Was about to let property but now has been sold

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  • Was about to let property but now has been sold

    Hi

    We have been openly joint marketing the house with two agents, 1 for selling and the other for renting. The rental agents has found us a tenent in the last week with move in date of 27th April. The prospective tenant has paid a holding deposit and been credit checked. Three days ago we accepted an offer on the house and are just waiting to hear if the house matches the valuation requirements for the purchase mortgage requirements.

    What is our legal status with the prospective tenants and what will we be liable for cost wise when we give them notice that the house is now no longer available to rent?

  • #2
    Originally posted by Lorrimac View Post
    Hi

    We have been openly joint marketing the house with two agents, 1 for selling and the other for renting. The rental agents has found us a tenent in the last week with move in date of 27th April. The prospective tenant has paid a holding deposit and been credit checked. Three days ago we accepted an offer on the house and are just waiting to hear if the house matches the valuation requirements for the purchase mortgage requirements.

    What is our legal status with the prospective tenants and what will we be liable for cost wise when we give them notice that the house is now no longer available to rent?
    Has the tenant signed a tenancy agreement or paid rent in advance?
    'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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    • #3
      No contract has been signed or rent paid

      only a holding desposit and cost for credit check.

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      • #4
        I'm sure someone will correct me if I am wrong, but I think in that case you can safely return the cost of the credit check and their holding deposit to the prospective tenants and explain that the chances are you have sold the house and that the tenancy is no longer available. Do this as soon as possible.

        You could offer to contact them should the sale fall through (as many do), but they will probably want to give you a wide berth.
        'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

        Comment

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