Purchasing with wear and tear

nekr0mantik

MaryNB said:

nekr0mantik said:

MaryNB said:

I wouldn't offer closer to asking just because they did a few minor repairs! A dent in the plasterboard is as minor as it's gets. It would have to be major work to bump it up by £6k. You're buying an older house that's been lived in by others. Any older house, whether rented or owner-occupied is going to have plenty of scuff and dents. Furniture can hide a lot. 

I wouldn't rely on the seller to do DIY (it's just basic maintenance really). If you want it done right, get it sorted yourself - or do it yourself. Bitta Polyfilla and some sandpaper.  

Do not exchange without seeing the property without the tenants and doing a proper inspection.

You have several other threads and I'm not going to go through them. Has the issue with buying a tenants property been explained to you? Especially with regards to ensuring the tenants move out in a reasonable time frame (or to repharse - how hard it is to ensure that happens).

So this is a 6 year old apartment so not period property.

Not been told about issues with buying rented property but the property is managed by the same agents as the one I'm renting at the moment. The tenants have a break clause of 2 months that landlord or tenants can give so based on that I think it should be not as difficult or is it not as simple as that? 

I'm buying in area where majority are tenanted already apart from new builds. 

6 years is more than enough time for dents and scuff to appear. It's not a new build. You need to lower your expectations. You can't expect a house that has been lived in for even 6 months to be as good and shiny as new build (of course not always the case, snagging surveys exist for a reason). 

It is not that easy. The fact it's let by the same agents you rent from makes no difference.
A break clause just ends the fixed term of the tenancy, it does not end the tenancy. Once the break clause is triggered, the agent/landlord can issue an S21 (2 months notice). It does not compel the tenants to leave. It just says "if you don't leave by this date I will go to court for an eviction order) which will take several more months. For most tenants an S21 would be enough for them to move out but not all. They don't legally have to without a court order.

Do you know if they require council housing? Going by your budget on previous threads I assume social tenants wouldn't have the funds to rent the type of properties you are looking at.

Yeah your correct, expectations are not correct as wear would be present.

Yeah so these are private tenants so won't be using social housing. 

Knowing the area etc I think main reason for these tenants to not move out in time is if they can't find suitable alternative in the time frame. So it's a risk either I have to accept or call it off. 

MaryNB

ashe said:

nekr0mantik said:

MaryNB said:

I wouldn't offer closer to asking just because they did a few minor repairs! A dent in the plasterboard is as minor as it's gets. It would have to be major work to bump it up by £6k. You're buying an older house that's been lived in by others. Any older house, whether rented or owner-occupied is going to have plenty of scuff and dents. Furniture can hide a lot. 

I wouldn't rely on the seller to do DIY (it's just basic maintenance really). If you want it done right, get it sorted yourself - or do it yourself. Bitta Polyfilla and some sandpaper.  

Do not exchange without seeing the property without the tenants and doing a proper inspection.

You have several other threads and I'm not going to go through them. Has the issue with buying a tenants property been explained to you? Especially with regards to ensuring the tenants move out in a reasonable time frame (or to repharse - how hard it is to ensure that happens).

So this is a 6 year old apartment so not period property.

Not been told about issues with buying rented property but the property is managed by the same agents as the one I'm renting at the moment. The tenants have a break clause of 2 months that landlord or tenants can give so based on that I think it should be not as difficult or is it not as simple as that? 

I'm buying in area where majority are tenanted already apart from new builds. 

My understanding is you won't get a mortgage it it's tenanted and even if cash purchase just because they can be out by XYZ date doesn't mean they will because they can resist eviction and it has to go down court process. 

Unless buying to rent out and you want the tenants, I'd avoid proceeding until that situation is sorted 

Going by OP's previous threads I presume they are getting mortgage for this property. 

