Asking someone to move out within 6 months

propertyrental

So you Exchange Contracts today with a 6 month Completion date.

2 months later, your survey tells you there are major issues with the property.

A month later your solicitor tells you of negative search results.

What do you do? Back out and get sued? Try to renegotiate a contractually agreed purchase price?

Or what?

user1977

propertyrental said:

So you Exchange Contracts today with a 6 month Completion date.

2 months later, your survey tells you there are major issues with the property.

A month later your solicitor tells you of negative search results.

What do you do? Back out and get sued? Try to renegotiate a contractually agreed purchase price?

Or what?

Get the survey done now and then exchange contracts. Make the contract conditional on there being no materially adverse search results. Sorted.

Hoenir

benson2221 said:

 That is why I would want to insist that someone would be moved out in that time. They have said they would go into rental if need be but that is just what they have said...in reality I would want something legally binding like a penalty if they don't but have no idea if that is even possible 

As a vendor why would I wish to enter a contract which offers me no benefit at all. Might as well wait for another offer. 

Lavendyr

benson2221 said:

I'm considering making an offer on a property with the condition of moving in within six months. The estate agent has informed me that the seller verbally agreed to this arrangement. How can I ensure that this agreement becomes legally binding?

Exchange contracts with a fixed completion date, as others have said. Subject to you being happy with searches etc. 

If the seller fails to complete then you'll have recourse, but it will be painful. 

Lavendyr

Incidentally, when we last bought in 2021, our sellers moved into rented accommodation to facilitate our completion date. That was with the added pressure of the COVID-19 stamp duty relief, though, plus they were very nice people  

MacPingu1986

user1977 said:

propertyrental said:

So you Exchange Contracts today with a 6 month Completion date.

2 months later, your survey tells you there are major issues with the property.

A month later your solicitor tells you of negative search results.

What do you do? Back out and get sued? Try to renegotiate a contractually agreed purchase price?

Or what?

Get the survey done now and then exchange contracts. Make the contract conditional on there being no materially adverse search results. Sorted.

Sounds simple enough, the problem is getting the counterparty to agree to the condition when it's very much off-market for UK England/Wales residential property transactions and which their solicitor will advise them is not acceptable (+ legal wrangling over the context and thresolds of materiality).  

EDIT: Corrected as per user1977s comment below.

user1977

MacPingu1986 said:

user1977 said:

propertyrental said:

So you Exchange Contracts today with a 6 month Completion date.

2 months later, your survey tells you there are major issues with the property.

A month later your solicitor tells you of negative search results.

What do you do? Back out and get sued? Try to renegotiate a contractually agreed purchase price?

Or what?

Get the survey done now and then exchange contracts. Make the contract conditional on there being no materially adverse search results. Sorted.

Sounds simple enough, the problem is getting the counterparty to agree to the condition when it's very much off-market for UK residential property transactions and which their solicitor will advise them is not acceptable (+ legal wrangling over the context and thresolds of materiality).  

Some parts of the UK you mean...the searches point is standard in Scottish contracts (though admittedly in practice, for other reasons, people aren't signing up months in advance).

MacPingu1986

user1977 said:

MacPingu1986 said:

user1977 said:

propertyrental said:

So you Exchange Contracts today with a 6 month Completion date.

2 months later, your survey tells you there are major issues with the property.

A month later your solicitor tells you of negative search results.

What do you do? Back out and get sued? Try to renegotiate a contractually agreed purchase price?

Or what?

Get the survey done now and then exchange contracts. Make the contract conditional on there being no materially adverse search results. Sorted.

Sounds simple enough, the problem is getting the counterparty to agree to the condition when it's very much off-market for UK residential property transactions and which their solicitor will advise them is not acceptable (+ legal wrangling over the context and thresolds of materiality).  

Some parts of the UK you mean...the searches point is standard in Scottish contracts (though admittedly in practice, for other reasons, people aren't signing up months in advance).

Sorry yep - should have said England & Wales!

MEM62

benson2221 said:

I'm considering making an offer on a property with the condition of moving in within six months. The estate agent has informed me that the seller verbally agreed to this arrangement. How can I ensure that this agreement becomes legally binding?

Frankly, this is unrealistic.  Any solicitor would advise their client against entering into such an agreement.  There are too many variables outside of the seller's control.  You also would not be able to guarantee that you would complete within six months. (Problems with search results and delays by your lender or solicitor being just a few of the potential issues)  Or are you expecting the seller to commit to this without any obligation to meet the deadline on your side?  

peterhjohnson

benson2221 said:

 They have said they would go into rental if need be but that is just what they have said

A lot of people say this, I think I did myself once. The reality is that when most owner-occupiers take a close look at the current rental market, they back off!