CASH INCENTIVE TO VACATE

davidmcn

Comms69 said:

Densol said:

House will then have to go up for sale to settle the divorce with his ex wife ( the long weiry tale is on my other thread) 
Im guessing this is the order - 
Serve valid 6 months notice
cash temptation offered 
they accept ( or don’t ) - sign surrender agreement 
they leave 
solicitor sends them agreed funds 
locks changed
House put up for sale with vacant possession 
we both live an hour away from this property so needs to be secured up and agent handle viewings 

But you said the house was already sold to a buy and rent back firm?

No, the ex bought and rented it back.

[Deleted User]

Comms69 said:

Densol said:

House will then have to go up for sale to settle the divorce with his ex wife ( the long weiry tale is on my other thread) 
Im guessing this is the order - 
Serve valid 6 months notice
cash temptation offered 
they accept ( or don’t ) - sign surrender agreement 
they leave 
solicitor sends them agreed funds 
locks changed
House put up for sale with vacant possession 
we both live an hour away from this property so needs to be secured up and agent handle viewings 

But you said the house was already sold to a buy and rent back firm?

And they then sold it to my ex with tenants in there on a periodical AST in 2018 and it was all going well till he had his strokes, and then his wife left and divorced him. So to keep his own home, we need to raise funds to pay her her fair share of main house equity 

[Deleted User]

getmore4less said:

Remember they don't have to leave at the end of the 6 months notice.

 it could well be end of 2021 into 2022 to get them out

rentals in that area are £1k-£1.2k (if it is a 3 bed) 12months at £850 will cover 9 months

They may not be too keen since they owned the house previously and got a good price for it with reduced rent

Absolutely agree ! Its a nightmare tbh 

Comms69

Densol said:

Comms69 said:

Densol said:

House will then have to go up for sale to settle the divorce with his ex wife ( the long weiry tale is on my other thread) 
Im guessing this is the order - 
Serve valid 6 months notice
cash temptation offered 
they accept ( or don’t ) - sign surrender agreement 
they leave 
solicitor sends them agreed funds 
locks changed
House put up for sale with vacant possession 
we both live an hour away from this property so needs to be secured up and agent handle viewings 

But you said the house was already sold to a buy and rent back firm?

And they then sold it to my ex with tenants in there on a periodical AST in 2018 and it was all going well till he had his strokes, and then his wife left and divorced him. So to keep his own home, we need to raise funds to pay her her fair share of main house equity 

Ah i see, sorry! Now it's obvious!!! 

[Deleted User]

Comms69 said:

Densol said:

Comms69 said:

Densol said:

House will then have to go up for sale to settle the divorce with his ex wife ( the long weiry tale is on my other thread) 
Im guessing this is the order - 
Serve valid 6 months notice
cash temptation offered 
they accept ( or don’t ) - sign surrender agreement 
they leave 
solicitor sends them agreed funds 
locks changed
House put up for sale with vacant possession 
we both live an hour away from this property so needs to be secured up and agent handle viewings 

But you said the house was already sold to a buy and rent back firm?

And they then sold it to my ex with tenants in there on a periodical AST in 2018 and it was all going well till he had his strokes, and then his wife left and divorced him. So to keep his own home, we need to raise funds to pay her her fair share of main house equity 

Ah i see, sorry! Now it's obvious!!! 

Yeah obviously an absolute nightmare  
I think offering them money to leave and selling with vacant possession v’s selling at auction with low paying tenants in situ to investors will be the better option - fingers crossed 

trex227

When I was renting if the landlord had offered a years rent in money to vacate I would have been out by the weekend! But I’m young, don’t have a lot of stuff and no kids.

I guess a lot depends on their situation. If they’re older they might not want the hassle and would rather wait it out. If they’ve got kids or pets they might not want the disruption and renting is harder with pets. They’ve lived there long term so if they have a lot of stuff that would make moving more difficult.

As others have said maybe offer them half and see what the reception is. At least then you can offer more rather than going in at the top. If they’re really reluctant to move even for a years rent you might need to offer to help find somewhere for them to move to and pay for removals.

FTB_Help

Densol said:

Comms69 said:

Densol said:

Comms69 said:

Densol said:

House will then have to go up for sale to settle the divorce with his ex wife ( the long weiry tale is on my other thread) 
Im guessing this is the order - 
Serve valid 6 months notice
cash temptation offered 
they accept ( or don’t ) - sign surrender agreement 
they leave 
solicitor sends them agreed funds 
locks changed
House put up for sale with vacant possession 
we both live an hour away from this property so needs to be secured up and agent handle viewings 

But you said the house was already sold to a buy and rent back firm?

And they then sold it to my ex with tenants in there on a periodical AST in 2018 and it was all going well till he had his strokes, and then his wife left and divorced him. So to keep his own home, we need to raise funds to pay her her fair share of main house equity 

Ah i see, sorry! Now it's obvious!!! 

Yeah obviously an absolute nightmare  
I think offering them money to leave and selling with vacant possession v’s selling at auction with low paying tenants in situ to investors will be the better option - fingers crossed 

Im purchasing from someone who is also paying off the tenants to leave one month earlier, such a big worry for us as a buyer as we're worrying they wont leave in that time frame (they need to otherwise we'll miss the stamp duty break and have said we will not exchange if they dont leave at that date). The property was on the market for 2 and a half months before we came along, they only had a total of 3 offers in the 2 and half months, as i suspect it deterred lots of buyers because of the tenants situation (similar properties in the area would sell like hot cakes and have lots of offers bidding against each other) definitely pay them to leave to attract more buyers and before even marketing the property for sale.

[Deleted User]

FTB_Help said:

Densol said:

Comms69 said:

Densol said:

Comms69 said:

Densol said:

House will then have to go up for sale to settle the divorce with his ex wife ( the long weiry tale is on my other thread) 
Im guessing this is the order - 
Serve valid 6 months notice
cash temptation offered 
they accept ( or don’t ) - sign surrender agreement 
they leave 
solicitor sends them agreed funds 
locks changed
House put up for sale with vacant possession 
we both live an hour away from this property so needs to be secured up and agent handle viewings 

But you said the house was already sold to a buy and rent back firm?

And they then sold it to my ex with tenants in there on a periodical AST in 2018 and it was all going well till he had his strokes, and then his wife left and divorced him. So to keep his own home, we need to raise funds to pay her her fair share of main house equity 

Ah i see, sorry! Now it's obvious!!! 

Yeah obviously an absolute nightmare  
I think offering them money to leave and selling with vacant possession v’s selling at auction with low paying tenants in situ to investors will be the better option - fingers crossed 

Im purchasing from someone who is also paying off the tenants to leave one month earlier, such a big worry for us as a buyer as we're worrying they wont leave in that time frame (they need to otherwise we'll miss the stamp duty break and have said we will not exchange if they dont leave at that date). The property was on the market for 2 and a half months before we came along, they only had a total of 3 offers in the 2 and half months, as i suspect it deterred lots of buyers because of the tenants situation (similar properties in the area would sell like hot cakes and have lots of offers bidding against each other) definitely pay them to leave to attract more buyers and before even marketing the property for sale.

You make a good point about the stamp duty holiday - I had forgotten that ! Cheers 
Talking to the agent today we are going to serve 6 months notice and also offer cash temptations for them to be out 1st Feb to give time for exchange with a vacant property and complete before the SD holiday, but give them xmas and time after to find somewhere new. 

Otherwise its either waiting till I have to apply to court to evict ( then no incentive ) or its sold at auction and a different landlord takes over.