Risks at completion/ rent liabilities

etp

Hello everyone
We're selling our flat and have reached the stage of exchanging contracts and setting a completion date.

We've got a lot of stuff so I'm not keen to attempt to move out the day of completion. So, we're looking for a rented flat that we can take a few days prior.

My question is whether a problem at completion is likely? And also, if something does go wrong, would i just lose the deposit and first month's rent or would i be liable to pay up until the 6 month break clause.

Finally, could these costs be recouped from the buyer if it was their fault we were unable to compelte e.g. insufficient funds.

Thanks in advance for any advice
etp

thriftyamy

if the person buying your place falls through, it doesn't have to mean your purchase falls through too, it just means a delay so you shouldn't lose any money

if the delay caused the person selling you a property to pull out I'm not sure where you stand, it's probably best to speak to your solicitor

if all the surveys have gone through and contracts been exchanged, what makes you feel so strongly that something might go wrong?

if you arrange a flat that you don't need in the end i think unfortunately that's tough luck

theartfullodger

And also, if something does go wrong, would i just lose the deposit and first month's rent or would i be liable to pay up until the 6 month break clause.

Probably the 6-months rent. They'd have to take you to court to get any money they didn't have.. Depends how much you want the fight. You could probably counter-sue for return of deposit...

Cheers!

Lodger

N79

theartfullodger wrote: »

Probably the 6-months rent. They'd have to take you to court to get any money they didn't have.. Depends how much you want the fight. You could probably counter-sue for return of deposit...

Cheers!

Lodger

If the deposit was used to offset some of the 6 months rent then there would be no grounds for returning it.

And if the T surrenders the tenancy within 14 days of paying the deposit then it "almost certainly" (edit : - depending on how you interpret s213 (1) against s213 (3)) would not have to be protected either!

In reality though, I doubt many LL's would look to try to recover the 6 months rent and will actually look to the T to cover the rent from the date the contract started to the date the LL manages to find new Ts to rent the propety plus marketing costs.

Richard_Webster

You have to see this in context - in over 35 years in the law I 've only been involved in two actual cases where the seller wouldn't complete - none where the buyer couldn't complete.

So it is very rare that this happens and you are probably worrying unnecessarily.

Tuscan

what about putting your stuff in a storage place a few days before, big yellow etc

theartfullodger

Try living on the streets & you'll realise how lucky you (and most of "us") are...