Ending tenancy Early due to LL Selling

Pixie5740

It would be very foolish of the vendor to exchange until they can guarantee vacant possession and completion. The buyer's mortgage lender probably won't release funds without vacant possession either.

I don't understand what you mean by the owner not taking a tenancy mortgage. Do you mean that your LL does not have a BTL mortgage on the property, or do you mean that you can't understand why the buyer doesn't take out a BTL mortgage and then change to a residential mortgage when you move out and they can move in?

If it's the latter then there are lots of good reasons why the buyer won't want a BTL mortgage. It's a completely different mortgage product for a start (higher product arrangement fees, higher interest rates, possibly higher deposit required) and having a suitable mortgage in place is just the tip of the iceberg in terms of responsibilities of being a LL, responsibilities which the buyer may not want. Not to mention the early repayment charges on the BTL come March.

Your LL is behaving quite badly towards you and the buyer. Don't be bullied into moving until you're good and ready. Get the LL to compensate your moving costs.

aldredd

Pixie5740 - sorry, yes - I meant the buyer not the owner!

I see - they sounds like good reasons for not wanting a BTL mortgage when you actually want to move in. I just remember her discussing her options with us, and was then surprised she didn't go for it (perhaps at that point she didn't realise herself what that would then entail!)

Out,_Vile_Jelly

Astounded it has got to this stage without the buyer's solicitor having something to say about vacant possession.

Your goodwill is being severely abused. It's entirely possible to resolve this amicably, but your priority is finding another suitable property to rent at your convenience.

aldredd

The EA have just been in touch with the LA about possession dates this morning - they were reminded by the LA that we're under no obligation to move until March.
I've asked if they know if exchange has taken place yet - presumably, if it has, that puts us in a stronger position, as if we refuse either the LL can be held account, or the buyer must wait until March before completing, right? (Whereas if they've not exchanged, the buyer could 'just' pull out?)

We've got a viewing lined up tomorrow on a promising property. It's a bit more expensive (£100 p/m, but comparable 'spec'), so might try and get them reimburse the difference x months remaining on top of utility exit fees.

Guest101

aldredd wrote: »

The EA have just been in touch with the LA about possession dates this morning - they were reminded by the LA that we're under no obligation to move until March.
I've asked if they know if exchange has taken place yet - presumably, if it has, that puts us in a stronger position, as if we refuse either the LL can be held account, or the buyer must wait until March before completing, right? (Whereas if they've not exchanged, the buyer could 'just' pull out?)

We've got a viewing lined up tomorrow on a promising property. It's a bit more expensive (£100 p/m, but comparable 'spec'), so might try and get them reimburse the difference x months remaining on top of utility exit fees.

And presumebly full return of deposit, moving costs, time off work costs and compensation?

Like I said, I wouldn't be moving for less than £5k.

Generali

aldredd wrote: »

The EA have just been in touch with the LA about possession dates this morning - they were reminded by the LA that we're under no obligation to move until March.
I've asked if they know if exchange has taken place yet - presumably, if it has, that puts us in a stronger position, as if we refuse either the LL can be held account, or the buyer must wait until March before completing, right? (Whereas if they've not exchanged, the buyer could 'just' pull out?)

We've got a viewing lined up tomorrow on a promising property. It's a bit more expensive (£100 p/m, but comparable 'spec'), so might try and get them reimburse the difference x months remaining on top of utility exit fees.

If the buyer and seller have exchanged contracts they will have agreed a completion date. That means, almost certainly, that the LL has to deliver an empty house to the buyer on that date.

If that is the case you definitely hold the whip hand as the contract will have penalty clauses in it for the house not being vacant.

aldredd

I wondered about moving costs and time off work... but would they not take the view that I'd have to do that anyway in March? Certainly, if we went down the 'house swap' route I would insist on this option (as I wouldn't be able to self-move in half a day, and would have to take a week day off - rather than having the choice).

aldredd

Generali wrote: »

If the buyer and seller have exchanged contracts they will have agreed a completion date. That means, almost certainly, that the LL has to deliver an empty house to the buyer on that date.

If that is the case you definitely hold the whip hand as the contract will have penalty clauses in it for the house not being vacant.

Thanks, that makes sense - confirmed they've not yet exchanged - which explains why they were calling the LA for a date!

Guest101

aldredd wrote: »

I wondered about moving costs and time off work... but would they not take the view that I'd have to do that anyway in March? Certainly, if we went down the 'house swap' route I would insist on this option (as I wouldn't be able to self-move in half a day, and would have to take a week day off - rather than having the choice).

They can take any view they like...

you could say you want £5000 because you feel like it. If they dont like it, u dont move.

Or £5,000 because you are wearing a red jacket, or because the day has a 'y' in it. you dont need to justify these costs. This is the cost you set for ended the contract early.

Hell you could say that you want the LL to personally move every item in your property to the new house, upto him if they agree or not. but you have no need to justify any terms and conditions you set.

aldredd

Understood Guest101, thanks - I guess I was assuming there was some sort of pre-defined ... 'rate card' (for want of a better term) for things you can/can't 'claim' for - but you're saying it's merely whatever we agree to stands?