Is this flat suspiciously cheap? (first-time buyer)

Sunsaru

prenny16 said:

We've generally been avoiding tenanted properties, but the agent has assured us the tenant is due to move out (or is happy to move out - need to check).  If this is the case, is there anything we can do to ensure this happens?  Obviously, we don't want to get into a situation where we're paying court fees in order to turf someone out. 

Other than legal bribery a court may be the only way. It may not come to that but it could go that way if the tenant suddenly decides to drag their feet. 

Alderbank

prenny16 said:

We've generally been avoiding tenanted properties, but the agent has assured us the tenant is due to move out (or is happy to move out - need to check).  If this is the case, is there anything we can do to ensure this happens?

Baseball bats

prenny16 said:

...is there anything legal we can do to ensure this happens?

Cash.

PS. This is an unregulated area. There is a risk that the sitting tenant will accept money then still not move out.

silvercar

prenny16 said:

We've generally been avoiding tenanted properties, but the agent has assured us the tenant is due to move out (or is happy to move out - need to check).  If this is the case, is there anything we can do to ensure this happens?  Obviously, we don't want to get into a situation where we're paying court fees in order to turf someone out. 

You will complete with vacant possession, it is the seller who needs to make sure the tenant leaves before the completion date. If that didn’t happen, the seller would be in breach of contract and liable for your costs in the delay in completion. Most sensible move is for the seller to make sure the tenant has left by exchange. Either way you won’t be completing with the tenant still there.

user1977

prenny16 said:

We've generally been avoiding tenanted properties, but the agent has assured us the tenant is due to move out (or is happy to move out - need to check).

That doesn't really square with the listing which suggests it's a great investment with a tenant staying there paying £x per month...

If this is the case, is there anything we can do to ensure this happens?  Obviously, we don't want to get into a situation where we're paying court fees in order to turf someone out. 

Well, you wouldn't be paying court fees, because you wouldn't become the owner before the tenant has gone. Usual best advice is that you don't do anything material to progress your purchase until the tenant has actually left - you have no control over how long it takes for them to leave, so unless you are really prepared to twiddle your thumbs for months, I would suggest you look at properties which don't have tenants in situ.

GDB2222

You can ask the tenants what their plans are. They may say they are leaving soon, and give an explanation why, eg starting a new job in a different city. If so, I can’t see a problem with starting the purchase process.

If the tenants don’t have plans to move, I don’t think you should get involved. 

I would ask the tenants themselves, rather than asking the agent. Hopefully, you can speak to them directly during the viewing. 

SusieT

Ask the tenant what they plan to do and at what point they plan to move (if they say they will be moving). I would not consider exchanging contracts until you have seen for yourselves that the flat is completely empty

Alderbank

Bear in mind that as soon as the tenant departs the value of that flat will smartly increase.

Are you the only potential buyer watching it?

Jonboy_1984

We bought our house last year with tenants in situ (on a fixed six month tenancy) who had agreed to leave on date x ready for exchange and completion on a vacant possession basis. The day before they were due to hand keys back to the letting agent, they announced their onward rental had fallen through and they were not able to move out. 

They managed to secure a council house and get the keys 4 weeks later but there was radio silence from them and their letting agent for almost 3 weeks of that time period, and then a delay in getting the council house keys of a couple more days, which was difficult for us mentally and our own buyer.

It all worked out in the end, but could have gone on for months if we had been unluckier…

Sarah1Mitty2

Alderbank said:

Bear in mind that as soon as the tenant departs the value of that flat will smartly increase.

Are you the only potential buyer watching it?

Unlikely, there is nothing unique about this flat, there were loads of these shoe-box type apartments thrown up during the boom and as landlords try to sell up loads of them will hit the market, you might even get a better deal by waiting a while.

Sarah1Mitty2

Jonboy_1984 said:

We bought our house last year with tenants in situ (on a fixed six month tenancy) who had agreed to leave on date x ready for exchange and completion on a vacant possession basis. The day before they were due to hand keys back to the letting agent, they announced their onward rental had fallen through and they were not able to move out. 

They managed to secure a council house and get the keys 4 weeks later but there was radio silence from them and their letting agent for almost 3 weeks of that time period, and then a delay in getting the council house keys of a couple more days, which was difficult for us mentally and our own buyer.

It all worked out in the end, but could have gone on for months if we had been unluckier…

That`s right, in this case there is no point even viewing it let alone making an offer until it is an empty flat ready for sale.