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Buying a house that has a tenant in it.
Comments
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Thanks for your advice folks,
Our solicitor has put conditions in the contract that the vendor has full responsability for the property until completion, Not Us. And he must make sure there is buildings insurance in place until we complete. He will be fully responsable for getting rid of the tenant if he won't leave after the notice has been served (after 3 months). Our terms are that We will only complete with vacant pocession after we have fully inspected the property, and it must be in exactly the same condition as the survey reported. Otherwise we can just walk away with our deposit and no further liability. I'm sure there won't be a problem with the tenant, but you just have to cover your backsides just in-case. Trouble is around here in this part of the home counties, decent 3-bed houses in a village location are few and far between, we look on rightmove every day and there's nothing else we'd even want to go and view. So all our eggs are in this basket really, and we just have to go along with the vendors requests. But i think now, we should hopefully be covered with no risk to our deposit, thats our main worry! Can you see any further complications?0 -
Sounds like your solicitor has got it all sewn up.
The only complication I can see is if the tenant wasn't out on completion date. From what you have written, you wouldn't be able to complete until seller had got tenant out. This is good and the seller would be liable for any extra costs you incur by their failure to ensure property is vacant. The only problem that could occur is if your mortgage offers validity runs out very soon after completion and the seller was able to offer you vacant possession say 3 days late but your mortgage offer had expired in that time.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Silvercar raises a very good point in relation to your mortgage offer, have you checked how long it is valid for? The lender is under no obligation to renew it.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
yes we have about 4 weeks grace in december to get things all sorted before the mortgage offer runs out. but if it all gets messy, we'll just walk away with our deposit and do something else. fingers-crossed it will all go to plan!0
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yes we have about 4 weeks grace in december to get things all sorted before the mortgage offer runs out. but if it all gets messy, we'll just walk away with our deposit and do something else. fingers-crossed it will all go to plan!
Once you have exchanged contracts you can't walk away with your deposit, you know that don't you?? You are legally obliged to purchase the house OR lose your deposit AND risk the vendor suing you for any financial losses as a result of you failing to complete. If your mortgage offer is withdrawn or expires, tough.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
I'd be tempted to tell the tenant that I was buying the house myself and not wait for the vendor."If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair0
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Once you have exchanged contracts you can't walk away with your deposit, you know that don't you?? You are legally obliged to purchase the house OR lose your deposit AND risk the vendor suing you for any financial losses as a result of you failing to complete. If your mortgage offer is withdrawn or expires, tough.
The situation is more complex if the seller doesn't comply with the contract. The buyer would be obliged to complete if the seller provided the vacant possession as detailed in the contract. If the seller doesn't provide vacant possession it is the seller that would be breaching the contract not the buyer. Assuming the contract is written correctly, there is nothing that obliges the buyer to complete with tenant in situ should the seller fail to provide vacant possession.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I can walk away with my deposit if the contract conditions are'nt met on the completion day.0
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I can walk away with my deposit if the contract conditions are'nt met on the completion day.
I obviously got confused when you referred to walking away and your mortgage offer in the same sentence.
yes we have about 4 weeks grace in december to get things all sorted before the mortgage offer runs out. but if it all gets messy, we'll just walk away with our deposit and do something else. fingers-crossed it will all go to plan!Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
yes we have about 4 weeks grace in december to get things all sorted before the mortgage offer runs out.
A VERY short time period if the tenant refuses to move and court action is required to evict.0
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