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Original poster

Buyers moving into house pre sale

31 replies

Newusernameaug · 04/09/2022 11:03

Has anyone done this please and can offer any advice?

I’ve accepted an offer on my house, buyers chain free and want to complete asap - however my 2 yr fixed mortgage deal ends 4th Jan so if I complete before then I have a big penalty.

buyers are currently in rented.

the current proposal is they move into the house and pay 1 months rent whilst we wait until 4th to complete.

Does this sound ok and has anyone else done something like this before?

house is currently rented out so tenants would be out by then and I’m renting elsewhere.

OP posts:
MissBattleaxe · 04/09/2022 11:05

I don't have experience of this but I would recommend putting everything in writing and insisting they make no changes to the house until the 4th Jan.

Zosime · 04/09/2022 11:09

Ask your solicitor.

overitall1 · 04/09/2022 11:13

What's to stop the sale falling through and them not being able to get out of your property? You need to suck up the mortgage penalty. Well I would. There is no way I would do this! (However I had done similar many years ago!)

Original poster
Newusernameaug · 04/09/2022 11:32

Thanks @MissBattleaxe thats a good suggestion.

@Zosime I’m going to enlist a solicitor tomorrow thanks so will speak to them.

@overitall1 Good question, I’m guessing if the sale fell through it would go back on the market and I’m guessing I’d need something to be able to remove them if need be.

OP posts:
Swimmingpoolsally · 04/09/2022 11:34

We did this. Your solicitor will come up with s brief rental agreement which stated completion by x date and if you fail them you’re liable for all their costs to move again and they can pull out.

Original poster
Newusernameaug · 04/09/2022 12:46

Thanks @Swimmingpoolsally - did it all work out ok for you?

OP posts:
Swimmingpoolsally · 04/09/2022 13:34

Yes it was absolutely fine, there were some issues with the deeds which would take too long to sort and we needed to allow the chain to move, our solicitor had no issue and dealt with it fine. We paid market rate for the duration

LIZS · 04/09/2022 13:37

Whose proposal? You would be giving them tenants' rights and not have a vacant property to sell. Take legal advice.

ThisisCollie2022 · 04/09/2022 13:39

We did this in our last purchase. Worked out fine :)

ThisisCollie2022 · 04/09/2022 13:40

Although I should say that there was obviously lots of legal paperwork and clauses involved with it. We didn't go rogue (as obviously thats just stupid!)- it was all planned via conveyancer.

But it was great for everyone involved

SheWoreYellow · 04/09/2022 13:47

I presume you’ve checked how much the penalty would be and that you definitely can’t port your mortgage?
By the time you’ve added solicitor fees to get this sorted out and the risk that they don’t complete, is it really worth it?

LIZS · 04/09/2022 13:48

Alternatively they pay your redemption fee as part of the agreement to complete early.

WallaceinAnderland · 04/09/2022 14:17

How much is the penalty?

blockpavingismynightmare · 04/09/2022 14:20

What if they suddenly decide the house is not what they thought it was and back out of the sale? Or what if they decide its too much money and want to reduce the price?
I would not allow this

jalu47 · 04/09/2022 14:21

Can you exchange first with completion set for the right date? Once you've exchanged it's pretty safe as huge penalties for both sides of you pull out.

Swimmingpoolsally · 04/09/2022 14:25

blockpavingismynightmare · 04/09/2022 14:20

What if they suddenly decide the house is not what they thought it was and back out of the sale? Or what if they decide its too much money and want to reduce the price?
I would not allow this

Basically the contract says they can’t.

Denny53 · 04/09/2022 14:31

Swimmingpoolsally · 04/09/2022 14:25

Basically the contract says they can’t.

Show quote history

What contract says they can’t??

Swimmingpoolsally · 04/09/2022 14:37

Denny53 · 04/09/2022 14:31

What contract says they can’t??

Show quote history

Oh my goodness read the thread.

LionessesRules · 04/09/2022 14:45

I'd consider it if exchange happened before then moved in.

toomuchlaundry · 04/09/2022 14:48

Why didn’t you factor the penalty costs in your selling price?

MrsWooster · 04/09/2022 14:55

Go 50/50 on the penalty?

Do NOT let them in otherwise, other than on a formal tenancy administered by a letting agent.

newbiename · 04/09/2022 15:16

Why would they only pay one months rent if they are there til January? Will your mortgage company allow it ?

Original poster
Newusernameaug · 04/09/2022 15:20

Their current tenancy runs out Dec - so the plan would be hopefully Dec for 1 month.

penalty is £6700!

OP posts:
Hbh17 · 04/09/2022 15:23

Absolutely not. There is so much that could go wrong.

bloodyunicorns · 04/09/2022 15:29

NO!!!!! Don't do this. Wait until they legally own the house.