Hi all,
Ive recently purchased a property which is due to settle in a few weeks time now. The vendor has asked if it is possible for them to stay on past settlement and pay rent for staying on until the settlement on their new house takes place which could be a week or 2. Im just after some suggestions on what to do here.
Option 1 – Let them stay on however my PM is most likely going to charge me a letting fee to have contracts written up and for all their admin work etc
Option 2 – Push back settlement a week or 2 and perhaps ask the vendors to drop the price by a bit
Option 3 – Write up my own agreement with the vendors and charge them up front for the rent.
Any other options?
Can anyone give some advise on whats the best way to go about this and what complications there are with the above ideas.
Thanks in advance.
Unfortunately, if the vendor doesnt want to settle on time, apart from recinding the contract I am not sure there is anyway to "make" them settle. I recently had a vendor just not be available to sign the transfer for 10 days and apart from threatening to walk away, my solicitor said I just had to wear it. In that light, it may be reasonable to complete the settlement and allow them to rent from you. Maybe you could do a deal with the selling agent to organise the lease for you in order to complete the settlement on time.
Good luck
Tammy
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