Offering on a flat that has tennants

user1977

NameUnavailable said:

user1977 said:

NameUnavailable said:

If you exchanged when tenants were still there and the mortgage co found out, they would probably withdraw the offer

I have never heard of such a thing happening, and the mortgage company aren't going to know anyway.

If anyone isn't budging on completion day (could even be an owner-occupier's family - we've had that story here before...) then completion won't happen (and it will be largely academic whether the buyer had the funds). The lenders don't police whether possession is actually vacant, that's left to everybody else to sort out.

It should never happen because the solicitors will be expecting the vendor to confirm that the property is being sold with vacant possession.

It's a standard contractual provision that the buyer is getting vacant possession at completion. It's up to the seller to achieve that, otherwise they'd be in breach of contract.

theartfullodger

user1977 said:

NameUnavailable said:

user1977 said:

NameUnavailable said:

If you exchanged when tenants were still there and the mortgage co found out, they would probably withdraw the offer

I have never heard of such a thing happening, and the mortgage company aren't going to know anyway.

If anyone isn't budging on completion day (could even be an owner-occupier's family - we've had that story here before...) then completion won't happen (and it will be largely academic whether the buyer had the funds). The lenders don't police whether possession is actually vacant, that's left to everybody else to sort out.

It should never happen because the solicitors will be expecting the vendor to confirm that the property is being sold with vacant possession.

It's a standard contractual provision that the buyer is getting vacant possession at completion. ....

Usually but not always.  Entirely legal to sell a property with tenants staying.. (can have advantages sometimes..)

NameUnavailable

theartfullodger said:

user1977 said:

NameUnavailable said:

user1977 said:

NameUnavailable said:

If you exchanged when tenants were still there and the mortgage co found out, they would probably withdraw the offer

I have never heard of such a thing happening, and the mortgage company aren't going to know anyway.

If anyone isn't budging on completion day (could even be an owner-occupier's family - we've had that story here before...) then completion won't happen (and it will be largely academic whether the buyer had the funds). The lenders don't police whether possession is actually vacant, that's left to everybody else to sort out.

It should never happen because the solicitors will be expecting the vendor to confirm that the property is being sold with vacant possession.

It's a standard contractual provision that the buyer is getting vacant possession at completion. ....

Usually but not always.  Entirely legal to sell a property with tenants staying.. (can have advantages f

Of course, but that would require a BTL mortgage and careful scrutiny of the terms of the tenants agreement to ensure everything is 'correct' from the new landlords point of view.

dinosaur66

i would never buy a flat that i wanted to live in from a tenant in situ situation / soon become dated and tired with tenants and require weeks of DIY working flat out and better to do it up when empty.

if you do not have the time or cannot change tiles/cupboard doors/skirting etc etc and have to employ trades then better off paying the extra and getting one all done to your taste

but then again i would never put up a flat for sale that had tenants in situ because the flat is worth less and will receive less than similar flats in the area by

makes no sense to me from either perspective landlords or buyer / but thats only my point of view

Murphybear

dinosaur66 said:

i would never buy a flat that i wanted to live in from a tenant in situ situation / soon become dated and tired with tenants and require weeks of DIY working flat out and better to do it up when empty.

if you do not have the time or cannot change tiles/cupboard doors/skirting etc etc and have to employ trades then better off paying the extra and getting one all done to your taste

but then again i would never put up a flat for sale that had tenants in situ because the flat is worth less and will receive less than similar flats in the area by

makes no sense to me from either perspective landlords or buyer / but thats only my point of view

Having worked in the business for a long time I have seen literally thousands of properties after tenants have lived in them.  How many dated and tired?  Very few.  Most of the properties were in good condition when we put tenants in and were still in good condition when we got them back.  Quite a lot were new build.  Many of the tenants wanted to decorate to keep the property looking nice. 

We had a small house with 2 disabled non related sharers.  The landlord only wanted a small rent which hardly ever changed.  The tenants were there for years.  They decorated regularly (I think they used professionals) and they installed a new kitchen and bathroom.  

poppy12345

dinosaur66 said:

i would never buy a flat that i wanted to live in from a tenant in situ situation / soon become dated and tired with tenants and require weeks of DIY working flat out and better to do it up when empty.

