[URGENT HELP NEEDED] Contract with Month Wise Price

Info_Seeker

I am buying a house. Have paid 6K deposit.

The seller was originally saying that he will close the sale and give keys in Nov. Now he is saying Dec or Jan.

I am currently renting and I will have to keep paying rent (2.5K / Month) due to seller delays.

Contracts are yet to be exchanged. Can the contracts be made like following:

404K if closed in Nov

402K if closed in Dec

400K if closed in Jan

antoinolachtnai

Probably not. Legally it can be done but the seller would tell you to get lost. It’s a seller’s market and time is on the seller’s side.

spaceHopper

It's not their fault that you are paying extortionate rent. Your only leverage is that you went sale agreed on the understanding of a quick closing and that you will have to re evaluate the purchase if it's not closed this year.

RichardAnd

I had an issue like this with my house. The previous owner died intestate, and my solicitor didn't discover this until three months after the agreement of sale. I asked her whether it would be possible to negotiate the price down, but she advised against it.

I think that it's legally perfectly permissible, but it's the kind of thing that will sour a sale and put it at risk of falling through. You could ask, but there's no obligation to do it on the vendor's part, and good will is in short supply these days when it comes to housing.

dennyk

You can propose such a term if you want, but there is almost no chance the seller will agree to it, and simply proposing it might cause them to decide that you're going to be a troublesome buyer who isn't worth dealing with, and they will simply move on to the next bidder in their list. Buyers don't have any leverage in the current market, unless you're offering a price that's well over current market value or the place you're buying holds no broader market appeal.

Claw Hammer

It is all part of buying a house. Closing dates are a moveable feast. It seems that you have only paid a booking deposit. You can try and make time of the essence in the contract which means you can sue if the closing is late.

The owner may well not agree to it and pull out of the deal and secondly unless you are serious about suing, it is a waste of time. The legal fees would pay your rent for a lot longer than a month or two!

syrgian

You are not losing that much money. Let's say your mortgage will be 350k. 1166€/month would be pure interest, the rest repayment of principal, so you are actually losing 1400€/month, which sounds more reasonable compared to the other costs of buying a house.

The bad thing about the moving dates is not the lost money to rent, is that it makes the sale more unlikely (who knows if the vendor will decide to pull after 2 months of stalling, so you will most likely pull yourself).