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Legal way to move before completion
cowencricket
Posts: 16 Forumite
We have sold , only to find we have a redemption until 1July.
Our buyer needs to be out of her rental by end of May so we want completion only 1 July and she needs a place by end of May
we are moving to our son - so have no time worries but don’t want to pay £3500
is there a legal way she can move in in May and we complete 1July?
Desperate for advice please. thank you 😊
Our buyer needs to be out of her rental by end of May so we want completion only 1 July and she needs a place by end of May
we are moving to our son - so have no time worries but don’t want to pay £3500
is there a legal way she can move in in May and we complete 1July?
Desperate for advice please. thank you 😊
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Comments
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No solicitor worth his/her salt would tell you that this is something that you should even be considering. Most definitely not. Really you should have been aware of redemption penalties before putting house on market.
If really keen, buyer can surely find someone to put her up or find a 3month rental until completion is viable. The other alternative is you agree to pay half her renting costs for the 3 month period should she decide she willl need to pull out of the purchase if you want to keep it on track.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.2 -
I think your buyer will find that she doesn't have to be out of her rental by the end of May. It will take longer than a month to evict her, so should be simplest if she just hangs on until 1 July. Very inadvisable to let her move in before completion, for various reasons.1
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Legally, nothing is stopping you from renting out the property to the buyer provided you get consent to let from your mortgage lender.
This is still a very bad idea and your Solicitor is likely to advise you against such move.0 -
If she can stay in the rental for 2 more months that would be great - you might even help out with the cost
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Would it be an option for her to pay you the early redemption fee as an incentive?
You'd need to have it in writing but it shouldn't - fundamentally - be different to her paying for any white goods she wants you to leave.That sounds like a classic case of premature extrapolation.
House Bought July 2020 - 19 years 0 months remaining on term
Next Step: Bathroom renovation booked for January 2021
Goal: Keep the bigger picture in mind...0 -
£3.5k for a month early! More of a penalty than an incentive.NewShadow said:Would it be an option for her to pay you the early redemption fee as an incentive?0 -
It really isn't your buyers issue. You could discuss any incentive directly with them, but you are not in the best position to negotiate.
Also, the buyer doesn't have to leave the rental on 31st May. I'd probably offer to pay their extra months rent if you are serious about selling and need a favour. Definitely be cheaper than paying the redemption.0 -
Speak to your lender to see if they will waive the ERC - doubt they will as they are not obliged to. You would of know about the ERC's when you took out the mortgage.cowencricket said:We have sold , only to find we have a redemption until 1July.
Our buyer needs to be out of her rental by end of May so we want completion only 1 July and she needs a place by end of May
we are moving to our son - so have no time worries but don’t want to pay £3500
is there a legal way she can move in in May and we complete 1July?
Desperate for advice please. thank you 😊0
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