Paying tenant to leave

Bex_27

Hi all, me and my partner found our dream house, we put the holding fee down and have been approved a mortgage. I’m a FTB but he is not and is in the process of being removed from his ex’s tenancy. On Friday, we learnt that there had been a major delay. She was unable to obtain a Buy to Let mortgage and therefore the current tenant has been giving six months notice. She is working to get him out sooner but this a major blow for us as we can’t use HTB and get our mortgage unless he comes off it! So, we are thinking of proposing giving the tenant a generous lump sum (up to £1k) to leave by the end of November. Has anyone done something similar? We feel so bad for this person stuck in the middle and hope that this would move things along. We need our mortgage sorted by March you see!

Bex_27

*from his and his ex’s mortgage even, not tenancy! 

MovingForwards

How much is the rent as upto £1k doesn't seem generous when a tenant has to pay a months deposit, a month's rent in advance plus cost of moving and before Christmas trying to settle in.

People have paid tenants to go, there's been threads about it and it was more than what you are proposing.

mortgagetakingages

Do you want to buy with your partner but you can't because he had a buy to let mortgage with his ex? Because he is leaving his ex she can't get a buy to let mortgage to keep the rental property so you want to sell the house but can't because you have to give the occupying tenant notice who must have just signed a contract to have 6 months notice. 

If that is the situation you should pause and consider just how this feels for the tenant in the middle and assuming they have only recently moved in or renewed their contract i would suggest you offer them 3x their deposit to move early. 

Bex_27

It’s a 10 year on going battle but mainly within the last 2 years. This year solicitors got involved and he can’t talk to his ex, only through solicitors. This is a suggestion we have come up with, his deposit was £500, or around that. We are going to propose an amount from our side and if his ex wants to help she can. The solicitor said the ex partner is trying her best too. 

There is no sale at all, just being changed from two owners to one, his ex. It should be quite easy but cladding has made it an issue!

Bex_27

I should add that rent is currently £570

mortgagetakingages

If cladding is an issue you should be wary because selling could be just as much of a problem. If no one can get a mortgage on it!

[Deleted User]

Bex_27 said:

Hi all, me and my partner found our dream house, we put the holding fee down and have been approved a mortgage. I’m a FTB but he is not and is in the process of being removed from his ex’s tenancy. On Friday, we learnt that there had been a major delay. She was unable to obtain a Buy to Let mortgage and therefore the current tenant has been giving six months notice. She is working to get him out sooner but this a major blow for us as we can’t use HTB and get our mortgage unless he comes off it! So, we are thinking of proposing giving the tenant a generous lump sum (up to £1k) to leave by the end of November. Has anyone done something similar? We feel so bad for this person stuck in the middle and hope that this would move things along. We need our mortgage sorted by March you see!

Giving the tenant a cash incentive to agree to a mutual surrender of the tenancy is absolutely something you can put to the tenant.  However, I'm not sure that will help the situation.  The tenant goes and then what?  If the property is let then the ex clearly isn't living there so what kind of mortgage would she obtain?  Not a BTL because she apparently can't get one and not a residential mortgage either because she doesn't reside there or is the plan for her to move back into the property or is the property to be sold?

Bex_27

I believe the plLover_of_Lycra said:

Bex_27 said:

Hi all, me and my partner found our dream house, we put the holding fee down and have been approved a mortgage. I’m a FTB but he is not and is in the process of being removed from his ex’s tenancy. On Friday, we learnt that there had been a major delay. She was unable to obtain a Buy to Let mortgage and therefore the current tenant has been giving six months notice. She is working to get him out sooner but this a major blow for us as we can’t use HTB and get our mortgage unless he comes off it! So, we are thinking of proposing giving the tenant a generous lump sum (up to £1k) to leave by the end of November. Has anyone done something similar? We feel so bad for this person stuck in the middle and hope that this would move things along. We need our mortgage sorted by March you see!

Giving the tenant a cash incentive to agree to a mutual surrender of the tenancy is absolutely something you can put to the tenant.  However, I'm not sure that will help the situation.  The tenant goes and then what?  If the property is let then the ex clearly isn't living there so what kind of mortgage would she obtain?  Not a BTL because she apparently can't get one and not a residential mortgage either because she doesn't reside there or is the plan for her to move back into the property or is the property to be sold?

