Completion time - cash buyer no chain

Sophie8916

So I have sold my property and the buyer is kindly letting us rent from her until we find our house offer accepted 25 sept, she’s a cash buyer no chain, you think it’s unrealistic to ask for a nov completion ?

MsACam

Entirely depends on how good (ie responsive) your lawyers are and if the survey has been booked. End of nov seems doable 

MaryNB

Have you actually completed or just gone SSTC? 

Does she understand the risks if you don't find somewhere to live? Once you pay her rent you will become tenants, even if there is no written agreement. You will have all the legal protections associated with that. She then has to go through the courts to evict you if you can't find anywhere and refuse to move out. If you don't have a full tenancy set up (EPC, EICR, deposit protection etc) she'll find it extremely difficult to get you to leave if you don't want to. It's a very risky move from her point of view.

GoogleMeNow

Is your/her solicitor aware of this rental agreement? 

Is the buyer aware that she would become your landlord and therefore need to ensure that the proper tenancy agreement and other landlord responsibilities are in place?  

Sophie8916

MaryNB said:

Have you actually completed or just gone SSTC? 

Does she understand the risks if you don't find somewhere to live? Once you pay her rent you will become tenants, even if there is no written agreement. You will have all the legal protections associated with that. She then has to go through the courts to evict you if you can't find anywhere and refuse to move out. If you don't have a full tenancy set up (EPC, EICR, deposit protection etc) she'll find it extremely difficult to get you to leave if you don't want out. It's a very risky move from her point of view.

Not risky at all she’s aware of the risks and has an agreement written up 

Sophie8916

GoogleMeNow said:

Is your/her solicitor aware of this rental agreement? 

Is the buyer aware that she would become your landlord and therefore need to ensure that the proper tenancy agreement and other landlord responsibilities are in place?  

Yep all aware 

MaryNB

Sophie8916 said:

MaryNB said:

Have you actually completed or just gone SSTC? 

Does she understand the risks if you don't find somewhere to live? Once you pay her rent you will become tenants, even if there is no written agreement. You will have all the legal protections associated with that. She then has to go through the courts to evict you if you can't find anywhere and refuse to move out. If you don't have a full tenancy set up (EPC, EICR, deposit protection etc) she'll find it extremely difficult to get you to leave if you don't want out. It's a very risky move from her point of view.

Not risky at all she’s aware of the risks and has an agreement written up 

Being aware of the risks doesn't make it not risky. Existence of risks = risky.

If she's intending to let the property long term that's fine. If she intends to live in it and is only letting it to you so she can increase her chances of securing it long term, that's a different story. 

Thrugelmir

Sophie8916 said:

 you think it’s unrealistic to ask for a nov completion ?

You can do no more than ask politely. There'll be no guarantees though. 

Sophie8916

MaryNB said:

Sophie8916 said:

MaryNB said:

Have you actually completed or just gone SSTC? 

Does she understand the risks if you don't find somewhere to live? Once you pay her rent you will become tenants, even if there is no written agreement. You will have all the legal protections associated with that. She then has to go through the courts to evict you if you can't find anywhere and refuse to move out. If you don't have a full tenancy set up (EPC, EICR, deposit protection etc) she'll find it extremely difficult to get you to leave if you don't want out. It's a very risky move from her point of view.

Not risky at all she’s aware of the risks and has an agreement written up 

Being aware of the risks doesn't make it not risky. Existence of risks = risky.

If she's intending to let the property long term that's fine. If she intends to live in it and is only letting it to you so she can increase her chances of securing it long term, that's a different story. 

Not at all, she said she’s not doing any work until the summer on the property and as she’s a cash buyer it would be sitting empty. I’ve agreed to pay her 6 months upfront which she’s happy with 

AskAsk

fastest completion is 6 weeks but i have not seen that happen even with a cash buyer as the solicitors are often slow and complications can crop up during the process to delay things.

you can ask for end of November but as someone had already said, not guaranteed.

Annisele

That sounds very much like a sale and rent back arrangement - and if it is, there's a decent chance it'd be unlawful for your buyer to go ahead. With a few exceptions, sale and rent backs are regulated by the Financial Conduct Authority - and it's unlikely your buyer is authorised by the FCA.

It might be that she falls within an exception, or is for some other reason not covered by the rules. But if those rules do cover her, I'd expect her to change her mind once she's spoken to a solicitor.