Sell property asap but stay in it, advice please

lesalanos

Rellen said:

lesalanos said:

Hi OP.  Sorry you are going through a !!!!!! time.

Unfortunately the buyer would not legally be able to let you stay in the property after sale.  Sale and rent back is a regulated activity and there are currently no registered companies 

Hi Thank you, it’s definitely the !!!!!! few days I’ve ever had, I’m just trying what I can so it doesn’t get worse. 

So the instances I’ve heard of ppl staying for a while must have just been an agreement after the fact. 

I suppose If I go through traditional auction, it’s most likely to be developers/landlords and maybe they’ll agree a bit of time/rent. 

Thank you : )

They can't legally agree to stay in for a while at any point 

Rellen

Really, can I ask how would it be illegal? If after they own the property they could move in whoever can’t they?

RAS

If your purchaser needs a mortgage, then they have to have vacant possession.

Which means you aren't allowed to stay in the house after completion.

If you do, completion will fail and you will be sued for consequential losses.

user1977

Rellen said:

Really, can I ask how would it be illegal? If after they own the property they could move in whoever can’t they?

Yes, but (unless regulated) they can't do a sale and leaseback to the vendor. It's to protect people against unscrupulous landlords who promise you'll be able to stay as long as you like, and then kick you out as soon as they can.

https://www.citizensadvice.org.uk/debt-and-money/mortgage-problems-debt-and-money/how-to-sort-out-your-mortgage-problems/sale-and-rent-back-schemes/

lesalanos

Rellen said:

Really, can I ask how would it be illegal? If after they own the property they could move in whoever can’t they?

No.  Saie and rent back is a regulated activity.  By keeping you as a tenant they would be breaking the law unless they were regulated to do so by the FCA.  It was bought in to protect vulnerable people exploited by companies who soon evicted people after buying properties 

Rellen

Oh I see thank you both for explaining well at least I know thats not a viable option. 

Shelldean

Rellen.

Can I ask why your brother is no longer interested in but the property?
Was it just because of court papers? As that's how it reads.
Would it not be an idea to continue to sell to him and when it goes to court in two months you'll be a good way along in the sale. So will be able able to tell the judge it's being sold?

RAS

Even if the sale and lease purchaser were FCA regulated, as soon as the fixed term ends they can evict you on a no fault basis.

You would get a lot less for the house, so the mortgage provider may not support your choice, and be out on your tail a year down the line.

You need to start looking for alternative accommodation for you and moggie as soon as you've got the property up for sale.

Rellen

I just want to say a massive thank you to everyone for all of your advice and suggestions, not just with original questions but for everything else too. 

You’re all so lovely for taking time to help me and it really has. 

I feel a lot better and certain of what my options are now. 

Thank you all so so much   

mi-key

Rellen said:

I just want to say a massive thank you to everyone for all of your advice and suggestions, not just with original questions but for everything else too. 

You’re all so lovely for taking time to help me and it really has. 

I feel a lot better and certain of what my options are now. 

Thank you all so so much   

Hopefully you can get things sorted out