Buying a house without vacant possession, Would you?

jellie

What happens if the tenants trash the property after exchange but before they've been evicted?

agrinnall

Are the replies in your original thread not clear enough? It's your choice, but the consensus is don't do it.

https://forums.moneysavingexpert.com/discussion/5450179

Cakeguts

I might but then I might want to keep the tenants.

marksoton

flambo33 wrote: »

[FONT=Times New Roman,serif][FONT=Calibri,sans-serif]You would be bonkers to proceed on the basis of vacant possession knowing about the tenant without this clause in the contract but the contract means you aren’t going to lose anything if he doesn’t vacate (other than three months waiting for him to vacate), and don’t forget the people on this forum probably aren’t aware of this clause or are legally trained – just because it’s not common place doesn’t mean its incorrect. [/FONT][/FONT]
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agrinnall wrote: »

Are the replies in your original thread not clear enough? It's your choice, but the consensus is don't do it.

https://forums.moneysavingexpert.com/discussion/5450179

Aha, explains the above.....

eddddy

In your position, I wouldn't have a problem agreeing to a contract like that - as long as there was a benefit to me. e.g. The property is cheaper than it would be otherwise.

Obviously, you need to make sure that your mortgage offer is good for 3 months.

Perhaps ask for the option to terminate the contract after 3 months, rather than automatic termination. Otherwise, if property prices increase, the seller might delay eviction until 3 months plus 1 day, in order to terminate the contract and sell to somebody else for more money.

flambo33

If the tenants were to trash the place it's also in the contract that it would be rectified before completion

frugalsmurf

You are asking a question on something I assume you've agreed to.

If an internet forum all says no, you'd still do it.

So if your solicitor has contracts to protect you, you have insurance sorted, you're happy to wait three months (possibly more if they don't leave/trash it)...then there's your answer.

flambo33

I'm asking an internet forum for some opinions, not a decisive decision

AnnieO1234

When you say that it says things will be rectified, does it include to what standard and to whose satisfaction? What has the mortgage company said? Xxx

AnnieO1234

Also what happens if it takes another 3 months for the tenant to leave and by that point (as in the seller has done everything per the contract) your mortgage company refuses to offer you the mortgage? It's run out and they choose to not extend. What will you do then? You'll be legally obliged to buy the property at exchange. You need to be very, very clear here. I'm assuming you're a FTB coming from a council tenancy, I'm not sure even as an investor I would be comfortable with this proposition. Xxx