OP, if you are getting a mortgage I hope you've made your solicitor aware that the property is tenanted. You should not exchange until the tenants have moved out and you have inspected the property yourself to make sure they have gone.
If you don't and the tenants are still there when you complete you will immediately be in breach of your residential mortgage. Or if the solicitor finds out between exchange and completion, they'll have to inform the lender who will rescind the mortgage offer. Then you're really up a creek without a paddle because you've legally committed to completing. 

GDB2222

nekr0mantik said:

MaryNB said:

nekr0mantik said:

MaryNB said:

I wouldn't offer closer to asking just because they did a few minor repairs! A dent in the plasterboard is as minor as it's gets. It would have to be major work to bump it up by £6k. You're buying an older house that's been lived in by others. Any older house, whether rented or owner-occupied is going to have plenty of scuff and dents. Furniture can hide a lot. 

I wouldn't rely on the seller to do DIY (it's just basic maintenance really). If you want it done right, get it sorted yourself - or do it yourself. Bitta Polyfilla and some sandpaper.  

Do not exchange without seeing the property without the tenants and doing a proper inspection.

You have several other threads and I'm not going to go through them. Has the issue with buying a tenants property been explained to you? Especially with regards to ensuring the tenants move out in a reasonable time frame (or to repharse - how hard it is to ensure that happens).

So this is a 6 year old apartment so not period property.

Not been told about issues with buying rented property but the property is managed by the same agents as the one I'm renting at the moment. The tenants have a break clause of 2 months that landlord or tenants can give so based on that I think it should be not as difficult or is it not as simple as that? 

I'm buying in area where majority are tenanted already apart from new builds. 

6 years is more than enough time for dents and scuff to appear. It's not a new build. You need to lower your expectations. You can't expect a house that has been lived in for even 6 months to be as good and shiny as new build (of course not always the case, snagging surveys exist for a reason). 

It is not that easy. The fact it's let by the same agents you rent from makes no difference.
A break clause just ends the fixed term of the tenancy, it does not end the tenancy. Once the break clause is triggered, the agent/landlord can issue an S21 (2 months notice). It does not compel the tenants to leave. It just says "if you don't leave by this date I will go to court for an eviction order) which will take several more months. For most tenants an S21 would be enough for them to move out but not all. They don't legally have to without a court order.

Do you know if they require council housing? Going by your budget on previous threads I assume social tenants wouldn't have the funds to rent the type of properties you are looking at.

Yeah your correct, expectations are not correct as wear would be present.

Yeah so these are private tenants so won't be using social housing. 

Knowing the area etc I think main reason for these tenants to not move out in time is if they can't find suitable alternative in the time frame. So it's a risk either I have to accept or call it off. 

Or you ask for an indemnity.

user1977

MaryNB said:

ashe said:

nekr0mantik said:

MaryNB said:

I wouldn't offer closer to asking just because they did a few minor repairs! A dent in the plasterboard is as minor as it's gets. It would have to be major work to bump it up by £6k. You're buying an older house that's been lived in by others. Any older house, whether rented or owner-occupied is going to have plenty of scuff and dents. Furniture can hide a lot. 

I wouldn't rely on the seller to do DIY (it's just basic maintenance really). If you want it done right, get it sorted yourself - or do it yourself. Bitta Polyfilla and some sandpaper.  

Do not exchange without seeing the property without the tenants and doing a proper inspection.

You have several other threads and I'm not going to go through them. Has the issue with buying a tenants property been explained to you? Especially with regards to ensuring the tenants move out in a reasonable time frame (or to repharse - how hard it is to ensure that happens).

So this is a 6 year old apartment so not period property.

Not been told about issues with buying rented property but the property is managed by the same agents as the one I'm renting at the moment. The tenants have a break clause of 2 months that landlord or tenants can give so based on that I think it should be not as difficult or is it not as simple as that? 

I'm buying in area where majority are tenanted already apart from new builds. 

My understanding is you won't get a mortgage it it's tenanted and even if cash purchase just because they can be out by XYZ date doesn't mean they will because they can resist eviction and it has to go down court process. 

