Sellers want to stay in the house up to 6 week after completion...

Ivana_Tinkle

It might be easier if, rather than you telling the vendor directly that it can't be done, you get your solicitor to talk to their solicitor. That way, their solicitor can make it clear to them that there's no way any other buyer would be willing/able to let them stay in the house after completion, so there's no point threatening to pull out.

p00hsticks

pimento wrote: »

The way to word this with your vendor is "We really wanted to do it but our mortgage company won't let us.." that way they won't think you've just changed your mind.

Or even better, " we initially didn't have a problem with it, but our mortgage company won't let us and our solicitor has strongly advised us against it... "

ScarletFox2012

Great advice guys - thanks v much... we so want to do everything above board...

tbs624

ScarletFox2012 wrote: »

yeah the Estate Agent offered to draw up the temporary tenancy agreement and have told me this is a pretty common scenario... clearly not... thanks!

...and *who* do the EAs work for? Any buyer who tried to do this when buying on a standard resi mortgage will be acting contrary to the Ts and Cs of their shiny new mortgage from day one. Lender will absolutely require vacant possession, regardless of EA's assertions. Once you have got the property purchase finalised, I'd report the EA.

With an AST, you cannot seek repossession of the property until a min of 6 months has elapsed ( except on specific grounds, such as non payment of rent) which will be one of the reasons that your sellers will struggle to find a shorter term let. On site caravan is the short term answer for them, or staying with friends/family.

ruggedtoast

ScarletFox2012 wrote: »

yeah the Estate Agent offered to draw up the temporary tenancy agreement and have told me this is a pretty common scenario... clearly not... thanks!

The estate agent's claim is unbelievable. As others have stated, the only way you could do this would be by mortgage fraud, then setting up a shonky tenancy without consent to let, or proper insurance.

They'd probably tell you not to worry about a gas certificate either, or any of the other legal obligations falling on a landlord's shoulders, never mind the risk of them not paying rent and you having to evict them after months god knows what in legal fees..

And herein is doubtless the problem as they'll have told the vendor it's fine.

If I were you I would insist on speaking to the manager of the agency in the hope that they arent also on another planet and can save the sale.

poppysarah

There's so many reasons to say no to this.

6 weeks could be 6 months.

If you're having a mortgage then I'm pretty certain they'd not like it at all.

Tell them to lodge with family/rent etc. It's not your problem.

kingstreet

If I was acting for the vendor, and the vendor ran this past me, my response would be "don't be so bloody stupid, you simply cannot sell a property in such a way."

I'm pretty sure if the vendor's solicitor got wind of this, he'd say the same thing.

GDB2222

can I make a suggestion?

There is nothing to stop everybody in the chain exchanging contracts but with different completion dates. Your vendors need to complete their purchase 6 weeks before they complete their sale to you.

This may mean that they need bridging finance, which is expensive to arrange.

Alternatively, they can complete on their purchase and sale at the same time, but they will need to put their furniture into storage and find somewhere to live the 6 weeks.

Neither of these options are cheap for them, so I can see why they are trying to get you to help them out on this. You may be able to persuade your lenders to agree to this, but I think you should ask for an awful lot more in return than just having your mortgage payments paid for 6 weeks.

ognum

Building work invariably takes longer than expected, if they say 6 weeks make it 12.

I think you can simply say that your mortgage provider won't allow it and your solicitor has advised against it, that way you don't have to take personal accountability for your decision.

There are so many issues

Mortgage
landlord insurance
What if they just won't move out
Gas saftey certificate
Utilities


Oh dear, just say no!

ScarletFox2012

We really appreciate all of your comments everyone... our decision is officially made now...a resounding NO! We were trying to be descent with this seller and having the agents tell us it was commonplace, I feel like a small child learning to walk for the first time... them taking advantage of our FTB lack of knowledge in this space is making me angry...

I am due to speak to the Seller directly tomorrow and will tell them we cant do it... if they pull out we will just have to accept this. We do not want to start our first rung on the property ladder with a massive thunder cloud hanging over us or break the law in any way whatsoever...

Thanks Money Saving Expert community...xxxx