Moving into a property before exchange or completion!!!!

royP_2

What are the dangers of moving into a property you are in the process of buying before exchange or completion of contracts?

Our son has been offered this by the owner of the property because of delays by his solicitor in processing the paperwork, all is in place mortgage etc.

It seems to me to be a dangerous step, what do others think.

Thanks.

BitterAndTwisted

The vendors are the ones taking most of the risks. What happens if the buyer refuses to go through with the purchase once they are in occupation?

hcb42

seller could whack the price up, although unlikely if they want to sell

what's the agreement? a rent?

G_M

Totally mad vendor!

harrys_dad

Who will be responsible for the insurance?

Kynthia

I can only see the risks to the seller, so can't see why it would be dangerous for your son.

ruggedtoast

Well if it falls through he would have to move out again, which would be disappointing and a massive hassle. Thats the main issue I can think of.

There is nothing stopping me from moving out of my house and letting someone else live there for free if thats what I decide I want to do. It sounds like the vendor is desperate not to lose the sale but I wouldnt want to get involved in a scenario like this personally.

Propertyfan

Exchange means all sides are contractually bound to honour the sale or buy so if your son is living inside a house as the new owner and no exchange has taken place it makes a mockery of the transaction process. Hey, lets all buy properties and just move in before completion! Better still, let's just move in without even making an offer to buy the property!

I would guess what you son is doing is illegal under whatever laws govern the sale and purchase of houses in England. I would guess if your son's solicitor found out (assuming he/she hasn't) he/she would be within their right to cease representation and report your son's conduct to the 'haven't paid but got my new house' board of !!!!!! solicitors and estate agents.

Guest101

Propertyfan wrote: »

Exchange means all sides are contractually bound to honour the sale or buy so if your son is living inside a house as the new owner and no exchange has taken place it makes a mockery of the transaction process. Hey, lets all buy properties and just move in before completion! Better still, let's just move in without even making an offer to buy the property!

I would guess what you son is doing is illegal under whatever laws govern the sale and purchase of houses in England. I would guess if your son's solicitor found out (assuming he/she hasn't) he/she would be within their right to cease representation and report your son's conduct to the 'haven't paid but got my new house' board of !!!!!! solicitors and estate agents.

Dude, stop posting. You really really REALLY need to learn more and post less.

Guest101

royP wrote: »

What are the dangers of moving into a property you are in the process of buying before exchange or completion of contracts?

Our son has been offered this by the owner of the property because of delays by his solicitor in processing the paperwork, all is in place mortgage etc.

It seems to me to be a dangerous step, what do others think.

Thanks.

Your sone would move in as a tenant, even if one that is paying a zero rent. The vendor would be responsible for Gas Safety Cert & providing an EPC ( But presumebly no deposit) - the reality is , your son is unlikely to chase either of these things.

If the Vendor owns their house outright, then they have no other obligations and all is above board. If it is mortgaged, the vendor would nee dconsent to let, as it could well be a residential mortgage.

Clearly your son would not own the property until the contracts are exchanged and completed, which if he's living there already can be done on the same day (they could anyway, but much simpler like this) and that's that.

And if the Vendor pulls out, your son is protected for atleast 6 months, and must be treated like any other tenant. IE s.21 two month notice etc etc etc

Hoof_Hearted

Propertyfan wrote: »

Exchange means all sides are contractually bound to honour the sale or buy so if your son is living inside a house as the new owner and no exchange has taken place it makes a mockery of the transaction process. Hey, lets all buy properties and just move in before completion! Better still, let's just move in without even making an offer to buy the property!

I would guess what you son is doing is illegal under whatever laws govern the sale and purchase of houses in England. I would guess if your son's solicitor found out (assuming he/she hasn't) he/she would be within their right to cease representation and report your son's conduct to the 'haven't paid but got my new house' board of !!!!!! solicitors and estate agents.

Why to people just make things up on here?