Lease before exchange and completion?

fikhan

Hi Guys,

I have been presented a solution by my estate agents which I wanted to get some opinions on, my house sale has been ready for quite some time and purchase is taking a little longer due to the firm handling probate being utterly useless, ITC in Staffordshire.

My estate agents have asked whether I would consider the option of exchanging on my sale to secure that and draw up a short term tenancy until we are in a position to exchange and complete.

Any feedback would be welcome.

Regards
FK

hazyjo

Personally I'd not touch that with a bargepole. They're desperately trying to hang on to you as a buyer. What if you want/need to reduce your offer later down the line, or pull out? Who would be responsible as a LL? Either exchange and complete (don't exchange with an open completion date! You'll be committed to buy) and go rent somewhere else entirely, or keep buying this and don't exchange yet, or keep buying, but check out the market still, or give up completely and start again.

Good luck.

Jx

G_M

Mad! As hazyjo says the EA will recommend anything to keep the sale on track, but not in YOUR best interests.

What if probate takes for ever? or goes wrong and someone different inherits and decides not to sell? Or or...

Your 'short term tenancy' could end, leaving you homeles, or extend into an expensive 'long term tenancy'.

Only do this if you are desparate to hang onto you purchasers and get rid of your home, AND are happy to live indefinately in rented.