Buying a flat with tenants- contract advice

theartfullodger

re

HappyMJ wrote: »

Or you could stay in occupation and incur court costs. It costs £280 to start a claim in the county court if a tenant fails to leave if a valid section 21 notice has been issued to the tenant and this can in most cases be passed on to the tenant. It then costs £110 to issue a warrant for possession.

My son & his house-mates got way over that from the landlord of their home being sold: Plus written good reference & no court charges.

Were I the tenant, I'd go for the gamble..

kinger101

mrginge wrote: »

CML 6.5 requires the solicitor to advise the lender if there is 'doubt' about the ability to provide vacant possession. It does not specifically state that such doubt applies only to the point of completion.

The lender therefore does care what the position is before completion. They may be prepared to accept the position, but that is not a definite.

The lender's money is not at risk on exchange of contracts. As long as the solicitor informs the purchaser that the mortgage won't be available without the vacant possession, I don't think they've done anything wrong if they do exchange at their client's insistence.

6.5.1 Unless otherwise stated in your instructions, it is a term of the loan that vacant possession is obtained. The contract must provide for this. If you doubt that vacant possession will be given, you must not part with the advance and should report the position to us

davidmcn

mrginge wrote: »

CML 6.5 requires the solicitor to advise the lender if there is 'doubt' about the ability to provide vacant possession. It does not specifically state that such doubt applies only to the point of completion.

But that's the only point at which it is relevant - until then their money isn't at risk.

If the solicitor asked the lender about it I fully expect that it would just be thrown back at them with a reminder that it's up to the solicitor to certify that vacant possession is being provided, and will be liable if the lender unexpectedly ends up with somebody else's tenants in possession.

G_M

Tempted to add my tuppence-worth ..... but resent advising posters who respod rudely.

Off to the kitchen for a big slice. Chocolate as it's Sunday.

ViolaLass

G_M wrote: »

Tempted to add my tuppence-worth ..... but resent advising posters who respod rudely.

Off to the kitchen for a big slice. Chocolate as it's Sunday.

Cake or just straight chocolate?

TonyMMM

[Deleted User] wrote:

I have spoken directly to the lender who have confirmed that they are happy for exchange to take place under these circumstances.

They might well be happy, there is no risk on their part - you are taking all that so should not even be considering it.

[Deleted User]

And yet you couldn't help but post a response anyway G_M! Go on, you're obviously itching to.

And apologies if anyone thinks I've been rude. Personally I think that posting on a thread with what I've specifically requested you don't say is quite rude, but clearly I'm the one in the wrong.

Mattygroves2

I suspect G_M would be proposing tea and cake with the tenants to see what their intentions are and whether they've found a new property yet or not.

In your shoes I wouldn't be handing in my notice on my current flat until I knew there was going to be vacant possession. If all goes well you'll end up paying rent and mortgage for at most a couple of months but I'd rather do that than end up living in a hotel.

Pixie5740

[Deleted User] wrote:

Ah, the old 'dredge through OP's other posts to try and make them look stupid'- another MSE forum classic!

I didn't 'know it all then' and I don't 'know it all now'- hence me on here asking for advice.

I didn't have to go dredging up your posting history. You have a distinctive posting style and by distinctive I mean rude. That's how I remembered you had posted before about buying a flat with tenants in it.

I think this is more a classic case of someone posting on a public form and then being rude to people who don't tell them what they want to hear.

[Deleted User] wrote:

Also I am a 'she' not a 'he'- not that it matters, but interesting that's your default assumption.

You're right it doesn't matter one jot whether you are male or female. Whilst "he" is a masculine pronoun many people use it as a generic pronoun when the gender is not known. So you see it's not interesting at all but rather banal.

AdrianC

[Deleted User] wrote:

And apologies if anyone thinks I've been rude. Personally I think that posting on a thread with what I've specifically requested you don't say is quite rude, but clearly I'm the one in the wrong.

Sometimes, there's only one answer that makes any kind of sense whatsoever - whether you want to hear it or not.