Unless buying to rent out and you want the tenants, I'd avoid proceeding until that situation is sorted 

Going by OP's previous threads I presume they are getting mortgage for this property. 

OP, if you are getting a mortgage I hope you've made your solicitor aware that the property is tenanted. You should not exchange until the tenants have moved out and you have inspected the property yourself to make sure they have gone.
If you don't and the tenants are still there when you complete you will immediately be in breach of your residential mortgage. Or if the solicitor finds out between exchange and completion, they'll have to inform the lender who will rescind the mortgage offer. Then you're really up a creek without a paddle because you've legally committed to completing. 

You make it sound like cash buyers would be relatively laid-back about discovering tenants when they turn up to their new property! It's the norm for any sort of purchaser to require vacant possession, there isn't a special sort of process just because there's a mortgage involved.

nekr0mantik

MaryNB said:

ashe said:

nekr0mantik said:

MaryNB said:

I wouldn't offer closer to asking just because they did a few minor repairs! A dent in the plasterboard is as minor as it's gets. It would have to be major work to bump it up by £6k. You're buying an older house that's been lived in by others. Any older house, whether rented or owner-occupied is going to have plenty of scuff and dents. Furniture can hide a lot. 

I wouldn't rely on the seller to do DIY (it's just basic maintenance really). If you want it done right, get it sorted yourself - or do it yourself. Bitta Polyfilla and some sandpaper.  

Do not exchange without seeing the property without the tenants and doing a proper inspection.

You have several other threads and I'm not going to go through them. Has the issue with buying a tenants property been explained to you? Especially with regards to ensuring the tenants move out in a reasonable time frame (or to repharse - how hard it is to ensure that happens).

So this is a 6 year old apartment so not period property.

Not been told about issues with buying rented property but the property is managed by the same agents as the one I'm renting at the moment. The tenants have a break clause of 2 months that landlord or tenants can give so based on that I think it should be not as difficult or is it not as simple as that? 

I'm buying in area where majority are tenanted already apart from new builds. 

My understanding is you won't get a mortgage it it's tenanted and even if cash purchase just because they can be out by XYZ date doesn't mean they will because they can resist eviction and it has to go down court process. 

Unless buying to rent out and you want the tenants, I'd avoid proceeding until that situation is sorted 

Going by OP's previous threads I presume they are getting mortgage for this property. 

OP, if you are getting a mortgage I hope you've made your solicitor aware that the property is tenanted. You should not exchange until the tenants have moved out and you have inspected the property yourself to make sure they have gone.
If you don't and the tenants are still there when you complete you will immediately be in breach of your residential mortgage. Or if the solicitor finds out between exchange and completion, they'll have to inform the lender who will rescind the mortgage offer. Then you're really up a creek without a paddle because you've legally committed to completing. 

Yes getting mortgage.
Offer was accepted today only so not started any legal or mortgage application just yet. I have told the solicitor about this and see what she advises. Then can go back to agents to talk to landlord.

Even If contract say's on empty possession I guess I still loose out all the money spent on legal fees plus will have to convince my landlord to let me stay or not move out and wait for them to go court while I rent somewhere else.   

MaryNB

nekr0mantik said:

MaryNB said:

ashe said:

nekr0mantik said:

MaryNB said:

I wouldn't offer closer to asking just because they did a few minor repairs! A dent in the plasterboard is as minor as it's gets. It would have to be major work to bump it up by £6k. You're buying an older house that's been lived in by others. Any older house, whether rented or owner-occupied is going to have plenty of scuff and dents. Furniture can hide a lot. 

I wouldn't rely on the seller to do DIY (it's just basic maintenance really). If you want it done right, get it sorted yourself - or do it yourself. Bitta Polyfilla and some sandpaper.  

Do not exchange without seeing the property without the tenants and doing a proper inspection.

You have several other threads and I'm not going to go through them. Has the issue with buying a tenants property been explained to you? Especially with regards to ensuring the tenants move out in a reasonable time frame (or to repharse - how hard it is to ensure that happens).