I believe the plan is she moves back in, she’s getting a personal mortgage. She has secured it but due to the cladding they have down valued it, which is still fine as it’s worth more than the mortgage.  In the letter from the solicitor it says she can have the mortgage and it can complete as soon as the tenant is out of there. I’ve heard the term ‘cash for keys’, seems like a common thing. Unfortunately due to the legal side we can’t contact her to sort out easily, which is a nightmare! 

mortgagetakingages

Bex_27 said:

I believe the plLover_of_Lycra said:

Bex_27 said:

Hi all, me and my partner found our dream house, we put the holding fee down and have been approved a mortgage. I’m a FTB but he is not and is in the process of being removed from his ex’s tenancy. On Friday, we learnt that there had been a major delay. She was unable to obtain a Buy to Let mortgage and therefore the current tenant has been giving six months notice. She is working to get him out sooner but this a major blow for us as we can’t use HTB and get our mortgage unless he comes off it! So, we are thinking of proposing giving the tenant a generous lump sum (up to £1k) to leave by the end of November. Has anyone done something similar? We feel so bad for this person stuck in the middle and hope that this would move things along. We need our mortgage sorted by March you see!

Giving the tenant a cash incentive to agree to a mutual surrender of the tenancy is absolutely something you can put to the tenant.  However, I'm not sure that will help the situation.  The tenant goes and then what?  If the property is let then the ex clearly isn't living there so what kind of mortgage would she obtain?  Not a BTL because she apparently can't get one and not a residential mortgage either because she doesn't reside there or is the plan for her to move back into the property or is the property to be sold?

I believe the plan is she moves back in, she’s getting a personal mortgage. She has secured it but due to the cladding they have down valued it, which is still fine as it’s worth more than the mortgage.  In the letter from the solicitor it says she can have the mortgage and it can complete as soon as the tenant is out of there. I’ve heard the term ‘cash for keys’, seems like a common thing. Unfortunately due to the legal side we can’t contact her to sort out easily, which is a nightmare! 

The tenant having 6 months to leave is strange at 6 months is usually the max notice unless they have just moved in. 

If i were you i would offer a month's rent for every month they move out early up to a max of 3 months. So if they leave in next 30 days they get 1650 leave between 31- 60 they get 1100 etc.

This might help motivate

[Deleted User]

mortgagetakingages said:

Bex_27 said:

I believe the plLover_of_Lycra said:

Bex_27 said:

Hi all, me and my partner found our dream house, we put the holding fee down and have been approved a mortgage. I’m a FTB but he is not and is in the process of being removed from his ex’s tenancy. On Friday, we learnt that there had been a major delay. She was unable to obtain a Buy to Let mortgage and therefore the current tenant has been giving six months notice. She is working to get him out sooner but this a major blow for us as we can’t use HTB and get our mortgage unless he comes off it! So, we are thinking of proposing giving the tenant a generous lump sum (up to £1k) to leave by the end of November. Has anyone done something similar? We feel so bad for this person stuck in the middle and hope that this would move things along. We need our mortgage sorted by March you see!

Giving the tenant a cash incentive to agree to a mutual surrender of the tenancy is absolutely something you can put to the tenant.  However, I'm not sure that will help the situation.  The tenant goes and then what?  If the property is let then the ex clearly isn't living there so what kind of mortgage would she obtain?  Not a BTL because she apparently can't get one and not a residential mortgage either because she doesn't reside there or is the plan for her to move back into the property or is the property to be sold?

I believe the plan is she moves back in, she’s getting a personal mortgage. She has secured it but due to the cladding they have down valued it, which is still fine as it’s worth more than the mortgage.  In the letter from the solicitor it says she can have the mortgage and it can complete as soon as the tenant is out of there. I’ve heard the term ‘cash for keys’, seems like a common thing. Unfortunately due to the legal side we can’t contact her to sort out easily, which is a nightmare! 

The tenant having 6 months to leave is strange at 6 months is usually the max notice unless they have just moved in. 

If i were you i would offer a month's rent for every month they move out early up to a max of 3 months. So if they leave in next 30 days they get 1650 leave between 31- 60 they get 1100 etc.

This might help motivate

6 months is the new normal.  The government extended the notice period to 3 months under the Coronavirus Act 2020 and extended it again to 6 months for all notice served from 31st August 2020.