Property being valued - how long until sold?

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    Property being valued - how long until sold?

    Hi Guys

    The property I'm renting is being visited by valuers tomorrow.

    I've been told by the lettings agent it has been "sold".

    There is no chain upwards or downwards.

    The property was built 7 years ago.

    Does anyone here have any idea of how long it could be before the contracts are exchanged, and completion dates set?

    I still have 3.5 months on my AST contract to run.

    Is completion likely to take place before that time or is there a special system in place under these circumstances?

    My previous experience has been that after valuers have been in, completion has taken place within two months - however in those cases I had moved from AST to periodic.

    Thanks for any information.

    #2
    The answer is.. how long is a piece of string! You need to talk to your landlord as only they will know how things are progressing. We have had sales take 4 weeks we have had sales take 4 months. It really is a waiting game sometimes.
    GOVERNMENT HEALTH WARNING: I am a woman and am therefore prone to episodes of PMT... if you don't like what I have to say you can jolly well put it in your pipe and SMOKE IT!!

    Oh and on a serious note... I am NOT a Legal person and therefore anything I post could be complete and utter drivel... but its what I have learned in the University called Life!

    Comment


      #3
      regardless of how long it takes to be sold you need to be given 2 months written notice by your LA or L for possession.

      Normally a solicitor would ask for copies of this before they even allowed their client to exchange contracts and most even ask for evidence of vacant possession before completion as well.

      Is the purchaser moving into the house or perhaps they might be an investor?

      Comment


        #4
        Whatever happens, you have security of tenure until the end of your AST at the rent you are presently paying. Who that rent is paid to depends on who owns the property and you will be notified about this, otherwise continue to pay as at present. You MUST be given at least two months notice if you are required to vacate which cannot take effect until the fixed term of your AST has expired. The only exception to this is if the owner defaults on his mortgage repayments but under the circumstances this is unlikely in the next 3.5 months.

        P.P.
        Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

        Comment


          #5
          Thank you guys for your responses.

          Have asked the EA to confirm whether an investor or not - and no reply so far - after a week of being told it's sold.

          Think it's not going to an investor as the next door neighbours met the person and they were very emotionally involved in moving into "their" new home.

          Comment

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