Would you let your purchaser move in before completion?

Arthritic_Toe

suzialwaysbroke wrote: »

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?

Well if you could all move before completion, why not make the completion earlier?

DaftyDuck

DaftyDuck wrote: »

Am I too late?


NO!

I've slept on my own advice and, on careful reflection and consideration, would amend it slightly....

F!!K NO!

AlistairM

We have a 2 month notice period with our rental so I can understand why someone would hand in notice before exchange espcially when the time between exchange and completion can be same day.


We handed our notice in thinking we'd exchange and complete mid november but then the move got delayed by 2 months because of planning permission up the chain.


We had to get our tennancy extended by 2 months with the landlord which fortunatly he agreed to.


Not once have I thought that I should be getting compensation from the seller. I'm not sure why your buyer thinks they should get it.

DRP

marksoton wrote: »

A risk the OP has absolutely no need to take. And i'd question the suggestion it's small.

Obviously 'small' risk is a relative thing!

I'd guess this is a fairly common (another relative term!) which on the rare (relative!) occasions it goes wrong it's got major pros & cons (as described in this thread).

Sometimes to get things moving you have to take a risk. Personally I wouldn't consider it unless the chain is on the verge of collapse, as happened in our chain.

G_M

AlistairM wrote: »

We have a 2 month notice period with our rental so I can understand why someone would hand in notice before exchange espcially when the time between exchange and completion can be same day.

It can't be same day if one party insists on a month. Or two.

merrydance

Made me think of when my daughter was buying her first house. She asked can't we just try it out before we buy to see if we like the area, neighbours etc. ha ha - if only

mrginge

I may let them move in early, but only under the following conditions.
1. No toenail clipping at the kitchen table.
2. No interruptions during judge rinder.
3. Compulsory participation in my Wednesday night Morris dancing soir!e.
4. Sexy time to be limited to a maximum of 8 minutes on Friday evening.

marksoton

mrginge wrote: »

Sexy time to be limited to a maximum of 8 minutes on Friday evening.

You should never judge others by your own conventions/limitations..

matttye

The buyer at the front hasn't yet entered a binding contract with anyone and has no right to demand anything from anyone. Her suggestion that she be compensated for her own stupidity is laughable.

goodwithsaving

This question comes up a lot and the answer is always the same.........
NEVER
Do not jeopordise yourselves purely because your buyer (and EA) have been fools