Vendor staying on after completion

wdywuk

I've got a situation where the Vendor wants to complete by Friday, but then wants to stay on until Monday morning.As part of the mortgage offer, there has to be vacant possession, but even if I were to privatley allow this what would be the implications?The seller is not someone likely to trash the place, but I guess I have concerns that it becomes a "squatter" situation.Advice anyone??

auditbabe

Our buyer allowed us to stay an extra day this was a private agreement and my EA told us not to tell our solictors. I guess this is a risk you have to acess your self. We were moving to a different part of the country, and we are both retired.

Why do they want to stay have they offered rent?. There are also implacations regarding your insurance as the other people will not have it on what will be your property.

We actually moved the next day and were in a small chain just who we were buying off and we had sold to a first time buyer. this made the move so much easier. If you inform your solictor they will advice against it.

hope this is helpful

david29dpo

no way. dont even think about it.

AndrewSmith

I have to agree with David29dpo.

If they wanted to remain until the monday then that is the date they should have asked for as completion.

Put it this way:

If I were selling you a ferarri for £100,000, would you pay me for it in full on Friday, but let me still drive it aound until the Monday on your insurance?

Think about it. I have been asked to do this before and have never agreed it.

Andy

Tassotti

AndrewSmith wrote:

I have to agree with David29dpo.

If they wanted to remain until the monday then that is the date they should have asked for as completion.

Put it this way:

If I were selling you a ferarri for £100,000, would you pay me for it in full on Friday, but let me still drive it aound until the Monday on your insurance?

Think about it. I have been asked to do this before and have never agreed it.

Andy

You can drive my Frearri if you like....cost you 2 remortgages though :rotfl:

Astaroth

It is ill advisable especially as it is against the conditions of your mortgage. At the end of the day it is up to you though.

Wickedkitten

Charge them rent if you do. You're entitled to.

Bossyboots

Wickedkitten wrote:

Charge them rent if you do. You're entitled to.

Not without consulting with the mortgage company and informing their insurer.

As has been said, if they wanted to move on Monday, they should have set completion for Monday. Friday is completion so they must leave at that time.

clutton_2

why does he want to stay on ?

DrEvil_2

Emotions can run high during the buying process. This could turn nasty very quickly for very irrational reasons.

As the vendor, we stayed a couple of extra days. This was because the buyer was getting 25% deposit through the keyworker scheme, and we were out of the country on the day the she was required to complete by.
Our solicitor received a letter on the day we were moving demanding £900. Of course we refused, and the issue just died.

We were actually doing her a favour, but she turned nasty because she was annoyed because of a trivial problem during the exchanging process.

Don't do it. It's just not worth the risk, and the potential stress.

courtjester

- allow vendor to stay beyond date of completion?

No no no no no no no no no no NO NO NO NO NO and thrice NOOOO !

Don't even consider thinking about giving this any possibility of contemplation - the answer is no.