Buying with vacant possession

[ilovewinterpansies]

Any experiences of buying a tenanted property?

Did you insist on vacant possession before exchanging? Feels reasonable to insist on this but then the seller runs the risk of no tenant and no sale if the buyer walks away....so I can see how it's reasonable for them to insist on exchanging first!

Advice online varies...

Most solicitors will insist on it. Probably all of them now you need to give 6 months notice.

Vacant possession upon completion is the norm.

England - The tenants do not have to leave until the bailiff - not happening at the moment and probably a two year wait. 6 months is not notice to leave, it is notice to start legal action.

If you exchange you are committed to buy. And will probably become their landlord. Does mortgage allow that? Does insurance? Are you aware of all the responsibilities?

Thanks all. It does sounds reasonable to insist on vacant possession before exchange because I can see how it'd be a nightmare if upon completion they're not out!

Good point about mortgage provider too and their requirements - will look into that.