Can a buyer rent out a property before exchange and how can I resolve this dispute?

mivvin

davidmcn wrote: »

Obviously he can only arrange viewings with your permission, but I don't see what right anyone would have to stop him advertising. It's his risk.

Well that's quite right but seeing as I've already clearly stated what I am and am not willing to do, he's a bit idiotic to advertise it anyway. What's he going to say to people who want to see it? "Oh I can't actually show you around because I don't own it yet and I haven't reached an agreement with the current owner". It'll make him sound like a complete idiot.

Pixie5740

If it walks like a duck, swims like a duck and sounds like a duck then it's a duck. If he sounds like a complete idiot.....you can fill the rest in yourself

Yes he can advertise the property but really it's time for him to s h i t or get off the pot. Tell him to exchange or you'll re-advertise.

eddddy

Solicitors do conveyancing, EAs do sales progression.

So you need to get the EA to progress the sale, or progress it yourself by contacting the buyer.

(You could be waiting forever, if you are relying on your solicitor for sales progression.)

You (or your EA) need to get to grips with what is happening...

- Does the buyer need a mortgage? Has he applied? Has a valuer visited?
- Has the buyer's solicitor done the searches? Is the buyer happy with them?
- Does the buyer need a survey? Has it been done?
- Is exchange of contracts dependent to the buyer finding a prospective tenant?

If the buyer is not forthcoming with this info, perhaps you start suspecting he is a time-waster.

PasturesNew

Always think the worst of some people ..... what IF .... he were taking deposits from everybody he was showing round, then never exchanged, simply disappeared with all those deposits - and you'd have 10 people at the door wanting to move in and/or their deposit back.

Bubblecat

mivvin wrote: »

Just as an aside, I've been told twice now (once by solicitor, then by Estate Agent) that all parties are ready to exchange. What would prevent the exchange? Can it only be my buyer burying his head in the sand or are there other factors?

Sounds like he wants to secure a tenant before he is willing to exchange and then suggest a completion date that suits him - one which will mean he has little or no void between him getting the keys and a paying tenant moving in.

I can understand his thinking but it's rather cheeky and I wouldn't agree to it.

moneyistooshorttomention

PasturesNew wrote: »

Always think the worst of some people ..... what IF .... he were taking deposits from everybody he was showing round, then never exchanged, simply disappeared with all those deposits - and you'd have 10 people at the door wanting to move in and/or their deposit back.

Pastures is even more cynical than me then - but she may be right.

My take was that he planned all along to rent it out (never mind "deciding at the 11th hour") and is playing a game trying to get a tenant all "good to go" and moving in date established with said tenant. He thinks he can get a tenant to agree a point somewhere round about the 4 weeks time mark as move-in date and...funnily enough...by "sheer coincidence" Completion Day is the day before the tenant is due to move in and, funnily enough, Exchange happens the day Mr Future Landlord knows what the moving in date for the tenant is.

That way - he plans on getting rent literally from Day 1 of his ownership.

There's nowt wrong with a plan like I am envisaging per se - but why isnt he just being honest and upfront with you and telling you that's what he wants to do? That way - you could maybe work out a scenario around this that would suit you both.

eddddy

Bubblecat wrote: »

I can understand his thinking but it's rather cheeky and I wouldn't agree to it.

Out of interest, why wouldn't you agree to it. Is it just the inconvenience of having to allow viewings?

Would you be prepared to lose a sale over it? And therefore perhaps lose a house you hoped to buy?

Perhaps it's a fine line between 'punishing' the buyer for cheeky behaviour - and cutting off your nose to spite your face.

mivvin

The reason he's changed his mind about living there is because he's decided to go travelling apparently.

He could still get a tenant in for completion if he hurries up and exchanges contracts, then arranges viewings. It's no skin off my nose if he wants a couple of weeks between exchange and completion to find someone but I'm obviously not going to give him an infinite amount of time. I don't really care.

Pixie5740

If he's going travelling then there's no way he's getting a BTL mortgage. I'd be surprised if his solicitor knew what he was planning and even more surprised if his solicitor was going along with this charade.

If time is not on his side then threatening to re-market might not be a bad idea. If he wants to buy somewhere before going travelling then he probably does't have time to start the whole process again from scratch.

csgohan4

well doesn't the future LL need to arrange a few mandatory things like a gas safety check