Buying somewhere with tennants already there

jamie304

There's a house we're interested in (for living in) but is currently let to students until June. Would this mean we'd have to wait until the end of June to exchange contracts? I'd be a bit worried about being gazumped if we had to wait that along, especially as our offer would be a fair bit lower than the asking price. Not sure if we could maybe exchange early and the complete in June, but there would be the risk the students might trash the place. :undecided

BitterAndTwisted

If you are not a cash buyer no lender will allow you to exchange while the property is tenanted, they will insist on full vacant possession. You could make an offer on the proviso that once the property is vacated in June you can inspect it to either confirm or modify your offer dependent on the condition. Meanwhile if they accept your offer, ask them to take it off the market. Please note that should the tenants decide to be awkward and not vacate at the end of their tenancy it will take some months to get them out. You should ask your seller whether they have issued their tenants with a Section 21 notice to gain possession in June when the tenancy agreements ends.