Selling but buyer wishes to let before completion

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    Selling but buyer wishes to let before completion

    Currently in the process of selling my flat. Accepted an offer. Buyer (who is in a chain) has called estate agent and told them that they need to be out of their current accommodation and have asked if they can rent out my property until completion.

    How risky is this in that she would not be looking to sign a minimum six month contract as this would hold up the sale?

    Are there any other considerations?

    #2
    You could get a license drawn up to cover occupation until completion. Nothing that complicated.

    Risks?
    The sale falls through and you end up with a tenant. Do you what to be a Landlord?
    There is always scope for misinterpretation.

    If my posts can be interpreted in two ways, one that makes you feel angry and one that doesn't, I meant the latter.

    Everyday is an opportunity to learn something new.

    Comment


      #3
      Do they want to rent before exchange, or between exchange and completion?
      Don't forget anyone can walk away prior to exchange.
      Presumably you're already sorted for accomodation yourself.

      Comment


        #4
        Do you have a mortgage? If so, you would need consent to let.

        Then you'd need to change insurance to a landlord policy as your current household policy would be invalid.

        Do you have gas in the property - must have a Gas safety cert then.

        You would basically become a landlord with all the legal implications that entails, and if anything goes wrong, you could be stuck with a tenant that you cannot legally evict before 6 month minimum tenancy!

        TBH, I wouldn't do it. The buyers can rent some temporary accommodation for the short-term - hotel room, B&B etc, and put everything in storage. Don't feel obliged to help with their crisis - you may live to regret it!

        Comment


          #5
          Stating the obvious why can you not expedite the process and complete earlier !

          Comment


            #6
            If you do go ahead, only give a one month fixed term. Do not take a deposit.
            Ensure that you serve notice that covers "Ground 2".
            http://www.landlordzone.co.uk/forums...-2-to-1988-Act
            Allow tenants to protect their own deposits. I want free money when they do it wrong

            Comment


              #7
              If no rent is changing hands then you should be ok as the 1988 Housing act does not apply.
              [I]The opinions I give are simply my opinions and interpretations of what I have learnt, in numerous years as a property professional, I would not rely upon them without consulting with a paid advisor and providing them with all the relevant facts[I]

              Comment

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