Posted by
drumbrake
17 yrs ago
I'm in the process of purchasing a flat (completion in around one month) for investment purposes.
The vendor has just asked me whether they can stay in the flat for a 'few months' as tenants.
On the face or it, it seems like a good deal for me. I get a tenant paying rent from day one, and I don't have to pay any agency fees for finding a tenant. The only downside that I can see is that the process (and cost) of finding a new tenant is delayed for a few months only.
Can anyone see any other dangers? Am I missing something? Thanks in advance.
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ldavy
17 yrs ago
No, I don't think you're missing anything, just make sure that you have a proper tenancy agreement with them. Talk to your solicitor though, because the Formal Agreement for Sale and Purchase no doubt states that you will take vacant possession on completion, and it won't be vacant possession if the vendor is still there.
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Thanks Idavy
I think the vacant possession part is crucial, and that's why I have decided to turn the vendor down.
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