• I Am The Buyer, Exchange Of Contracts With Seller's Tenants Still In Property

    By Guest on 17th Sep 2015

    Hi,
    I am in the process of buying my first property. I am buying the property direct from the owner who currently has tenants renting the property to which he has given notice. All the searches etc. have been done and solicitor tells me that we are ready to exchange. Tenants should move out within a max 6 weeks from now or earlier.

    Should I exchange with condition of completion within 6/7 weeks (i.e. I have piece of mind that the seller won't back off, and also that he makes sure that the tenants leave the place as soon as possible) .. or wait until place is vacant.

    (must add that the place is in need of a make-over so not really bothered about any particular 'normal' damage tenants might do in these weeks.)

  • 1 Answers

    By Guest on 18/09/2015

    There are risks whichever way you proceed. If you exchange now and the tenants do not leave although you will not be obliged to complete until they've gone the fact is you will not have possession of the property in till they have left. On the other hand if you delay exchange until the tenant leaves then you have no security that your seller will sell to you in the end. It sounds like the actual date of completion is not that important to you in that you are not going to be homeless on the day of completion if you cannot move in so perhaps you should exchange now

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