Buying a flat to live in - currently with tenants in-situ

PawelK

LdnFtB wrote: »

Is your estate agent named Shaheel? Don't want to be any more specific than that but chance would be a fine thing if we're both looking at the same place.

I actually thought the same but since you revealed your broker's name, mine is different. I live in SW and buying in SE.

LdnFtB

Cakeguts wrote: »

But you can't buy it until it is vacant so you can't drive a hard bargain. You are in the same position as anyone else buying it apart from another landlord.

Update - we took legal advice and decided to proceed. Advise was that, provided property is vacant upon exchange risks can be minimized and it's not an unusual transaction to deal with.

Vendors have accepted an offer ~10% below asking. At the moment the big delay time wise will actually be the searches as the freeholder (local authority) are taking up to three months to process them.

I'll keep the thread updated as things progress and share any bumps in the road.

giraffe69

When I bought a flat which had been tenanted
1. no progress until vacant
2. check it was actually vacant by visiting
3. visit the day before exchange to check condition
4. exchange and completion on same day

The only delay to all this was caused by a S21 being mucked up and the landlord having to start again.

eddddy

LdnFtB wrote: »

Update - we took legal advice and decided to proceed. Advise was that, provided property is vacant upon exchange risks can be minimized and it's not an unusual transaction to deal with.

The seller's solicitor will be much more 'forceful' in advising the seller not to exchange until the property is vacant.

Because it's the seller that bears all the financial risk, if the tenants don't move out before the completion date.

LdnFtB

So a quick update on progress. Things have been going smoothly on our side of things with everyone on agreement as to process and timescale.

There's a big spanner in the works that's come up this week though and it's something completely unexpected and unrelated to the tenants - the title plan for the flat is showing the wrong one. So everything's ground to a halt while that gets resolved!

Talk about falling at the first hurdle.

Anyone else had a similar problem with the title plan when buying the flat?

45002

LdnFtB wrote:

So a quick update on progress. Things have been going smoothly on our side of things with everyone on agreement as to process and timescale.

There's a big spanner in the works that's come up this week though and it's something completely unexpected and unrelated to the tenants - the title plan for the flat is showing the wrong one. So everything's ground to a halt while that gets resolved!

Talk about falling at the first hurdle.

Anyone else had a similar problem with the title plan when buying the flat?

LdnFtB

Have a read of the below thread and links on how long it can take for a LL to get possession of a property if tenants don't play ball

https://forums.landlordzone.co.uk/forum/residential-letting-questions/77351-time-to-repossess-statistics?75530-Time-to-repossess-statistics=

Good luck, your need it !