8 weeks between exchange and completion?

Hoploz

Have they given any reason for wanting such a long timeframe? Seems a bit odd.

tigzor

Dan-Dan / Kynthia,

I am in a similar position to Brown_Eyed_Girl in that there are currently tenants in place in the property we are looking to purchase.

I have spoken to my solicitor about this and the Contract of Sale clearly states that upon completion the property will be in vacant possession and has been quite upfront in ensuring that we are covered from a legal POV.

Given the above would you still recommend not exchanging contracts until the tenants are kicked out?

Would appreciate anyone else's opinion on the above as well!

Surrey_EA

tigzor wrote: »

I have spoken to my solicitor about this and the Contract of Sale clearly states that upon completion the property will be in vacant possession and has been quite upfront in ensuring that we are covered from a legal POV.

Given the above would you still recommend not exchanging contracts until the tenants are kicked out?

It is thankfully relatively rare, but it is certainly not unheard of for tenants to remain in a property for longer than they should. Obviously as a purchaser this will cause some issues when you attempt to move in to your home on the day of completion, and find you cannot because they previous occupants have not left. It is quite likely that this will be dealt with through the legal channels your solicitor refers to, but that's probably not a great deal of consolation when you're stood outside your new home with a van full of belongings.

The chances of a problem occurring are slim, at least in my experience, but if you wait until the property is vacant then it becomes far less likely.

However, in order to avoid losing income, some landlords are unwilling to give notice to their tenants until a buyer is ready to exchange. As with all sales, each case is different.

Brown_Eyed_Girl

Yes mines looks like the same situation as Tigzor, although will remind the solicitors to confirm this in my long list of "double check you have X"

The tenants actually had something lined through same the EA who sold the place, so they've been working with them to get something else sorted. They're equally keen that there are no problems.

Either way, we are still at a point where dates can be shuffled at bit to work it all out.

Sedge123

We have ten weeks, not ideal but it's worth it to get the house we want. Moving in with the outlaws for the last five of those weeks!

Gigervamp

Brown_Eyed_Girl wrote: »

Mine will be a month between the two so that the tenants in the property can be given notice, they are already looking for somewhere new, and so that I can be confident I wont give notice and then be homeless.

All depends on the situation

Shouldn't the tenants be given 2 months notice?

Brown_Eyed_Girl

Assuming they've already been given notice as they are looking and had a discussion with the EA when I went back for another viewing after offer accepted.

The owner wanted to exchange in 4weeks and complete a month later. That won't happen, not least because their side have to get back with a ton of docs this week to have half a chance (and then surveyor-gate needs to work it's self out)

Less worried about things in his control, all I can do is get my stuff in order and then if he doesn't sort out the tenants by completion date its his fault we can't complete. Worst case is that I have to stay where I am longer and save a bit more cash. They're pulling it down so no one will be moving in after.

Kynthia

tigzor wrote: »

Dan-Dan / Kynthia,

I am in a similar position to Brown_Eyed_Girl in that there are currently tenants in place in the property we are looking to purchase.

I have spoken to my solicitor about this and the Contract of Sale clearly states that upon completion the property will be in vacant possession and has been quite upfront in ensuring that we are covered from a legal POV.

Given the above would you still recommend not exchanging contracts until the tenants are kicked out?

Would appreciate anyone else's opinion on the above as well!

So you have the clause in the contract but does it mean you don't have to complete if there's no vacant possession and you'll be reimbursed any costs? what exactly would happen on completion day if the tenants haven't moved out? Will you have removals booked that you'll have to cancel, fees to pay your mortgage lender when you send their money back, anyone buying your place that will sue you for non-completion, etc? What if they then take another two or three months to go? What is the advantage to you to do it this way. Why not insist on the tenants being gone before exchange?

Dan-Dan

Brown_Eyed_Girl wrote: »

Assuming they've already been given notice as they are looking and had a discussion with the EA when I went back for another viewing after offer accepted.

The owner wanted to exchange in 4weeks and complete a month later. That won't happen, not least because their side have to get back with a ton of docs this week to have half a chance (and then surveyor-gate needs to work it's self out)

Less worried about things in his control, all I can do is get my stuff in order and then if he doesn't sort out the tenants by completion date its his fault we can't complete. Worst case is that I have to stay where I am longer and save a bit more cash. They're pulling it down so no one will be moving in after.

Should this occur , you will find yourself as a newbie landlord

gtat

Thank you to everyone for your helpful advice! We will proceed with completion in 8 weeks