Has anyone let sellers stay on after completion?

[flow4]

My mortgage offer expires in the next couple of weeks, and the vendors have been happy to co-operate so that we can try to complete quickly and before it does. They are moving into rented and I have nothing so sell, so we are chain-free, and everything so far has run smoothly and amicably. :)

However, they are due to go on holiday a couple of days after our provisionally-agreed completion date, and the rented property they have found is not going to be available in time, so rather than move twice - into storage/to stay with family, and then into rented when they get back from holiday - they have asked whether I might consider allowing them to stay on for 2 weeks after completion.

The exact date makes no difference to me and in principle I am happy to be flexible and keep things amicable, but I am concerned about potential pitfalls, and practical or legal problems.

It's obviously risky, but is it too risky, and are there ways to protect myself?!

Has anyone done this? Does anyone have any advice please?

Have you asked your bank to extend the mortgage offer by a couple of weeks? I can't see why that would be a problem as long as you can show them that everything is lined up and ready to go.

So you want to let them live in your house, will you charge rent?

Sounds like a nice thing to do but legally there are probably pitfalls if they damage anything

Perhaps ask for a deposit against damage or a written agreement that they ill pay to repair ny damage, you would need to take pics of structural features on completion

I've just asked our solicitor the same thing. Fastest response I've ever had from a solicitor - she said don't do it as your potentially very exposed. I'm going to defer to her but I'm naturally cautious and I don't need more stress right now.

I really really wouldn't. Whole can of worms.

Thanks all...

Katy, I haven't yet, but I sounded them out... They weren't very encouraging but they didn't actually say 'no' - they said 'under exceptional circumstances'... I guess that is still an option, but I'm just wondering which would be least trouble...

Bound, you're right of course. I'd get my solicitor to draw up some agreement, and I'd have to charge them rent because I'd be paying the mortgage!

didi I'm anticipating my solicitor will say the same thing... I wondered whether anyone here had actually done it and could offer a plan for protecting against risks...

Oops, cross-posted with you IHeart... Thanks.

Similar but other way round.My sister( who is a lawyer) rented whilst waiting to complete on a house- think there were some problems with deeds etc which needed sorting before she could buy it. She even persuaded them to have it decorated while they were tenants!

I think there's an insurance issue with this isn't there? Ask your lender, solicitor and insurer.

Thanks Wanda and RobotB :)

We have rented from vendors twice. The first time there was a problem with the deeds that took 5 months to sort out, and the second time we had sold, needed somewhere to live within 2 weeks, and the vendor could move out quickly.

However, in your case I would just ask the mortgage co to extend.

absolutely not unless you have a formal agreement. The place won't be insured with the wrong people living there.

change completion date or pass the problem back to them.

The mortgage co say they will only extend for a maximum of two weeks, and only on the condition that my solicitor confirms we are ready to exchange... Which seems v odd to me, because it basically implies they'll only give an extension if we don't actually need one!

I was thinking along the lines of a formal agreement too special... But my solicitor says no way, and basically said that if I want to do this, I would have to make sure I don't tell her!

Can't you just postpone completion but go ahead with exchange?

Yes, and this is I think what we are now aiming for, but only if the searches are back in time! It now looks like they may not be, so the need to extend the offer is my problem as well as theirs!

My stress levels are climbing!

flow4 we are in the same situation except I haven't rung to ask for a mortgage extension yet (mainly because when our IFA rang them a month ago to sound the Woolwich out about an extension they said it would have to be a new application with new survey). I'm hoping once we have provisional dates and I ring them, they will just give a 1-2 week extension without asking for anything else.

Flow our vendor also wants to stay on as their sale completes 4 weeks after ours. Really difficult situation to be in as we feel fine letting her stay subject to proper docs but our solicitor is not keen.

We let the vendors stay an extra day so they could move on Saturday instead of Friday. They were lovely people, and there wasn't any problem.
Two weeks is a different matter, though. I think I'd be saying no, and blaming the solicitor!

Interesting to know I'm not the only one... Still not sure what to do, and hoping the whole situation can be avoided by exchanging this week and getting permission to extend my mortgage offer to complete at the end of the month..