Moving into a property pre-completion ???

dandy_s

Hi All

I am in the process of buying a house and we are expecting to exchange on Monday, with a view to then completing on Friday 16th.

The seller has contacted me (we have each others details as he was going to sell privately initially) and asked if we could postpone the completion date for two weeks until Feb 1st, as the early repayment charge is £1,600 and after this date his fixed mortgage agreement is finished.

I then responded saying I couldn't really as I need to be in for the 16th - initially we had been meant to complete pre-Christmas and we had both been pushing for this.

So he has offered that I move into the property after exchange on the 16th as initially planned, but that he just lets me live there for two weeks, and we complete on 1st Feb to save him the money.

From my point of view, it works as I get to move in when I had initially wanted to, and it helps him out financially. Additionally he owns the property next door and is going to renovate and then move into that himself so I am keen to stay on friendly terms with him!!

As far as I am aware, all the risk in doing this lies with him, but I wondered whether anyone knew of any risks that I would be exposed to in this scenario??

I'm trying to decide whether or not to agree to it, becuase in theory he could just refuse to complete until 1st Feb anyway.

Anyone's opinions would be helpful !!!!

Thanks

Guest101

Well have u exchanged contracts?

There's no risk to u here from initial thoughts.

dandy_s

Guest101 wrote: »

Well have u exchanged contracts?

There's no risk to u here from initial thoughts.

We haven't yet but we will have done by the time I will move in.

stator

I would say make sure you get everything written down and a proper agreement in place involving your solicitors.

maninthestreet

Both his EA and solicitor will advise him strongly that he shouldn't do this, but he may choose to ignore that advice.

dimbo61

You would be a tenant and he would be a Landlord!!!

PasturesNew

The risk is his because you might not complete.
His solicitor will advise him against it.
But ... what if you get run over by the proverbial bus on the 18th?
What if you've done something "a bit dodgy" that you didn't realise was a bit dodgy and your lender reviews the case and pulls the mortgage/refuses to lend at the last minute?
What if ... all sorts of scenarios.

bris

The risk is his but if you have exchanged then you would be liable to him for everything he losses so it kind of evens itself out.


The solicitors will always advise against it, I will advise against it but tbh most of the advice to not do it would be to him not you.

pinkteapot

While it's completely inadvisable for the seller, the reality is it does happen. Friends of mine rented their house for two months before completion as they were relocating for work so needed to move and the purchase dragged on.

pinkteapot

PasturesNew wrote: »

What if you've done something "a bit dodgy" that you didn't realise was a bit dodgy and your lender reviews the case and pulls the mortgage/refuses to lend at the last minute?

Odd comment. If a mortgage offer was ever pulled after exchange the buyer would be in such trouble that it would make no difference where they were living. A solicitor won't let someone exchange on a purchase until the mortgage offer has been made and I've never heard of an offer being withdrawn post-exchange!

Annisele

I think OP would be stuffed if the seller changed his mind after exchange but before the 16th.

Unless the seller puts something into a contract that says OP can live in the house from the 16th, I'm not sure if OP would have any redress if the seller simply changed his mind - so he could potentially be homeless for a fortnight. I suspect seller wouldn't want to have that sort of contract, because his solicitor will strongly advise against it.

On the other hand, most of the time people make agreements and stick to them, regardless of whether those agreements are legally watertight. So, OP might judge that the risk of seller screwing him is minimal.