So this is a 6 year old apartment so not period property.

Not been told about issues with buying rented property but the property is managed by the same agents as the one I'm renting at the moment. The tenants have a break clause of 2 months that landlord or tenants can give so based on that I think it should be not as difficult or is it not as simple as that? 

I'm buying in area where majority are tenanted already apart from new builds. 

My understanding is you won't get a mortgage it it's tenanted and even if cash purchase just because they can be out by XYZ date doesn't mean they will because they can resist eviction and it has to go down court process. 

Unless buying to rent out and you want the tenants, I'd avoid proceeding until that situation is sorted 

Going by OP's previous threads I presume they are getting mortgage for this property. 

OP, if you are getting a mortgage I hope you've made your solicitor aware that the property is tenanted. You should not exchange until the tenants have moved out and you have inspected the property yourself to make sure they have gone.
If you don't and the tenants are still there when you complete you will immediately be in breach of your residential mortgage. Or if the solicitor finds out between exchange and completion, they'll have to inform the lender who will rescind the mortgage offer. Then you're really up a creek without a paddle because you've legally committed to completing. 

Yes getting mortgage.
Offer was accepted today only so not started any legal or mortgage application just yet. I have told the solicitor about this and see what she advises. Then can go back to agents to talk to landlord.

Even If contract say's on empty possession I guess I still loose out all the money spent on legal fees plus will have to convince my landlord to let me stay or not move out and wait for them to go court while I rent somewhere else.   

Do not exchange until you have visually inspected the property to see it is empty and do not hand in your notice on your current rental until you have exchanged contracts.

MaryNB

user1977 said:

MaryNB said:

ashe said:

nekr0mantik said:

MaryNB said:

I wouldn't offer closer to asking just because they did a few minor repairs! A dent in the plasterboard is as minor as it's gets. It would have to be major work to bump it up by £6k. You're buying an older house that's been lived in by others. Any older house, whether rented or owner-occupied is going to have plenty of scuff and dents. Furniture can hide a lot. 

I wouldn't rely on the seller to do DIY (it's just basic maintenance really). If you want it done right, get it sorted yourself - or do it yourself. Bitta Polyfilla and some sandpaper.  

Do not exchange without seeing the property without the tenants and doing a proper inspection.

You have several other threads and I'm not going to go through them. Has the issue with buying a tenants property been explained to you? Especially with regards to ensuring the tenants move out in a reasonable time frame (or to repharse - how hard it is to ensure that happens).

So this is a 6 year old apartment so not period property.

Not been told about issues with buying rented property but the property is managed by the same agents as the one I'm renting at the moment. The tenants have a break clause of 2 months that landlord or tenants can give so based on that I think it should be not as difficult or is it not as simple as that? 

I'm buying in area where majority are tenanted already apart from new builds. 

My understanding is you won't get a mortgage it it's tenanted and even if cash purchase just because they can be out by XYZ date doesn't mean they will because they can resist eviction and it has to go down court process. 

Unless buying to rent out and you want the tenants, I'd avoid proceeding until that situation is sorted 

Going by OP's previous threads I presume they are getting mortgage for this property. 

OP, if you are getting a mortgage I hope you've made your solicitor aware that the property is tenanted. You should not exchange until the tenants have moved out and you have inspected the property yourself to make sure they have gone.
If you don't and the tenants are still there when you complete you will immediately be in breach of your residential mortgage. Or if the solicitor finds out between exchange and completion, they'll have to inform the lender who will rescind the mortgage offer. Then you're really up a creek without a paddle because you've legally committed to completing. 

You make it sound like cash buyers would be relatively laid-back about discovering tenants when they turn up to their new property! It's the norm for any sort of purchaser to require vacant possession, there isn't a special sort of process just because there's a mortgage involved.

