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Allowing the seller to stay in the house after completion
Comments
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Conmen always come across as nice and "trustworthy"
I wouldn't entertain it. If he pulls out he probably never intended to buy it anyway.0 -
princeofpounds wrote: »NO NO NO NO NO
NO!
The moment he stays in the house beyond completion and you take any money from him you will create a tenancy!
That will entitle him to 6 months in the property minimum, unless he fails to pay that 'rent' in which case you could get him out in 2 months plus the time it takes to go to court.
If you shut him out before getting a court order you could end up in jail, with a large fine, for illegal eviction.
Tell him all this and tell him it's a non-starter.
I agree with most of what you said, except there is no minimum 6 months period for a tenancy. It would need a formal tenancy agreement, drawn up by the solicitors, as everybody else has said. This can be made to work, but it's quite difficult and expensive, so it may not be worthwhile.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Most residential mortgage lenders specify the property must be vacant as such doing what you have been asked would constitute mortgage fraud also as your solictor also has a duty of care to the mortgage company its unlikely they would allow it to happen anyway
That's right. I am slightly surprised that the thread got this far before anyone mentioned this point.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
I'm sure this "nice old man^ could m,ake other arrangements if he could be bothered. He has a cheek asking you to buy his house but not letting you live in it until he is good and ready. He is a stranger not a close friend and you have no idea if he is trustworthy or not.It's great to be ALIVE!0
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Richard_Webster wrote: »That's right. I am slightly surprised that the thread got this far before anyone mentioned this point.
Could it be that you are a conveyancing solicitor so have (I would hope) more know than most on the subject?0 -
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Please report any posts you spot that are in breach of the Forum Rules by using the Report button, or by e-mailing forumteam@moneysavingexpert.com. All views are my own and not of MoneySavingExpert.com0 -
Your solicitor will tell you NOT to do this. If your mortgage company found out they'd not lend you the money.
This is dangerous and you need to just say "no".
He is selling his house to you... he has the money from that sale available so he can make his own arrangements.
Don't take any !!!!!!. The seller is an idiot.0 -
Get a contract out of him for 1st month rent=mortgage + 10% 2nd month = 2x mortgage, 3rd month 3x mortgage...
If he complains ask why he's bothered as it's only for 1 month...0 -
What are the chances of him finding somewhere, buying and completing in say one month? Pretty slim. What if the place he wants is occupied or in a long chain? It could be six months or more before he is ready to leave the house. I would be very, very wary of allowing him to stay in the house. As previous posters have said there will be problems with the mortgage company, and insurance problems - what if the house burns down whilst he is living there?, what about maintainance? - there are so many problems. Best bet is to delay completion for a couple of months so he can find somewhere.0
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