Contract exchanged - safe to buy interior?

Mlasso

Ok, that is a good point. I don't think this will be the case, but I believe then seller would fail to complete based on failing vacant possession. We do have point in contract of 10 working days notice to complete.

I guess this answers my question because although I would "win" in that case and get my funds back, there is a risk that there will be no completion.

I don't think this is really likely since tenant is banker in a good bank and property is with full security in the building, so it is not really profile of person who would do something like that, but I agree, you can never be sure.

Tiglet2

Mlasso said:

Ok, that is a good point. I don't think this will be the case, but I believe then seller would fail to complete based on failing vacant possession. We do have point in contract of 10 working days notice to complete.

I guess this answers my question because although I would "win" in that case and get my funds back, there is a risk that there will be no completion.

I don't think this is really likely since tenant is banker in a good bank and property is with full security in the building, so it is not really profile of person who would do something like that, but I agree, you can never be sure.

Sounds like a completion date has not been set, but will be on 10 days notice, but seems unusual on a property which is not a new build.

My advice would be not to order your interior.

Slithery

Mlasso said:

We do have point in contract of 10 working days notice to complete.

This is incredibly unusual for a property that isn't a new-build being sold by a developer.

How did this clause end up in your contract?

user1977

Mlasso said:

I do have my solicitor who went through the deal.

But didn't explain it properly to you before you exchanged, which is why you're now asking us what it all means?

If you have a contract conditional on the vendor obtaining vacant possession - what happens if he doesn't? If they've got any sense, the contract will have a longstop date so they can walk away, rather than be locked in indefinitely to the contract to sell to you.

The estate agent may well never have encountered a vendor breaching a normal contract to sell (i.e. an unconditional one with a fixed completion date), but that obviously isn't what you've got.

Mlasso

Thanks for all the info!

Contract is based on standard conditions of sale, 5th edition.

I checked it ot internet just now, it doesn't seem to me that solicitor did anything wrong.

That said, can seller stop the sale "just because he decided to do so" (so he can get higher price later)?

 

babyblade41

I think you are missing the point a little , I would imagine the contract states vacant possession.
At the minute there is a tenant in situ , the tenant might not leave on the designated date & you really shouldn't have exchanged until the tenant had left .

What will you do if tenant doesn't leave ( he doesn't have to ) 

Answer to your question ...No, don't buy furniture yet 

TripleH

In this situation, don't buy any furniture until the property is confirmed as vacant.

Instead set up a second account and start putting money aside now for furniture you want.

Worst case scenario it takes a year to get in the property but you have saved up enough to but what you want almost straight away without paying interest.

Also live without something a little longer to buy once than waste money on a temporary solution.

GrumpyDil

It's really not clear what has been agreed here.

Do you have a completion date agreed? Ignore the ten days bit and just confirm if there is an exact completion date.

Did your solicitor know about the tenant? If they did ask them tomorrow to confirm to you what they intend to do if the tenant fails to move out?

If they didn't ask them what they suggest if the tenant does not move out. It's not recommended to exchange with a tenant living in the property as the only way to get them out if they decide not to move voluntarily is via the eviction process and bailiffs, which is not a quick process. 

SusieT

Please make sure that your solicitor knows that there are tenants living there, and I would strongly advise you to visit a few days before completion to make sure that it is empty. If they decide not to move out (S21 only says that the landlord would like to have the property back, it does not mean that they have to move out), tell the solicitor not to complete as the seller is not giving vacant posession. This could take a long time to resolve, so no point getting any furniture until you complete. 

UnderOffer

Was it your solicitor who asked if you were ready to exchange, then confirmed that in another call? Or was it the sellers EA who proposed and said you were exchanging? 

Formal exchange should only ever come from your solicitor.