vacant possession

lillypoo

We understand the property is freehold with vacant possession on completion.


is this a standard statement EAs make? theres no mention of a tenant

sorry if this is a daft question. im new to this. 

freesha

Standard statement

lillypoo

thank you freesha

greatcrested

Yes standard.

There may or my not currently be a tenant, but there won't be on the day of Completion.

But if there currently is a tenant, expect delays in the purchase as the seller may have difficulty evicting the tenant.

theartfullodger

greatcrested said:

Yes standard.

There may or my not currently be a tenant, but there won't be on the day of Completion.

But if there currently is a tenant, expect delays in the purchase as the seller may have difficulty evicting the tenant.

Errr.. there might be on completion unless everyone careful.  Don't rely just on what vendor or their solicitor says. STRONGLY suggest you seek your personal confirmation (by viewing, carefully) prior to exchange that tenant has gone, with their stuff.

Given the current extended timescales on eviction & shut-down-almost of court processes it might be 12-18 from service of valid landlord notice (many get them wrong) that eviction happens.

It is perfectly legal to buy with a tenant: Tenant continues with tenancy, new owner becoming landlord, same terms as before: Even if new owner is outside with removals, 3 screaming kids & a nervous breakdown.

I (intentionally) bought a student let , 4 bed, in 2006.  Still being rented.

lillypoo

thank you. read elsewhere that if there is a tenant they should also sign at exchange to say theyll be out on completion. 

theartfullodger

lillypoo said:

thank you. read elsewhere that if there is a tenant they should also sign at exchange to say theyll be out on completion. 

And when they are not out when you complete, what then??

How will you know the tenant actually signed rather than, say, selling agent's office boy??

greatcrested

lillypoo said:

thank you. read elsewhere that if there is a tenant they should also sign at exchange to say theyll be out on completion. 

Be interested to see the link.

It would do no harm but is unlikely to be legally enforceable....

I would advise anyone buying a property with tenants to never Exchange till the tenants have left and the tenancy has ended (two different things!). Unless planning to continue their tenancy of course.

But then, I'd go further & also advise not to spend money on searches, survey etc til the tenants have left.

lillypoo

well .... heres hoping there isnt a tenant then lol

theartfullodger

lillypoo said:

well .... heres hoping there isnt a tenant then lol

You do realise if they haven't you are now the new landlord and likely 12-18 months before eviction?? And only if all paperwork is perfect (from previous owner.. who won't care..)

General_Grant

lillypoo said:

We understand the property is freehold with vacant possession on completion.


is this a standard statement EAs make? theres no mention of a tenant

sorry if this is a daft question. im new to this. 

There may be no mention of a tenant because there is no tenant.  It is one way of saying the owners will move out and take their stuff with them or the property is not occupied now.