault (I've been prompt with returning any information requested).
Or is it just a case of "tough luck" ?
fandango_c said:
He has to pay his rent for an extra month but presumably pay his mortgage on your flat for one less month - sounds like he's not lost out...
^this^Plus, if it's not the OP's fault then it shouldn't be the OP's problem. Tell the buyer to recover whatever compensation he feels he's entitled to from whoever is causing the delay.
Furthermore, if the buyer walks away form the sale then he'll have to find another property to buy and then be back at square one, thus shooting himself in the foot if waiting is such an issue. Surely he's not that stupid?
sideways sid said:
In addition to all the good points already made, if this was a significant issue for the buyer, his offer should have included penalties / discounts etc from the outset, or at least agreed terms with the OP prior to instructing solicitors.
He didn't. Its not the OP's problem.
Look at it from the buyer's point of view - he offered on the basis of a quick completion and Matt isn't able to go through with that, despite agreeing to it. It's perfectly possible for a seller (or his solicitor, if asked in advance to organise things for a quick sale) to obtain replies to standard enquiries of a landlord before a buyer is identified. So while it's a third party causing the delay, it's not at all the buyer's problem.He didn't. Its not the OP's problem.
ETA: I'm not saying that I agree with this approach, but following the advice on here to play hard ball isn't necessarily going to turn out well.
Edited by Jobbo on Monday 24th June 18:30
I had another phone call today insisting on £1k off the price...but ive been told we may yet be able to complete on Friday if the leaseholders pull their finger out on Tuesday. Not sure the best way to approach it should it fail to do so....
As an alternative, even if we don't finalise on Friday, could he potentially move in on Saturday if it was finally put through a few days later, say, Wednesday? Is there any reason why that's a bad idea?
As an alternative, even if we don't finalise on Friday, could he potentially move in on Saturday if it was finally put through a few days later, say, Wednesday? Is there any reason why that's a bad idea?
MattyB_ said:
I had another phone call today insisting on £1k off the price...but ive been told we may yet be able to complete on Friday if the leaseholders pull their finger out on Tuesday. Not sure the best way to approach it should it fail to do so....
As an alternative, even if we don't finalise on Friday, could he potentially move in on Saturday if it was finally put through a few days later, say, Wednesday? Is there any reason why that's a bad idea?
Other than the fact he doesn't legally own it and hasn't paid for it, no it's a splendid idea! (Seriously don't do that)As an alternative, even if we don't finalise on Friday, could he potentially move in on Saturday if it was finally put through a few days later, say, Wednesday? Is there any reason why that's a bad idea?
He is just as far into this as you now with fees & Legals, if he plays silly buggers just tell him the property is no longer for sale, he is simply playing on your emotions to save himself a nice holiday fund! IMHO he wouldn't risk the property for the sake of a poxy 1k, he's simply trying it on.
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