ftb buying property still rented out

lostftb

Hi

Been following this a while and it's been really helpful, but now in the buying process and looking for some advice.

We've just had an offer accepted on a property which is currently rented out through the same agency that is selling it. Tenants have been served notice and their moving date is in just over a month so likely to be before our mortgage process is completed and searches done. However, we know tenants can sometimes refuse to move in which case the LL needs to go through the courts and that can take months.

Should we proceed with mortgage application, followed by searches or should we put everything on hold until the tenants have actually moved out?

Would have been easier to go for an empty property, but location, condition and price are what we were looking for, just don't want to have to wait another 5-6 months to move and would like to keep our costs down if this didn't go through.

Thanks

mrginge

Spend no money until you have confirmed vacant posession.

G_M

My advice would be not to spend money on mortgage application, surveys, searches, legal fees etc till after the tenants are out.

Tell the seller that is your position

Once you have verified the tenancy has ended, full steam ahead.

But if the seller then puts the property back on the market......??

ognum

lostftb wrote: »

Hi

Been following this a while and it's been really helpful, but now in the buying process and looking for some advice.

We've just had an offer accepted on a property which is currently rented out through the same agency that is selling it. Tenants have been served notice and their moving date is in just over a month so likely to be before our mortgage process is completed and searches done. However, we know tenants can sometimes refuse to move in which case the LL needs to go through the courts and that can take months.

Should we proceed with mortgage application, followed by searches or should we put everything on hold until the tenants have actually moved out?

Would have been easier to go for an empty property, but location, condition and price are what we were looking for, just don't want to have to wait another 5-6 months to move and would like to keep our costs down if this didn't go through.

Thanks

I agree with the other posters that spending a lot of money is probably inadvisable but you do need to appreciate that the tenants will have put some buyers off.

Once the property is vacant it could sell for more or be a more attractive buy so the vendor may decide to go back to the market when he has vacant possession if your are being slow to get things done.

It's really your choice, if it was me I would get the process moving but definitely not exchange until the property is empty, you have been to check the tenants haven't caused any damage and you are happy with the property.

Your choice!

lostftb

Thanks everyone for your thoughts, will sleep on it and hopefully wake up wiser, it's a tough market as you say and empty properties sell even quicker. Thanks all