Jump to content

Vendor is asking for money to be released to him on exchange.


Recommended Posts

have a vendor who initially asked for £3k  to be released to him from the solicitors on exchange date . The completion date is set for 10 days later.  

He explained he needs the funds to pay for relocation removals etc. I initially agreed to this however now he is asking for £24k to be released to him on exchange date and that’s 2 days before exchange.   

I am reluctant to authorise such a large sum as I am afraid he might run away with my money.  Has anyone had similar  experience?  Are there any guarantees that he won’t run away with my money? Also if I was to authorise this, do you think I should ask for a further  discount on the purchase price? 

This is for a BTL house in London - purchase price £500k 

 

Link to post

I am in no way an expert but sounds like he is in some kind of trouble and I would not contemplate personally releasing money before completion. Would ask your solicitor? If he needs that much can you speed up the process instead or exchange and complete on same day? Just a thought, E

Link to post

Agree with Emma.

Your solicitor should be the one advising you on this - is he/she YOUR solicitor that you know and trust? Or was he/she "introduced" to you?

I've been joshingly accused on this forum of being risk averse (I'm not!) but something here has a whiff of fish or rat.

 

Link to post
Just now, dennis hughes said:

Agree with Emma.

Your solicitor should be the one advising you on this - is he/she YOUR solicitor that you know and trust? Or was he/she "introduced" to you?

I've been joshingly accused on this forum of being risk averse (I'm not!) but something here has a whiff of fish or rat.

 

And I've just realised that my post seems very patronising. Not intended and I apologise for my poor construct, I hope you understand what I meant.

Link to post

All sounds perfectly legit. I also have a Nigerian uncle who has £32m he can split with you if you can just send him £5000 so that he can get it out of the country...

If your solicitor agrees to any of this, find a new solicitor. And don't pay the vendor a penny that's not done through the normal purchase process. 

Link to post

£24k is a lot of money to pay before a legal completion date.

This should not be your responsibility.

Why does he not consider you and just delay his removals. Surely removal comlanies are used to dealing with this and are happy taking money on the day of moving? 

I’d say no personally unless he can bring the completion date forward, then I would consider it.

Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...