Buying - Seller not give tenant notice

hazyjo

firebird082 wrote: »

I suppose, but equally then, if there was a cash buy-to let buyer in the list of options, wouldn't that have been their first choice? (it would have been mine if I was in their position).

Some people like their homes to go to viewers they've liked. Some want other families to buy. Some don't like the idea of an investor/LL letting 'their' home out. Some don't like the risk of an investor as they have heard horror stories about them dropping the price before exchange...

Lots of different reasons. We can only guess. Just sayin' it's probably wise not to assume there wasn't a cash buyer.

I have bought properties which have been tenanted - and have started the process before they've moved out/been served notice as I met the tenants and they were aware of the situation and didn't seem like they wouldn't go. Sometimes you have to trust your instinct.

As above, you won't be allowed to exchange on an occupied house. Sounds like the vendors need to sit down with a solicitor. I'd be worried about what else isn't in place, what other demands/expectations they'll have, and what they'll do wrong with regard to serving notice.

Jx

firebird082

It would feel a bit odd going round to talk to the tenants, but I see your point about sussing them out (though my instinct from the (very good) state of the house was that they are decent people. Not that I'm going to trust my instinct!). Neither the tenants not the vendors were there when we viewed the property originally, so all the vendors have on us us our names, situation and offer. I get the impression that they are just very indecisive and disorganised, which, as you point out, means other problems down the line, mostly likely.

Will chase after lunch and see what's going on...

Nobbie1967

Also be aware that if it drags on for months, then in a rising market they may want more money for it or put it back on the market.

dimbo61

You could spend hundreds if not thousands of pounds on Legals,searches,surveys etc and your Mortgage Offer could run out before the Tenants have left !!!
Please be very careful

firebird082

Ok, so last night we heard that our offer has been accepted, and that the tenants have found somewhere to move to (promising!). The sellers are talking about a quick sale, and yet we found out this morning that they have given the tenants notice...for AUGUST! Word is that the tenants are hoping to move earlier, so we are hoping (again) that it's in everyone's best interests to get things done before August. Thanks for all your helpful comments - at least we knew the right questions to ask!

jjlandlord

If they served notice to expire in August it is likely because the tenancy is a fixed term tenancy to end at that time. Or they're just playing.

Either way, they've misled you.

I would continue to look for properties in case I find another one available sooner.

Of course, as suggested, don't bother incurring any cost before August.

firebird082

So basically, don't do anything until the tenants are actually out?

G_M

firebird082 wrote: »

So basically, don't do anything until the tenants are actually out?

In your position, I wouldn't, but it's a matter of choice

franklee

hazyjo wrote: »

Some people like their homes to go to viewers they've liked. Some want other families to buy. Some don't like the idea of an investor/LL letting 'their' home out. Some don't like the risk of an investor as they have heard horror stories about them dropping the price before exchange...

If we're speculating perhaps they want the highest offer and their EA hasn't pointed out the pitfalls of selling with a tenant: "... have been told that ours was the highest offer and best position as buyers, and that he has recommended that they accept our offer"

firebird082 wrote: »

It would feel a bit odd going round to talk to the tenants, but I see your point about sussing them out (though my instinct from the (very good) state of the house was that they are decent people. Not that I'm going to trust my instinct!).

I would suggest you leave the tenants alone as they are entitled to quiet enjoyment of the property so you shouldn't just pop round. If you want to talk to them I'd suggest you book a second viewing via the EA at a time to suit the tenants and request they be present. Or ask the EA if you can talk to the tenants on the phone. Unless they have somewhere booked already I'd expect them to say their plans are uncertain ATM.

Be aware that the section 21 is a no fault notice so the tenant staying on isn't a measure of decency even if a valid notice has been served. It all depends on if they have somewhere to go or not. Even then they could be let down by the next property being delayed or lost.

You also need to consider when your mortgage offer expires, can you get another one etc.

franklee

firebird082 wrote: »

Ok, so last night we heard that our offer has been accepted, and that the tenants have found somewhere to move to (promising!). The sellers are talking about a quick sale, and yet we found out this morning that they have given the tenants notice...for AUGUST! Word is that the tenants are hoping to move earlier, so we are hoping (again) that it's in everyone's best interests to get things done before August. Thanks for all your helpful comments - at least we knew the right questions to ask!

Are the tenants renting the next property or buying? If renting I doubt they've got a signed tenancy agreement for August as the rental market moves quickly. If they are buying that can be time consuming. I'd be wary of the EA telling you what you want to hear. Will the vendor release the tenants early and accept the property will be empty with no rental income? If they were prepared to do that notice would have been served earlier.