notice or termination to tenants and timeframe to sell

misc2013

The contract refers to selling a house in the 3months following termination of tenancy. Does that mean you have to be sale agreed on the property or sale closed?

punisher5112

misc2013 wrote: »

The contract refers to selling a house in the 3months following termination of tenancy. Does that mean you have to be sale agreed on the property or sale closed?

No it means you must put it up for sale.

A sale could take 6 months a year even more.

davindub

misc2013 wrote: »

The contract refers to selling a house in the 3months following termination of tenancy. Does that mean you have to be sale agreed on the property or sale closed?

It means you intend to sell within 3 months.

It may mean you have placed the house on the market and have a buyer lined up (High Court comments)

misc2013

davindub wrote: »

It means you intend to sell within 3 months.

It may mean you have placed the house on the market and have a buyer lined up (High Court comments)

There's a big difference, I've had a look at the RTB and it doesn't clarify which does it mean. I've read posts about tenants in situ and viewings etc. Surely, that means house is on the market before they leave?

davindub

misc2013 wrote: »

davindub wrote: »

It means you intend to sell within 3 months.

It may mean you have placed the house on the market and have a buyer lined up (High Court comments)

There's a big difference, I've had a look at the RTB and it doesn't clarify which does it mean. I've read posts about tenants in situ and viewings etc. Surely, that means house is on the market before they leave?

Yes it can be on the market, if you are confident (with good reason) you can sell within the 3 month timeframe of the termination date. The legislation itself is a bit clearer.

misc2013

davindub wrote: »

Yes it can be on the market, if you are confident (with good reason) you can sell within the 3 month timeframe of the termination date. The legislation itself is a bit clearer.

OK so I could be sale agreed on the day of/ after the termination date? That makes a big difference. Keen to sell asap within the constraints of the tenant's notice.

Does having tenants in situ impact greatly on selling? Surely, with these new laws, it must be more common?

dennyk

Unless your buyer is buying to let with appropriate financing, having a tenant still present in the property will likely halt the sale; most standard mortgages won't allow drawdown without vacant possession. Given how long it can take to remove an overholding tenant, you're taking a big gamble trying to push your timeline too much. There's also no statutory requirement for the tenant to allow you access for viewings, so unless you have a clause in your lease requiring it, they don't have to allow you or your potential buyer in. Safest thing to do is to give notice, get the tenant out, then list the property for sale afterwards.

davindub

misc2013 wrote: »

davindub wrote: »

Yes it can be on the market, if you are confident (with good reason) you can sell within the 3 month timeframe of the termination date. The legislation itself is a bit clearer.

OK so I could be sale agreed on the day of/ after the termination date? That makes a big difference. Keen to sell asap within the constraints of the tenant's notice.

Does having tenants in situ impact greatly on selling? Surely, with these new laws, it must be more common?

Yes the sale agreed date is not important once its before the 3 months. You can be sale agreed for 6 months before the termination date, it still complies with the terms of the statutory declaration.

As regards tenants in situ you should be able to agree dates for viewing, they may not be obliged to, but ive often attended viewings where they have allowed it. These days there really wouldnt be much effect on price, such is demand but your local EA will advise on this.

misc2013

davindub wrote: »

Yes the sale agreed date is not important once its before the 3 months. You can be sale agreed for 6 months before the termination date, it still complies with the terms of the statutory declaration.

As regards tenants in situ you should be able to agree dates for viewing, they may not be obliged to, but ive often attended viewings where they have allowed it. These days there really wouldnt be much effect on price, such is demand but your local EA will advise on this.

Spoke to EA today and he reckons having tenants in situ should not be too much of an issue, viewings can be as limited as tenants are comfortable with, having a family in the house coming into winter giving it a warm, lived in feel, can be attractive to potential buyer. But at this stage I might be as well wait til Jan as any sales post Sept are for people who will be v keen to get in for Xmas and not want any delays.

punisher5112

It's always better having a vacant house to sell.

The Tennant's may well make life difficult for viewing and house couyleft in sh1te