Perform an internet search, speak with a High Street estate agent or consult with a conveyancing solicitor and you’ll be told the same thing: if you are selling a property, you will need to move out the same day as your complete.
This is not strictly true, which could come as welcome news to many vendors with more unusual or complex selling situations. Open Property Group explains how a seller can set their own moving out date – one that doesn’t have to match the completion day.
What is completion?
Completion is the final legal hurdle when the ownership of a property transfers from one person to the next. For this to happen, both solicitors involved undertake final checks on monies owed and paperwork, which includes ensuring the buyer’s solicitor transfers the mortgage funds into the banking system for it to be passed on to the seller. As soon as the funds are cleared, the keys can be released to the new property owner.
Is it possible to stay in my home beyond completion?
A seller is usually pressured into moving out on the same day as completion and your contract may even state that the property must be left with ‘vacant possession’ on the day –that means without anyone living in it. There’s usually a new owner keen to get into the property and they will be paying the mortgage from completion day, so it’s only natural for the buyer to want to move in quickly – and that’s the drawback of selling to owner-occupiers.
Open Property Group knows that sales can be part of wider, often complicated set of circumstances. Although some sellers need to sell property fast, using our express sale cash buying service to raise funds, they may also need to retain a place to stay immediately after completion. With this in mind, Open Property Group has developed a way of sellers staying in their property beyond completion.
Why can Open Property Group offer a staggered completion?
We are professional buyers and as a company, and not as an individual looking for a new home to live in, we offer our sellers the type of flexibility you won’t find with a traditional estate agent. As we buy for cash, we are not under pressure to repay a mortgage and our business structure allows us time to work with clients and not rush them.
Our 3 options not available on the High Street
- Live rent-free in your own home after completion: is it extremely rare that a buyer will allow a seller to remain in their home after completion but at Open Property Group, we can purchase a house and offer a ‘licence to occupy’ to the seller. This enables them to remain in the house rent free for up to 3 months from completion.
- A delayed completion date: as well as offering sellers a fast-track exchange, within seven working days for those who need an express property sale and the certainty that the deal is legally binding, we also offer sellers a delayed completion facility.
- A completion date chosen by the seller: when you sell to a traditional owner-occupier buyer, it’s highly likely their estate agent will pressurise you into completing as quickly as possible. With Open Property Group, the seller can choose a completion date that suits them.
Watch the video below which explains more about selling your property fast or click here to continue reading this article