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Should I let buyer move in before completion?

(20 Posts)
ThunderboltKid Wed 22-Jun-11 12:34:15

We're selling our flat to someone who currently rents a flat in the block next door. She is desperate to move in on the 1st July as her tenancy runs out and her landlord has got a new tenant moving in.

Because of some delays in getting contracts out (which was our sides fault) we haven't yet exchanged and don't think we will be able to complete by the 1st July.

I was thinking that as long as we have exchanged contracts by then, that I could 'rent' our flat out to the buyer until we complete.

Can anyone see any problems with this or reasons why I shouldn't do it?

Butterbur Wed 22-Jun-11 12:37:12

No. I'm sure your solicitor would advise against this very strongly. But if it all goes tits up between exxchange and completion, you will struggle to get her out. Your buyer needs to make private arrangements.

Wigeon Wed 22-Jun-11 13:26:43

No no no.

expatinscotland Wed 22-Jun-11 13:28:50

NO

LIZS Wed 22-Jun-11 13:31:13

You can have a short term access agreement drawn up but I doubt the cost and hassle would make it worthwhile for you. Can she not find somewhere to stay temporarily, with family or firiends ?

iklboo Wed 22-Jun-11 13:32:46

The words 'Hell' and 'No' spring to mind

Bramshott Wed 22-Jun-11 13:33:35

I wouldn't. You could let her store some stuff between exchange and completion though.

Bramshott Wed 22-Jun-11 13:34:07

You can however (for extra cost I think) exchange and complete on the same day?

feckwit Wed 22-Jun-11 13:37:46

yes there is a way around it, I can' remember what it is called but will have a think. Anyway, when we bought this house we were allowed the keys on exchange and we completed a wek later. It was agreed between the solicitors and basically we were told that were anything to go wrong, we had to leave the property in the condition we found it (although as our solicitor pointed out, we were improving it, renoavtion project, so it was highly unlikely anyone would ask for improveents to be undone). I feel sure we signed something official so it was all done above board.

But this was agreed as there was a delay at their end and we had to be out of our rented house and the house was not habitable so we had a week where we started renovating without actually owning!

Bramshott Wed 22-Jun-11 14:07:11

Yes, we did that too feckwit - I remember being told that if we didn't end up completing, we would in theory be obliged to take the damp proof course out and re-introduce woodworm beetles in the loft!

However, having access / keys for renovation work is rather different from actually moving in . . .

ThunderboltKid Wed 22-Jun-11 14:27:02

Hmm I did think it might be a silly idea. Just so worried about losing our buyer! I'm sure she could stay with friends/family but it just seems silly to make her move all her stuff when she only lives next door.

Will speak to the solicitor. Perhaps there is a compromise to be had where she can store her stuff but can't live there.

microserf Wed 22-Jun-11 17:12:48

hmm, you could probably agree a short term licence but it would need to be legally documented, if recognise you'll have an eviction risk if you don't sign or complete for any reason.

personally, i would think the risk is significantly reduced after exchange as your buyer is legally bound to buy. it may complicate the legal docs though. you also need to think about insurance - what would happen if the place burned down in between exchange and completion?

personally, we did simultaneous exchange and completion. that can work quite well.

if you store her stuff, it will be at your risk unless you legally agree with her otherwise.

ThunderboltKid Wed 22-Jun-11 17:16:47

Yes, I think you're right. I'll try and push for simultaneous exchange and completion.

At the moment her solicitor is being useless - she's been told that he's too busy at the moment to deal with it and will get to it soon. She's scared to chase them because she thinks they're getting really annoyed with her.

Tis annoying - but I guess there is no point complicating the matter further by adding in some sort of tenancy agreement!

mateysmum Wed 22-Jun-11 17:17:24

Exchanging and completing on the same day can be done very easily. I just did it.
If it was your side that has slowed the process, I would try putting a rocket under your solicitor to get it all sorted for 1st July.

ThunderboltKid Wed 22-Jun-11 18:55:17

It was my side originally, there was a problem with the lease, but my solicitor has been great and we're doing what we can to push it forward. It's the buyers solicitor that is rubbish!

Exchange and completion on the same day seems to be the way forward. Isn't it difficult to get the mortgage company to release the money?

Fizzylemonade Wed 22-Jun-11 20:08:04

I am sure somebody posted on here a few years ago where she had exchanged but she couldn't then complete (she rushed it as it was buyer's race as to who could get contracts signed first, she clearly won) she was in breech of the contract but still, the completion didn't take place when it was meant to.

As a buyer last year, we lived in a hotel for 3 weeks, in one room, me, dh and 2 children aged 6 and 3. All our stuff went into storage. It was what we needed to do to sell our place and buy our forever house.

Personally I would never exchange and complete on the same day in case something goes wrong but that seems to be the only way forward for you. I definitely wouldn't let anyone live in my house who hadn't paid for it, contract or not. <worrier> grin

microserf Fri 24-Jun-11 16:21:33

no, we needed 7 days notice for the mortgage company to release the money, we gave this notice, then we drew it a day before signing and completing. means you take the risk of having to pay interest from the day it arrives in the account of the solicitor! the buyer should ask her solicitor what happens if for any reason the sale doesn't proceed.

mollymole Fri 24-Jun-11 16:23:06

NO NO and 1000 NO's don't do it.
Should be reason why exchange and completion can't be done on same day - have done this in the past

fapl Fri 24-Jun-11 17:16:59

The only reason a seller wouldn't want to exchange and complete on the same day is if they are also moving out the same day, have all their stuff packed in a van and it falls through at the last moment, as a buyer can drop out anytime right up to exchange. If your flat is empty anyway, push for exchange and completion same day and ultimately you will get your money sooner.

noddyholder Fri 24-Jun-11 17:18:49

I have rented property between exchange and completion a few times in order to start planning renovations etc and clean and usually move some bits in. Get the solicitor to draw up a short lease don't do it without

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