nest Posted January 17, 2007 Share Posted January 17, 2007 can a landlord sell the property and exchange contracts when I am still a tennant. He has put the place on the market and I am showing people around however I believe the Agent said he cant actually exchange contracts with someone as he is unsure if i will vacate on my due date and he may have to evict me , this means he cant give a completion date. - can anyone tell me if this is the case. Quote Link to comment Share on other sites More sharing options...
Wad Posted January 17, 2007 Share Posted January 17, 2007 (edited) A landlord I recently rented from sold the place on to another investor and that investor died quite soon after so his executors then sold it on to another investor. The agent remained the same. We were just notified by letter that our landlord had changed on both occassions. It should make no difference to you who owns the property. However, it may be the case that a potential buyer requires to have proof that you to have left the property before he can complete. The reason is that the buyer may well be buying with a mortgage and the mortgage company will not hand over the money without knowing they have good title on a property in vacant possession as security against the money they are advancing. Disclaimer: You should not rely on this reply as legal advice as I am not a lawyer. You should check with someone legally qualified if this is a really crucial issue to you. Edited January 17, 2007 by Wad Quote Link to comment Share on other sites More sharing options...
Warwick Posted January 18, 2007 Share Posted January 18, 2007 The short answer is Yes. Vacant possession is not essential for a sale to take place. In fact, the property value may be greater with a tenant already in situ. Quote Link to comment Share on other sites More sharing options...
nest Posted January 18, 2007 Author Share Posted January 18, 2007 A landlord I recently rented from sold the place on to another investor and that investor died quite soon after so his executors then sold it on to another investor. The agent remained the same. We were just notified by letter that our landlord had changed on both occassions.It should make no difference to you who owns the property. However, it may be the case that a potential buyer requires to have proof that you to have left the property before he can complete. The reason is that the buyer may well be buying with a mortgage and the mortgage company will not hand over the money without knowing they have good title on a property in vacant possession as security against the money they are advancing. Disclaimer: You should not rely on this reply as legal advice as I am not a lawyer. You should check with someone legally qualified if this is a really crucial issue to you. thats great news many thanks Wad Quote Link to comment Share on other sites More sharing options...
nest Posted January 18, 2007 Author Share Posted January 18, 2007 The short answer is Yes.Vacant possession is not essential for a sale to take place. In fact, the property value may be greater with a tenant already in situ. thank you Warwick - good point Quote Link to comment Share on other sites More sharing options...
heather5 Posted January 23, 2007 Share Posted January 23, 2007 Been there so many times - I missed your post - until re-read. Yes, they can sell with you insitu. No problem to you - unless they sell to someone who buys to sell immediately. If you have along-term agreement you are okay. If you have a revolving tenancy then no - they'll have you out within two months and that's it. You are not protect at all. Based on my experience - when litertally everyday I was phoned to allow access within 24/7 - sometimes they turned up at 7 am on a Sunday - the baliffs at 6am on Monday morning. Give it wide birth if you're in this situation - leave them to stew - and move somewhere else and get a long-term agreement - 1 year. So suprised that we accept the 6 months crap for landlords - not good for tennants time for us to reble - and demand 1 year at least. Quote Link to comment Share on other sites More sharing options...
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