Dilemma - can't move in until January

Astara

Have seen a flat I really like but the owner has now got a tenant in there until January. Is it a good idea to buy it knowing I can't exchange and complete and move in until January? Any thoughts please? Is this too risky?

hazyjo

Average flat purchase will take about 12 weeks, give or take about four. Seeing as it's September tomorrow, and Christmas coming up which generally makes the property market hell, I'd not worry too much and start buying (albeit slowly). At this point in time, Jan's a better bet than December as everyone pushes to be in by Christmas (mad, the lot of 'em lol!). I presume the tenant's in there on an actual contract that ends in Jan.

Do you have somewhere to sell?

Jx

DVardysShadow

This is the mess owners get themselves into when they let properties out which they want to sell. If the tenant was not there, you could calculate on moving in about the end of November [hopefully sooner, but you have to make allowances].

Are the Landlord and tenant amenable to an early end to the tenancy? If they are not, then you could have another problem. In your position, I would not exchange contracts until the tenant is out, but the Landlord might complicate this by not being prepared to get the tenant out until contracts are exchanged. If the Landlord does not get the tenant out before you exchange and they are not amenable to moving, the tenant has the benefit of 2 months' notice, buut can stay until a court orders eviction, which could take 6 months.

Astara

It's a long story but have been trying to buy something for nearly a year! I have a buyer (investor) who so far is willing to wait. I will check what date the 6 month tenancy is up but have been told January. I wouldn't exchange until the tenant was out.

hazyjo

If you've got someone willing to hang on, I'd go for it.

We've been trying to buy/sell for most of this year. First off the vendors we're buying from lost the house they wanted, and now we've lost our buyer. It's dragging on forever and, in this market, there's nothing to say it won't happen to you. If you've got someone for yours who can hang on and that's the end of that chain, and you've found a flat you want with no chain (especially with the year long wait you've had), I'd definitely go for it.

Good luck! No reason why everything can't be done now with a view to exchanging in December/January.

Don't forget mortgage offers only last three months though (presuming you need one) so don't go fixing that until you're nearly there.

Jx

G_M

Assume the worst, then if it doesn't happen you'll be pleasantly surprised.

Tenant's 6 month contract expires Jan. Tenant does not leave. LL applies to court. Court hearing is in March. Court oders tenant to leave. Tenant stays. LL applies for court to send in bailiffs. Bailiffs are busy but evict tenant end April. LL finds tenant has trashed property. LL gets quotes and appoints contractor to re-decorate property and re-build the trashed kitchen. Work finishes June. You Exchange contracts and Complete in August.

Astara

hazyjo wrote: »

If you've got someone willing to hang on, I'd go for it.

We've been trying to buy/sell for most of this year. First off the vendors we're buying from lost the house they wanted, and now we've lost our buyer. It's dragging on forever and, in this market, there's nothing to say it won't happen to you. If you've got someone for yours who can hang on and that's the end of that chain, and you've found a flat you want with no chain (especially with the year long wait you've had), I'd definitely go for it.

Good luck! No reason why everything can't be done now with a view to exchanging in December/January.

Don't forget mortgage offers only last three months though (presuming you need one) so don't go fixing that until you're nearly there.

Jx

You seem positive despite what you've been through so thanks for that advice!

Astara

G_M wrote: »

Assume the worst, then if it doesn't happen you'll be pleasantly surprised.

Tenant's 6 month contract expires Jan. Tenant does not leave. LL applies to court. Court hearing is in March. Court oders tenant to leave. Tenant stays. LL applies for court to send in bailiffs. Bailiffs are busy but evict tenant end April. LL finds tenant has trashed property. LL gets quotes and appoints contractor to re-decorate property and re-build the trashed kitchen. Work finishes June. You Exchange contracts and Complete in August.

August sounds good... oh and a new kitchen and the place re-decorated...but I know what you're saying and will also look at some other non-tenanted places.