Buying a house with tenants

Fire_Fox

sun_tzu wrote: »

Hi,
I have been reading the forum with some useful posts.

One of the properties I am interested has tenants leaving this summer, I spoke to one of the tenants who wants to move out to his country.
Do you have any useful / links recommendations?

I mean:
- Could you write the contract stating that you become the owner from a given data subject to the prior tenants´ departure.
- How to avoid being liable from the Gas Certificate, deposit, repairs? Can you exchange contracts and then formalise the ownership once tenants have moved on?

Any piece advice / comment would be welcomed and appreciated.
Thanks all.

Your solicitor should advise you not to exchange without your funds in place and you will need to have fixed a date for completion. Your mortgage offer will be based on vacant possession, if the tenants refuse to go the lender will not release funds and you will not be able to complete on time - breach of contract is VERY serious.

A long timeframe between exchange and completion leaves the door open for your mortgage offer to be withdrawn, the lender to ask for a second valuation in a falling market, you get made redundant .... all of which may mean you don't get funds and fail to complete. Read some of the 'off plan' threads and you will understand this could make bankruptcy a very attractive proposition. May sound like a lot of ifs and buts ... it can and does happen.

sun_tzu

Fire_Fox wrote: »

In Scotland and maybe in Spain: not in England.

No, I am Spanish. We do not have solicitors involved in the process; there is only freehold properties which makes things easier.
The notary acts as a legal representative when you make the contract public, he offers his impartial opinion to the parts (is like a public solicitor without any interest).

sun_tzu

G51shopaholic wrote: »

you say you spoke to one of the tenants - so that implys that there is more than one.

If so where is the other tenant going?

And are you wanting the property for you to live in or to continue renting out?

I have seen the property twice, there are two tenants.
They are going back to China in June.
I want them out as I hope to be living there.

I am asking about legal advice to ensure I do not get stuck paying a mortgage without enjoying my flat.
Yes, I know the solicitor should do that, but I do not wish to pay if I am not making an offer.

Fire_Fox

sun_tzu wrote: »

No, I am Spanish. We do not have solicitors involved in the process; there is only freehold properties which makes things easier.
The notary acts as a legal representative when you make the contract public, he offers his impartial opinion to the parts (is like a public solicitor without any interest).

Sorry I was not clear that Missile, who said you need a solicitor to make an offer, is based in Spain (see his/ her location under the username).

Wee_Willy_Harris

Fire_Fox wrote: »

Sorry I was not clear that Missile, who said you need a solicitor to make an offer, is based in Spain (see his/ her location under the username).

Oh yes..... Still, not ALL bad news as there's a link to a stripper too! Just ignore the guy who looks like the cafe owner from Happy Days (Alf?)

sun_tzu

Fire_Fox wrote: »

Sorry I was not clear that Missile, who said you need a solicitor to make an offer, is based in Spain (see his/ her location under the username).

Do not need to ask for an excuse, thanks for helping me out.