Delayed Completion

ezr0

Sorry ok ill try be a little clearer, i have involved my solicitor but im in work so were just emailing.

They are letting us move in rent free for a month and exchange contracts, but complete it all a month later so he doesn't incur a charge. I think i understand now whats happening im just waiting on a reply to make sure its legal for us to stay there rent free for a month and that the contract means he cant pull out etc.

Thanks guys.

goodwithsaving

You exchange contracts.
You serve the 4 week notice on your rental.
You complete 4 weeks later


I don't see why you need to move in a month early, when you would have your rental property to pay for anyway.



I don't understand what's difficult?

ezr0

Nothings difficult i just wanted to understand what the seller meant when he asked and we just wanted to be in our own home before christmas, thats literally all it was.

mouthscradle

Can't for one minute see how he's going to get this agreed by his home insurers. And by exchanging before moving in, you'd then be committed to buying the house a month later, which would essentially be uninsured for a month. Anything could happen to it in that time.

PasturesNew

The minute you've paid, it's yours. Until that point it's not.
What if ... you agree to this ... and on the day you turn up to move in he's sitting there eating his tea and saying "Not today mate. No. We can't move to where we wanted to, so are staying here until completion date".

So there you are... expensive moving van behind you, all your stuff, all the neighbours watching.... he's shut the door and curtains and is eating his tea.... now what?

ezr0

PasturesNew wrote: »

The minute you've paid, it's yours. Until that point it's not.
What if ... you agree to this ... and on the day you turn up to move in he's sitting there eating his tea and saying "Not today mate. No. We can't move to where we wanted to, so are staying here until completion date".

So there you are... expensive moving van behind you, all your stuff, all the neighbours watching.... he's shut the door and curtains and is eating his tea.... now what?

Great point absolutely, ive asked my solicitor about drafting something up regarding something like this. His circumstance going forward is hes going to a rental for a few months which is his parents house so i cant see that being too much of an issue.

Ill just wait to see what my solicitor says, thank you all for the replies even though ive hit a nerve with a few people it seems! Appologies, im new to this and wanted to fully understand as i want to be accommodating at the same time!

AnotherJoe

ezr0 wrote: »

Yes we could just complete a month later, we just wanted to be in before christmas thats all, plus we're renting currently so need to give 4 weeks on that as well.

The seller is being completely open about it and is allowing us to move in November if we wanted and have a month rent free and then start our mortgage beginning of January. As i said hes offered to pay for some small jobs we originally said we wanted to do also, plus hes now saying if we liked any of the furniture we could get something from that too.

I want to help i really do i just want to make sure its legal! Is "having a free" month legal?

Thats akin to asking "can i stay in someone else's house for free for a month if they let me"

Of course you can.

saajan_12

G_M wrote: »

I'm still unclear if he is proposing

1) letting you move in, rent free, a month before Completion
or
2) letting you Complete, take ownership, and move in, but not pay him till a month later


I wonder if he knows himself?

I can't see how (2) would work because (most likely):
- seller doesn't want to repay mortgage for another month to avoid ERCs
-> seller's lender will maintain a charge on the property
-> seller's lender will not allow it to change ownership under the same product (else there would be a disparity between borrower and security owner).

OP, if you mean 1) then its true that most of the risk is with the seller. However, ensure you have exchanged prior to moving in, even if its with a long gap until completion: else the seller is entitled to pull out and kick you out, meaning an additional move etc. If your incentive would be a 'free month', what if you ask the seller to reduce the price by the cost of 1 month's rent where you are now.. you can stay put until the late completion date. That way you're not paying an extra month of rent more than you bargained for, and there's no bothering with legalities and extra contracts for the 1 month rental etc.

CarrieVS

PasturesNew wrote: »

The minute you've paid, it's yours. Until that point it's not.
What if ... you agree to this ... and on the day you turn up to move in he's sitting there eating his tea and saying "Not today mate. No. We can't move to where we wanted to, so are staying here until completion date".

So there you are... expensive moving van behind you, all your stuff, all the neighbours watching.... he's shut the door and curtains and is eating his tea.... now what?

In that eventuality, OP should rent a caravan and park it on the seller's drive for a month, clearly.

ezr0

CarrieVS wrote: »

In that eventuality, OP should rent a caravan and park it on the seller's drive for a month, clearly.

That could be quite funny :rotfl:

My aim is to exchange first i wouldnt be committing to something like this first without knowing there's a contract in place. If that's all well then whats a month knowing i can get in before christmas! Everyones happy.