Would you let your purchaser move in before completion?

suzialwaysbroke

As title really. We are in a very short chain, but the buyer at the front has already given notice in her rental property before anyone has exchanged. She is now pushing to exchange and complete in a week otherwise she wants compensation as she will have to spend more on rent. Our EA has suggested that we could all move before completion with our purchaser paying us rent for the duration. It all seems a bit vague to me and there is a considerable amount of money involved, so obviously, I am anxious not to find that something goes wrong and I am out of my house and out of pocket. Has anyone done this and what are the pros and cons please?

molerat

No,No,No,No,No,No,No.

She handed her notice in, silly thing to do until she is in, it is her own stupid fault - compensation for what exactly ? Charging rent - have all the necessary rental requirements been carried out - gas safety check etc. What if it all goes wrong - "tenant" is in, paying rent, how are you going to get them evicted. Estate agents have not got a clue - ask your solicitor what they think of the idea.

Pixie5740

Is your EA mental? What does your solicitor say about this?

Hard cheese if your buyer has served notice on her rental home before exchange. That was a bloody stupid thing for her to do and she's entitled to eff all compensation if she has to rent somewhere else.

Her best options are tothrow herself on the mercy of her landlord to see if she can stay longer, or find somewhere to live short term.

J_i_m

molerat wrote: »

No,No,No,No,No,No,No.

And no again.

marksoton

There's two stupid people here. Your buyer and your EA. The next conversation you have with either of them should contain the words jog on....

Elfbert

To be fair to the EA, they don't give a monkeys what sort of tangles these people end up in as long as the house sells and their commission comes in...they'd probably charge extra for some tenant checks and printing off a few 'agreements' too

OP - No. Just don't even waste time looking into it, it's a terrible, terrible idea. The buyer at the front of the chain was being greedy trying to cut the overlap on rental/buying to nothing, and they've been tripped up by that. No ones fault but their own.

LittleMax

NO!!!!!!
When your EA says all move before completion - how many people would be in a house not owned by them? And what happens at the top of the chain, is it an empty property? Ridiculous idea, just say no.

G_M

Can I play devil's advocate and present the opposite view?

No - I can't.

this is a mad idea. Do you want to be a landlord? To have to declare the rent as income to HMRC? To comply with 103 other landlord/tenant regulations?

There's no issue with compensation either. Firstly, the fault lies with the buyer, for handing in notice. Second, where she lives, and what she pays for that accomodation (rent, hotel costs, expenses at her mum's) before the sale Completes IS NOT YOUR PROBLEM.

marksoton

Elfbert wrote: »

To be fair to the EA, they don't give a monkeys what sort of tangles these people end up in as long as the house sells and their commission comes in...they'd probably charge extra for some tenant checks and printing off a few 'agreements' too

I'm sure they don't. But it's still a pretty unprofessional way to behave.

It's no wonder so many people have issues with the way EA's sometimes conduct themselves.

phill99

How many more people are going to ask the same, ludicrous question on this forum.

bigfreddiel

marksoton wrote: »

I'm sure they don't. But it's still a pretty unprofessional way to behave.

It's no wonder so many people have issues with the way EA's sometimes conduct themselves.

I'm they do!

My friend completed on 1st Dec last week.

The EA pushed for a completion the week before.

Luckily my friend spoke direct to his buyer and both thought that it was each other pushing for this. It wasn't, it was the EA trying to get one more sale in before month end! No doubt to earn some sort of bonus

fj