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Difficult situation
Comments
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'Moving on the same day' as whom?
The owner won't get her money until the house you are in is sold; the sale requiring that you have moved out.
You won't be able to move to the new property until its sale is completed,but to do that you will need the money from the house you will have had to leave, so what will you do meanwhile?
Also, a seller is very unlikely to seriously consider you as a buyer,unless you can show that you are able to proceed .0 -
The owner won't get her money until the house you are in is sold; the sale requiring that you have moved out.
You won't be able to move to the new property until its sale is completed,but to do that you will need the money from the house you will have had to leave
Aren't you just describing a chain here?0 -
Estate agents we have spoken to have all said it wouldn't be a problem but just wanted to check to see if anybody on here would be familiar with this type of scenario?
As others have said you staying in the current property up to the day of completion may be problematic. You are a tenant and ordinarily for a tenanted property vacant possession (i.e. You move out) on exchange is asked for. In particular it may be a requirement for the lender of whoever is purchasing. Maybe exchange and completion on the same day gets around this but others in the chain may not want to do that.0 -
Lenders don't dictate what the position must be at exchange - they're not a party to the contract. They only care what happens at completion - and, like the buyer, they'll want vacant possession. But that's an obligation of the vendor anyway, so the vendor will do their damnedest to make sure that vacant possession happens.HouseBuyer77 wrote: »You are a tenant and ordinarily for a tenanted property vacant possession (i.e. You move out) on exchange is asked for. In particular it may be a requirement for the lender of whoever is purchasing.
It seems to me that only a particularly paranoid buyer would want the property to be vacant at exchange in the circumstances we have here - and I don't see how delaying exchange helps! As I said above, may be more of a concern if the tenants were unrelated third parties who might not have somewhere to move to.0
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