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Seller wants to delay completion
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vendor looking to rent somewhere I think.0
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Since you have already exchanged, a long delay is risk for buyer.
If you lose job in Corona crisis, then bank will withdraw mortgage (they legally can) and you won't be able to complete and then you will be liable for litigation by seller.
Since you have already exchanged, it is in your interest to force seller completion at the earliest.
If seller has no where to go, ask them to complete and they should start paying rent to you. It is not legal under normal circumstances (appears as if you bought for BTL) but in this situation, your lender unlikely to cause any problem.
This is far less riskier for you if you are not able to complete for some reason (then you have to rely on seller's goodwill not to drag you to court for failure to complete).Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
looks like the draft deed variation (link above) allows for someone in the chain not being able to continue owing to job loss / not being able to afford it etc.
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I went to view a rental property last Thursday. As long as it’s empty and distancing rules are observed it’s ok.Flugelhorn said:can't get removals, can't look at places to rent to move in to
i am also looking at moving into it in the next couple of weeks, providing I can find a removals firm working and following distancing rules.
If you will the end, you must will the means.1 -
Why don't you ask the seller to pay you "rent" until he manages to move out? this way you keep the completion day intact.
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Because if buying with a mortgage your lender won't complete unless you are getting vacant possession, if becoming a landlord (even for a brief time) you need to comply with all the legal requirements that entails, and what happens if they don't move out? It takes months at the best of times to evict someone.jumperabv3 said:Why don't you ask the seller to pay you "rent" until he manages to move out? this way you keep the completion day intact.
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there is no mortgage involved - even so, past experience would not encourage me to become a landlord, even for a short while. (which might become a long while)0
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