Not at all and mine certainly isn't and never has been. I've lived in rented properties for over 20 years and my homes have never looked dated or tired. I decorate my own homes just the way I want it. They are always kept clean and tidy and I value my home a great deal. 

My last privately rented property I paid to have brand new carpets put down throughout and this was done the day before I moved in. The upstairs carpets still looked like new the day I moved out, just over 4 years later and no, they weren't cleaned because there was no need. 

dinosaur66

Murphybear said:

dinosaur66 said:

i would never buy a flat that i wanted to live in from a tenant in situ situation / soon become dated and tired with tenants and require weeks of DIY working flat out and better to do it up when empty.

if you do not have the time or cannot change tiles/cupboard doors/skirting etc etc and have to employ trades then better off paying the extra and getting one all done to your taste

but then again i would never put up a flat for sale that had tenants in situ because the flat is worth less and will receive less than similar flats in the area by

makes no sense to me from either perspective landlords or buyer / but thats only my point of view

Having worked in the business for a long time I have seen literally thousands of properties after tenants have lived in them.  How many dated and tired?  Very few.  Most of the properties were in good condition when we put tenants in and were still in good condition when we got them back.  Quite a lot were new build.  Many of the tenants wanted to decorate to keep the property looking nice. 

We had a small house with 2 disabled non related sharers.  The landlord only wanted a small rent which hardly ever changed.  The tenants were there for years.  They decorated regularly (I think they used professionals) and they installed a new kitchen and bathroom.  

i wish i had tennants like your agency had

 touch wood have never had a serious problem tenant

had a few hoarders .

but with the exception of a few who only stayed a few months i have always had to do minor repairs/major repairs after old tenants have left

in my rentals which i rent out with new everything bar the roof.

my carpets last  5 years  before need replacing /laminate about 8 years /oap can last whole lifetime /  kitchen cupboards/kickboards /handles/ last 8 years with OAP  and 4 years with young familys before i get calls about doors come off and have to start replacing  / i dont change the carcase / my account with howdens is well used.

doors get scuffed /skirting and wallpaper scuffed / gardens i try and make no maintence as anything with maintence is neglected except by OAPs /garden fences are a pain / especially in scotland where it is so windy /windows blown panes /boiler has water spots beneath and is now years older /radiators might now be 20 years old and have valve issues / /taps leaking /discoloured /need replacing due to wear /seals on toilets leaking /toilet not flushing with full power /outside drain blocked due to fat/etc etc//over flow leaks /

garage roof leaks/garage gets flooded in heavy rain and needs tanking/ old epc was a d new buyer does not understand costs to get to a c /stains in ceiling painted over covering water leak / etc etc

as a landlord this is just wear and tear and normal / i do not charge wear and tear and give them back there DPS deposit and just make everything good for next tennant or sell it.

yes i know lots of these issues will come up on twice yearly inspections and landlord fixes them in good time / but when propertys are self managed /lots of these are neglected and have had hardly no maintenence.

 

buying for yourself a tenant in situ property when you do not want to be a landlord and have the tennants possesions and furniture in place makes it hard IMO to see what you are buying

dinosaur66

poppy12345 said:

dinosaur66 said:

i would never buy a flat that i wanted to live in from a tenant in situ situation / soon become dated and tired with tenants and require weeks of DIY working flat out and better to do it up when empty.

Not at all and mine certainly isn't and never has been. I've lived in rented properties for over 20 years and my homes have never looked dated or tired. I decorate my own homes just the way I want it. They are always kept clean and tidy and I value my home a great deal. 

My last privately rented property I paid to have brand new carpets put down throughout and this was done the day before I moved in. The upstairs carpets still looked like new the day I moved out, just over 4 years later and no, they weren't cleaned because there was no need. 

i have a OAP couple who rent a nice kerb appeal 2 bed bungalow off me for last 8 years

i self manage it

exact same as yourself

ask me can they change the carpet

paint and decorate

put a brand new kitchen in -when i went round turns out there son in law is a bespoke kitchen fitter in west end and kitchen was stunning its open plan to living room but i am never going to be able to find matching doors /worktops /splashbacks  if they ever leave

a govt dept contacted them and put in brand new good quality insulation in roof for free despite it being a rented property/

keep the 60 foot front garden like a bowling green /back garden is all artificial and i maintain /paint the fences gates/garage

i charge £400 a month below market rates as good tenants like yourself are worth keeping