Key undertaking questions

Newheight13

Hello,

Currently waiting for exchange of contracts on  a property we are purchasing as a BTL next door. It’s no chain and needs a touch up. Every room has wallpaper from the 80’s and is going to take sometime to remove and get painted. 

Does anyone know how much a key undertaking will cost to draft?

Can it only be requested between exchange of contracts and completion or before?

Rather  than my solicitor contact their solicitor, would it be ok to to speak to the estate agent to give them the heads up that I’ll be requesting this just to get the ok before my solicitor approaches them? 

Thanks 

eddddy

So you want access to the property before completion to start some renovation work.

And I think you're asking about access before exchange of contracts, and between exchange and completion.

• Firstly, a seller would probably be foolish to give you access before exchange of contracts. You might damage the walls and make a complete mess of the property, and then decide you don't want to buy the property.

• The property is vacant, so why don't you exchange and complete on the same day? Then you can start your renovation work immediately - with no need for key agreements etc.

But if you really want a gap between exchange and completion - and you want to start work during that gap... I think it would be very sensible to discuss the possibility with the seller first.  Either directly, if you are on good terms with the seller, or via the estate agent.

Newheight13

Hello, thank you for this.

 I’m actually talking about access before the exchange of contracts- it’s leasehold and has taken 3 months already and is predicted to be a couple of months more yet - there will be limited light to get things done in the evening and I don’t want to paint under artificial light or around Xmas time. It’s just removing wall paper in all rooms so would be hard to do any damage. 

eddddy

Newheight13 said:

Hello, thank you for this.

 I’m actually talking about access before the exchange of contracts- it’s leasehold and has taken 3 months already and is predicted to be a couple of months more yet - there will be limited light to get things done in the evening and I don’t want to paint under artificial light or around Xmas time. It’s just removing wall paper in all rooms so would be hard to do any damage. 

In that case, I really don't think you'll get anywhere by dealing through solicitors.  The seller's solicitor would probably think that's a ridiculous request, and advise their client accordingly.

I guess you could try asking the seller directly and informally. But to be blunt, they'd have to be very foolish to let you do that.

You don't own the property, and you might never own it.
 

Rodders53

Newheight13 said:

 It’s just removing wall paper in all rooms so would be hard to do any damage. 

:rotfl:
That's the most likely time to find cracked, crumbling plaster held together by the wallpaper.

babyblade41

I've done key undertakings between exchange and completion.

Doing it before is not advisable by either you or the seller.  You could end up decorating throughout and then seller says"thanks mate, taking it off the market now", or taking it off then remarking at a better price

You could take off the wallpaper & find some horrendous problems and pull out .

I would imagine both solicitors would never agree to either of you doing this 

theartfullodger

IMHO never live close to tenants   Certainly not next door (unless some cunning plan combining the properties.)

If i were seller I'd not agree (unless some serious _£££ increase..)

subjecttocontract

It's a definite NO from me also. Absolutely out of the question. The buying and selling process is designed to protect both parties and you shouldn't try to work around the rules. Leasehold property transactions take a long time, far longer than freeholds, that's a fact of life. If you asked me for the keys id say yes you can have them today, right now, come and collect them, just make sure you bring the money with you to pay the full price of the property.

Newheight13

Ah ok fair one! All very valid points - thank you