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Part Payment Offered

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  • Part Payment Offered

    Have my bungalow up for sale at £250,000 and an elderly couple have immediately offered to buy it. They have offered me £180,000 now and the balance upon the sale of their property which they have just put on the market for £160,000.

    The £180,000 is enough for me to buy my house abroad but I am concerned over the legalities of the outstanding balance. Do I still technically own the bungalow and if so do I have any financial liabilities with it still or do the deeds simply remain in my name until the debt is settled and they can move in ??

    I presume this kind of thing is not too unusual so would appreciate any help or advice.

  • #2
    Re: Part Payment Offered

    Hi Petrolman,

    I am an estate agent but would recommend solicitor advice (let me know if you want a recommendation).

    But i would say no party would think the above is a good idea for various reasons. What you maybe able to do is exchange on your property with the ?180,000 and have a deferred completion date.

    There are positives and negatives to it but it is weighted more favourably in your side as is they do not complete on their sale with X timeframe they forfeit the deposit.

    My best advice is if you have only just gone on, accept an offer from them subject to selling and leave it on the market and another buyer in a proceedable position may come along.
    Jacks and Jones Estate Agents