Tenants won't leave property we're buying..

Tatters26

Mac_70_ said:

What ever way you go for i wish you luck.

Thank you.. I think we're going to have a look but in reality see out the next week and then see what comes back. The issue is you are just in limbo with no control, and I have kids and a partner myself I need to look after. 

Tatters26

Skiddaw1 said:

@Tatters26 , I'm glad you're still around and like many others, I'm sorry that your thread attracted some (to my mind) rather inappropriate responses to say the least. I'm with the general consensus- keep hopeful but keep your options open and have a Plan B in place in case it doesn't pan out. I don't think you've been naive. You'll know another time to be wary of properties with tenants in situ but that doesn't make you either stupid or some sort of monster. Good luck and do keep the tread updated. 

Thank you, perhaps we were naive and I wouldn't look at this profile of sale again, but likewise I could end up in a long chain which could break at any moment and is no more safe.

babyblade41

I think even giving tenants a cash incentive will be futile as they need somewhere to live and social housing owned by councils is pretty stable and long term unless tenants become untenable through bad behaviour etc 

I have evicted tenants through non payment of rent well before covid and tenant was receiving HB, this took exactly a year so I think realistically 18 months plus 
In this time something else will come up so I wouldn't waste anymore time .

You could pull out of the sale and tell the EA if it becomes vacant you will progress if you haven't gone onto somewhere else 

A FTB learns a lot  and by reading through threads on here much can be gained from others who have made mistakes through inexperience ..we were all FTB once 

I had a lot of help with my tenants housing officer but it still had to go through due process 

Skiddaw1

True enough @Tatters26 . Ah, the joys (and horrors) of house buying....

Tatters26

babyblade41 said:

You could pull out of the sale and tell the EA if it becomes vacant you will progress if you haven't gone onto somewhere else 

A FTB learns a lot  and by reading through threads on here much can be gained from others who have made mistakes through inexperience ..we were all FTB once 

I had a lot of help with my tenants housing officer but it still had to go through due process 

So we did say to the EA at one stage we may look at other things, and he got very snappy and said in that case they'd have no choice but to re-market the property and inform the seller, even though we were not retracting our offer.

Would they actually bother to do that? A colleague who is a landlord doubted it, as they'd have to tell any prospective buyer the situation I believe wouldn't they? Also it's a huge waste of their time marketing the property when we are sat there with an accepted bid.

This is another FTB situation I just have no knowledge of, and feel the EA is bullying us a little bit.

AdrianC

Tatters26 said:

So we did say to the EA at one stage we may look at other things, and he got very snappy and said in that case they'd have no choice but to re-market the property and inform the seller, even though we were not retracting our offer.

Would they actually bother to do that? A colleague who is a landlord doubted it, as they'd have to tell any prospective buyer the situation I believe wouldn't they? Also it's a huge waste of their time marketing the property when we are sat there with an accepted bid.

This is another FTB situation I just have no knowledge of, and feel the EA is bullying us a little bit.

He knows damn well that as soon as the reality of the situation dawns on you, you will be off... so he's trying to scare you into doubling-down on your investment in this property.

A reminder: The only way you are going to be owning and living in this property before 2023 is if the tenants CHOOSE to leave voluntarily.

And, right now, they show no sign of doing that.

Tatters26

AdrianC said:

He knows damn well that as soon as the reality of the situation dawns on you, you will be off... so he's trying to scare you into doubling-down on your investment in this property.

That's exactly what it feels like. He knows we like it and want it, and I did wonder even myself would it really be worth the hassle of re-marketing a property that has an offer on it accepted. 

He's got us on a hook and is trying to bully us into thinking if we view anything else, we lose this one. As you say, there's really nothing to lose at the moment. 

babyblade41

The EA is desperate, you are in the driving seat and he knows even if he did re-market the next buyer will do the exact same thing .

I wouldn't hold the offer on the table either ..

Tatters26

babyblade41 said:

I wouldn't hold the offer on the table either ..

Is there a legal side to that? It can be verbally put on or off the table so I wasn't sure it held much clout either way. 

MaryNB

Tatters26 said:

babyblade41 said:

I wouldn't hold the offer on the table either ..

Is there a legal side to that? It can be verbally put on or off the table so I wasn't sure it held much clout either way. 

Until you exchange there's no legally binding aspect to anything. You can amend or pull your offer at any point up to exchange. Say you leave the offer on the table and then find something else, but then the tenants in the first property move out, that EA can't say "now you have to proceed because you left your offer on the table". Also, if they find another buyer they can disregard any offer you have left on the table.