L is selling, wants vacant possesion - Procedure?

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    L is selling, wants vacant possesion - Procedure?

    Hi all, I'll try to explain my situation as clearly as possible... here goes -

    I am the tenant of a property on an AST agreement (no break clause) that expires end of January 2011. Our landlord has had the property on the market for quite some time and has now reached the final stages of negotiating a sale.

    The landlord wishes to sell the property with vacant possession therefore we have negotiated a compensation payment to leave the property at the end of the month.

    We have been told we would receive our compensation payment at the end of the month; however I don't feel entirely comfortable with agreeing to leave the property without seeing any of the money.

    What would be the safest and most legally binding way to approach this? Should we ask for the money first and then sign a surrender notice?

    Cheers

    #2
    Ask him to put the offer to you in a letter from his solicitor.. I'm sure as he's an honourable & honest guy he will do this.. (??? ).

    I'm sure you appreciate you don't have to go. And if you stay you don't have to go end Jan 2011 (regardless of who owns the place). Realistically Landlord won't be able to get you out for a few more months..
    http://england.shelter.org.uk/get_ad...ld_tenancies#3


    Hope the compo is substantial... (thousands??)


    Cheers!


    Lodger
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

    Comment


      #3
      Thanks artfullodger, we know we don't have to leave . I advised the landlord I would not budge for anything less then £5K. After some intense negotiations and a lot of bullsh*t from the landlord she has folded and agreed to my terms. I just want to cover myself so that I don't end up leaving the property and not getting my payment!

      Comment


        #4
        Insist that L's solicitors give you an unconditional undertaking (on their letterhead and signed by an identifiable partner) that, on completion of L's sale and in consideration of you voluntarily surrendering your tenancy that day- the solicitors will (at the cost of L) send a CHAPS payment to your own Bank for the full amount agreed (£[SPECIFY]).
        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
        4. *- Contact info: click on my name (blue-highlight link).

        Comment


          #5
          Excellent jeffrey, thank you very much for your help. That is the exact answer I was looking for.

          Comment


            #6
            Hi again,

            I've now recieved the undertaking from the Solicitor stating that a compensation payment will be paid to us for voluntarily surrending the property 29th Sept, subject to completion taking place.

            Completion is arranged for the 30th.

            What is our stance if they fail to reach completion?

            Comment


              #7
              Originally posted by boriskov View Post
              Hi again,

              I've now recieved the undertaking from the Solicitor stating that a compensation payment will be paid to us for voluntarily surrending the property 29th Sept, subject to completion taking place.

              Completion is arranged for the 30th.

              What is our stance if they fail to reach completion?
              Then the tenancy continues, presumably.
              '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


                #8
                Originally posted by mind the gap View Post
                Then the tenancy continues, presumably.
                I would hope that the tenancy continues, however obviously it would have cost us money and time to move out by that date. To then have to move back in... Would we be entitled to compensation?

                Comment


                  #9
                  At the moment the risk associated with the completion not going through affects you. You need to move the risk to the LL - what you need in writing is that they will pay you X by Chaps on Y date for vacating the property AND that the tenancy has been terminated with effect from now - no conditions. So that if anything falls through they are left with an empty property and it is their problem, not yours

                  Comment


                    #10
                    Indeed: Without the agreement/money I wouldn't want to move all my stuff & myself out...


                    When you cease to "occupy" the tenancy ceases I think... Maybe sleep a couple of nights in a sleeping bag just-in-case??


                    Good luck!

                    Artful
                    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

                    Comment


                      #11
                      Hmmm now i'm worried that something may go wrong... I initially thought i'd be ok with the undertaking. I'm completely new to all of this and just want to cover myself and my girlfriend.

                      Comment


                        #12
                        Originally posted by boriskov View Post
                        Hmmm now i'm worried that something may go wrong... I initially thought i'd be ok with the undertaking. I'm completely new to all of this and just want to cover myself and my girlfriend.
                        So don't agree to an early surrender which is conditional on completion.

                        Either make it unconditional, i.e he pays you £x to vacate by y date, or the deal is off and you stay put until the end of the fixed term. He can still sell the property (you will just have a new LL) but he won't be able to sell it with vacant possession. You can call the shots.
                        '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


                          #13
                          There is an easy way to do this.

                          You have one contract under which the landlord agrees to sell the freehold for £5000 less and you agree to sell the tenancy for £5000 and to give vacant possession on completion. When contracts are exchanged both you and the landlord are committed at the same time. You naturally have an agreement with the landlord that he pays all the legal costs so that you get £5000 net.

                          Comment


                            #14
                            But what happens Lawcruncher if it falls through, T has to find somewhere else to live in advance unless can stay with friends or relatives?

                            Comment


                              #15
                              Originally posted by gardeningmad View Post
                              But what happens Lawcruncher if it falls through, T has to find somewhere else to live in advance unless can stay with friends or relatives?
                              You have a sensible period between exchange and completion.

                              Comment

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