LKC Posted March 19, 2009 Share Posted March 19, 2009 We are in Sydney now, but we have our house on the market in the UK. Lots of viewings and a couple of low offers so far which we rejected. It was originally on the market for £340K, but we have dropped it in stages to £280K (£50K UNDER what we bought it for but ho hum). We have a family who are interested. Their first offer of 208K was rejected as was their second offer of £220K. The agent then asked us, what would be the absolute bottom line, so we agreed that at £245K, overall with our property buying/selling over the past few years, we would make a small loss but at least it would be sold. The interested party have today come back to the agent to offer that they are happy to pay £245K, but that they will pay £230k now, then in 18 months time they will pay the remaining £15K, but they want us to sign the deeds for the house over to them! Is it just me, or is this a very strange thing to ask someone to do? Would you sign your deeds over to someone on a promise or am I missing something here? Link to comment Share on other sites More sharing options...
Guest andygfc Posted March 19, 2009 Share Posted March 19, 2009 I know we all want to get, the most we can for the least we can pay, but some will try and take the pi**. Very strange deal they want there though ! I'd hold out for as much as possible for as long as you can, as the market WILL pick up. Link to comment Share on other sites More sharing options...
LKC Posted March 19, 2009 Author Share Posted March 19, 2009 I just don't understand why they thought we would sign the deeds over to them. I'm not being thick here am I? Link to comment Share on other sites More sharing options...
Guest proud2beaussie Posted March 19, 2009 Share Posted March 19, 2009 To be honest I think they are taking the p**s a bit but then you have to remember that at the moment it's a buyers market and they probably think you are desperate to sell so will try anything. If it was me I would tell them to shove it but then I don't know your financial circumstances. Good Luck Link to comment Share on other sites More sharing options...
LKC Posted March 19, 2009 Author Share Posted March 19, 2009 It is just that they agree on 245, but only want to pay 230 and will then pay the balance in 18 months but still want the deeds for the house that I can't get my head round. If they'd said that they could only afford 230 then that would have been that, but what they are suggesting doesn't make any sense. Link to comment Share on other sites More sharing options...
Guest proud2beaussie Posted March 19, 2009 Share Posted March 19, 2009 The only way I would agree with it is if I had an ironclad guarantee that the balance would be paid at the agreed time otherwise they could take the deeds and in 18 months time refuse to pay the balance and then you would have to sue them to get it.I would say no,the deeds stay at our bank till you pay.,but like I said it's your house and your money , Just my two cents worth Link to comment Share on other sites More sharing options...
LKC Posted March 19, 2009 Author Share Posted March 19, 2009 Exactly. We wouldn't be willing to sign the deeds over on a promise, they wouldn't pay without the deeds and I don't think our solicitor would touch them with a bargepole. Mum-in-law is dealing with the house sale for us and has already told the agent no. The agent agreed that he had never heard of doing that before. They could refuse to pay the balance. Maybe they were hoping that we'd say okay to £230k, but we can't go lower than we told them. We will already have lost a packet on it and just can't afford any more. If it isn't sold by September then we are going to let it out I think, although I am reluctant to do so until we have given selling it a fair go first. Link to comment Share on other sites More sharing options...
Guest John Sydney Posted March 19, 2009 Share Posted March 19, 2009 Well I never heard of a deal like that - I think they are trying to get the house for 230 p They may have worked out it wouldn't be worth while for you to sue. How ever there is away around this - You can agree to the deal so long as the 15 thousand pound is protected by a 1st mortgage and they pay interest on the money at whatever the bank rate is plus 1% No 1st mortgage, no interest payment no deal I am not sure of uk law but under Australian law you don't pay the mortgage you can get kicked out and the house sold to recover costs -I would check UK law before doing anything more Link to comment Share on other sites More sharing options...
LKC Posted March 19, 2009 Author Share Posted March 19, 2009 See if we weren't in a recession I'd consider something like that. Sort of like a housing association thing where they own part and then pay rent on the rest which would pay off what they owed us. However, interest rates are poor and I don't know about the practicalities of arranging it. It would be a complete nightmare for the in-laws if they defaulted on the payments. I reckon, having thought about it, that they are trying it on. We'll wait a few days and see if they come back with anything else. Otherwise, back to the drawing board! Link to comment Share on other sites More sharing options...
LKC Posted March 19, 2009 Author Share Posted March 19, 2009 Or, they will have a survey done which will magic up 15k worth of things that need to be done! Perhaps they are just trying to get things moving knowing that they will lower the offer after the survey anyway. There is nothing wrong with the house, by the way. The only thing our survey flagged up two years ago was that it needed a new septic tank which we did. Link to comment Share on other sites More sharing options...
Guest John Sydney Posted March 19, 2009 Share Posted March 19, 2009 Hang on what I mean by 1st mortgage is the same as a bank lending you money. You could make it so that they pay you at a lump sum at the end of the term not monthly. And if you have 1st Mortgage on the house even if they sell it to release the deeds you must be paid out in full Still I agree with you easier if they just paid you the full amount Link to comment Share on other sites More sharing options...
Guest Posted March 19, 2009 Share Posted March 19, 2009 Wouldnt even entertain the idea. What would concern me is that in 18 months they might decide to not pay and then demand their 230k back, and in the mean-time do whatever they wish to the property. It would cost a fortune in solicitors fees just to get something remotely air-tight. :nah: Link to comment Share on other sites More sharing options...
LKC Posted March 19, 2009 Author Share Posted March 19, 2009 There would be all sorts of problems. Where would the deeds be held? What about insurance, who would be responsible for that? And maintainance and things that may go wrong with the property? Who is responsible for that? It would be a massive headache. Glad we said no to be honest. Have another viewing this afternoon I believe, so we may hear something from that. Link to comment Share on other sites More sharing options...
pommiecheeks Posted August 2, 2012 Share Posted August 2, 2012 It is just that they agree on 245, but only want to pay 230 and will then pay the balance in 18 months but still want the deeds for the house that I can't get my head round. If they'd said that they could only afford 230 then that would have been that, but what they are suggesting doesn't make any sense. Could they rent it from you until they have the full amount? Link to comment Share on other sites More sharing options...
starlight7 Posted August 2, 2012 Share Posted August 2, 2012 I reckon they would have no intention of paying the rest. Once they've got the deeds, forget it. Unless you are desperate, don't do it! Link to comment Share on other sites More sharing options...
Val Tibenham Posted August 2, 2012 Share Posted August 2, 2012 I have to agree with others - I think they're taking the pi*s and trying to get away with only paying the £230k - wouldn't go near it if it was me. If you can, I'd hold on and see if another buyer comes along - although the market is slow at the moment, houses are being sold and not that far under asking price (at least not where I am) Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted August 2, 2012 Share Posted August 2, 2012 I will close this thread as its from 2009 and I hope the house is now sold Link to comment Share on other sites More sharing options...
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