Withholding occupational rent

[drkev]

I bought a property and moved in early and started paying occupational rent. The seller was completely broke and also totally useless at life. Anyway he was not getting an electrical COC. It was holding up the whole transfer process. Seller couldn't scrape together enough for it.

Well he was getting paid his rent every month so he wasn't too concerned as he had lost his job so had some income now. But I was gatvol. So I stopped paying the rent.

Conveyancing attorney blew a gasket saying I couldnt do that. I replied "well, I AM so sort it out" lol

Eventually they asked if they could use some of the deposit money in trust to pay for the COC and that I would be refunded upon transfer which I agreed to.

My stopping payment of rent fixed the problem

 

[The_Mowgs]

so the property gets fixed and the money gets taken from the funds from the sale

Who pays for this? I doubt theres a company that will wait this long for payment

 

[RonSwanson]

Who pays for this? I doubt theres a company that will wait this long for payment

The seller gets to pay, after all, he signed the OTP.

 

[The_Mowgs]

The seller gets to pay, after all, he signed the OTP.

He doesn't have the money and the bank will only release the funds after obtaining the occupancy certificate.

This is exactly the frustration they are sitting with because its just going nowhere.

 

[RonSwanson]

He doesn't have the money and the bank will only release the funds after obtaining the occupancy certificate.

This is exactly the frustration they are sitting with because its just going nowhere.

That's why it needs to go thorough the conveyancer. He does have money, the profits realised from the sale of the home. It's for them to arrive at this juncture and then convince him that they need to spend his profits on fulfilling the conditions of sale.
I hope that he is not owing the bank a great deal, otherwise those profit margins may be thin.

 

[The_Mowgs]

That's why it needs to go thorough the conveyancer. He does have money, the profits realised from the sale of the home. It's for them to arrive at this juncture and then convince him that they need to spend his profits on fulfilling the conditions of sale.
I hope that he is not owing the bank a great deal, otherwise those profit margins may be thin.

How does he have money if the bank has not yet paid his money to the conveyancer. I dont want to go into too much detail, can never be sure who is on the forum.

There was something that needed to be paid today and the estate agent had to pay it out of the business account.

 

[RonSwanson]

How does he have money if the bank has not yet paid his money to the conveyancer. I dont want to go into too much detail, can never be sure who is on the forum.

There was something that needed to be paid today and the estate agent had to pay it out of the business account.

I understand.
Don't worry. There are far more risks to the seller than to the purchaser. As long as your conveyancer is good and acting your best interests, everything is going to be OK.

 

[I.am.Sam]

Who pays for this? I doubt theres a company that will wait this long for payment

the one estate agent i spoke to mentioned that the fund gets paid by the lawyers to the company doing the work once the bond is approved for the buyer and the money is about to go to the seller