Sale exchanging before purchase is ready...?

iwb100

Just do not do this. It’s a terrible idea all round. You have a few weeks wait. I suspect the chain will hold together. Because nobody will have anything else they can buy or sell in that time. Any seller isn’t going to fins another buyer ready to complete and any buyer isn’t going to be able to complete on something else either in that time frame. Get your EA to communicate to the chain when things will happen and try and float a proposed completion date via your solicitor. This usually calms things down. We were recently in a similar chain with huge pressures from our vendors and our buyers creating delays and causing issues. If you want to PM me happy to talk about how we managed the chain.

carefullycautious

Please also check that the tenants have left the property before signing legal documents. They do not have to leave until a court and then bailiffs say so.

bucksbloke

If you have a lender they will be instructing the solicitor (who also acts for them) to ensure that the property is vacant on completion. I really don't think any lender would like this. 

Tiglet2

bucksbloke said:

If you have a lender they will be instructing the solicitor (who also acts for them) to ensure that the property is vacant on completion. I really don't think any lender would like this. 

The property will need to be vacant on exchange.  

iwb100

Tiglet2 said:

bucksbloke said:

If you have a lender they will be instructing the solicitor (who also acts for them) to ensure that the property is vacant on completion. I really don't think any lender would like this. 

The property will need to be vacant on exchange.  

Why would it be vacant on exchange? Because it’s rented? Normally properties are never vacant on exchange.

Tiglet2

Yes, because it's rented. 
Highly likely that OPs solicitor will recommend exchanging contracts once the tenants have left because if they exchange contracts with them in occupation, the tenants could ignore the notice served upon them and fail to vacate on completion.

If they did that, the seller would not be able to sell with vacant possession and so would be in breach of contract — in which case OP refuse to complete because of the seller’s breach, and the seller would then need to take action to remove the tenants.

If OP could not move into the property because the tenants were still there, they could pursue the seller for any related inconvenience and loss they suffered.  But of course the OP would need to vacate their own property on completion day and be faced without having to move themselves and contents to somewhere else.

Thurlow40

iwb100 said:

Just do not do this. It’s a terrible idea all round. You have a few weeks wait. I suspect the chain will hold together. Because nobody will have anything else they can buy or sell in that time. Any seller isn’t going to fins another buyer ready to complete and any buyer isn’t going to be able to complete on something else either in that time frame. Get your EA to communicate to the chain when things will happen and try and float a proposed completion date via your solicitor. This usually calms things down. We were recently in a similar chain with huge pressures from our vendors and our buyers creating delays and causing issues. If you want to PM me happy to talk about how we managed the chain.

Thank you.
I agree, no one now can do anything to beat this transaction getting to completion. We’re still inside of 3 months anyway so it’s not as if it’s dragging on much beyond what’s considered average.
I assume my buyers, buyers have been feeling twitchy for a while and now only as it’s getting a bit more heated have the estate agents bothered me with it and this proposed solution.  I can’t imagine why anyone would not be prepared to wait maybe 2 more weeks but maybe they have their own timescales or financial penalties, who knows.  Of course anyone who breaks the chain now and wants to start from square one runs the risk of missing out on the stamp duty holiday... I really hope this all comes to nothing and we just wait it out.
With everyone’s advise here I’ve decided not to sell before my purchase is ready so will just keep everything crossed that the estate agents can settle everyone down and maybe apply some pressure on land registry to correct this incorrect title document.
I also know that the tenants in my new house moved out this weekend and my solicitor has said he’ll ensure he sees the proof of such (can’t remember what he called the document now! 🤷🏻‍♀️)