Buying property with tenants - vacant possession required

Pickle_Lily

I'm looking for a bit of advice / reassurance on a property that I'm in the early stages of purchasing. I'm purchasing it as a residential property for myself, but the vendor currently lets it to private tenants. Obviously they are aware that the vendor wished to sell and I assume that they've been informed that it's now SSTC. I'm aware that I will need to make sure that the property is sold as vacant possession, but I'm not clear on whether it needs to be vacant before exchange or before completion. Or does it matter?

I'm aware that there could be problems if the tenants refuse to leave and I'm tied into a contract, but if there's a long wait until exchange then's there's a risk that I could lose the property!

I would be interested to hear anybody else's experiences or if there's anything else I should be aware off?

All help appreciated.

Thanks

G_M

Yes it matters.

Don't exchange till the tenants have left, and you've personally checked.

In fact my adice is don't spend any money (survey, searches, mortgage application) till the tenants have left.

The agent will say "They're due to leave on xx Sept". Does not mean they will actually be gone before Christmas......

Innys1

G_M wrote: »

Yes it matters.

Don't exchange till the tenants have left, and you've personally checked.

In fact my adice is don't spend any money (survey, searches, mortgage application) till the tenants have left.

The agent will say "They're due to leave on xx Sept". Does not mean they will actually be gone before Christmas......

Great advice.

Never commit to something as big as a house purchase while, at the same time, relying on someone else's good nature for you to meet that commitment.