I don't know how you got given I didn't even mention cash buyers. I didn't because I was pretty sure the OP needed a mortgage based on previous threads. At least a cash buyer will still be able to proceed with the purchase and deal with the tenants down the line. It's not a good situation but they won't have to worry about being in breach of a mortgage, or having their funds pulled after they've committed to the purchase. 

user1977

MaryNB said:

user1977 said:

MaryNB said:

ashe said:

nekr0mantik said:

MaryNB said:

I wouldn't offer closer to asking just because they did a few minor repairs! A dent in the plasterboard is as minor as it's gets. It would have to be major work to bump it up by £6k. You're buying an older house that's been lived in by others. Any older house, whether rented or owner-occupied is going to have plenty of scuff and dents. Furniture can hide a lot. 

I wouldn't rely on the seller to do DIY (it's just basic maintenance really). If you want it done right, get it sorted yourself - or do it yourself. Bitta Polyfilla and some sandpaper.  

Do not exchange without seeing the property without the tenants and doing a proper inspection.

You have several other threads and I'm not going to go through them. Has the issue with buying a tenants property been explained to you? Especially with regards to ensuring the tenants move out in a reasonable time frame (or to repharse - how hard it is to ensure that happens).

So this is a 6 year old apartment so not period property.

Not been told about issues with buying rented property but the property is managed by the same agents as the one I'm renting at the moment. The tenants have a break clause of 2 months that landlord or tenants can give so based on that I think it should be not as difficult or is it not as simple as that? 

I'm buying in area where majority are tenanted already apart from new builds. 

My understanding is you won't get a mortgage it it's tenanted and even if cash purchase just because they can be out by XYZ date doesn't mean they will because they can resist eviction and it has to go down court process. 

Unless buying to rent out and you want the tenants, I'd avoid proceeding until that situation is sorted 

Going by OP's previous threads I presume they are getting mortgage for this property. 

OP, if you are getting a mortgage I hope you've made your solicitor aware that the property is tenanted. You should not exchange until the tenants have moved out and you have inspected the property yourself to make sure they have gone.
If you don't and the tenants are still there when you complete you will immediately be in breach of your residential mortgage. Or if the solicitor finds out between exchange and completion, they'll have to inform the lender who will rescind the mortgage offer. Then you're really up a creek without a paddle because you've legally committed to completing. 

You make it sound like cash buyers would be relatively laid-back about discovering tenants when they turn up to their new property! It's the norm for any sort of purchaser to require vacant possession, there isn't a special sort of process just because there's a mortgage involved.

I don't know how you got given I didn't even mention cash buyers. I didn't because I was pretty sure the OP needed a mortgage based on previous threads. At least a cash buyer will still be able to proceed with the purchase and deal with the tenants down the line. It's not a good situation but they won't have to worry about being in breach of a mortgage, or having their funds pulled after they've committed to the purchase. 

If a buyer is buying with vacant possession, and discover tenants in the property after completion, it's going to be equally disastrous for them whether they paid purely with cash or with a mortgage. And if completion has occurred, it's too late for the lender to "pull" the funds - obviously they'll want the tenants kicked out, but they'll hardly be keen to start repossession proceedings, as that would just give them the headache of taking on the tenants.

lookstraightahead

Op. Go no further with anything until property is empty. 

eddddy

It's worth clarifying a few things...

• The seller is taking a bigger risk than the buyer, if they exchange contracts before the tenants have moved out

• So the seller's solicitor will advise the seller very, very strongly not to exchange contracts before the tenants move out. (But some 'dodgy' sellers might be prepared to ignore their solicitors strong advice.)

Comments about breaching a residential mortgage and ending up owning a property with tenants, etc are misleading. In reality, this is more likely to happen:

• If the tenants are still in the property on completion day, the seller has failed to give vacant possession. So the seller has breached the terms of the contract - so the buyer does not have to complete. (So the buyer doesn't have to pay the seller any money.)

• The seller will probably have to pay damages to the buyer for beaching the terms of the contract

(However, it's likely to be very frustrating and inconvenient for the buyer that completion will be delayed or may not happen at all.)