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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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can i start the re -furb to a house before completion of sale,

Customer Question

can i start the re -furb to a house before completion of sale, with the vendors consent, can i limit my risk of them pulling out
Submitted: 3 years ago.
Category: Law
Expert:  Jo C. replied 3 years ago.
Hi.

Thank you for your question. My name is XXXXX XXXXX I will try to help with this.

-Could you explain your situation a little more?

Customer: replied 3 years ago.


i intend to purchase a property for £220k how can i best start the needed re-furbishment early before sale i am assuming the vendor will agree aprox spend 60k can i limit my risk of them pulling out of the sale

Expert:  Jo C. replied 3 years ago.
Thanks.

Once you have exchanged contracts, you can agree with the seller that you will do work between exchange and completion.

The seller will require a list of the work.

The seller may see the amount of work that you have done as being worth a lot of money and actually worth more than you are entitled to if the Seller breaches the contract.

You therefore need the contract amending to reflect the fact that the work maybe more than any penalty the seller pays by breaching contract.

The seller can argue that unless the work is finished, you have damaged the property and you are under a obligation to put it right.

This is going to need some very careful wording in the contract between the two of you and in any event, it needs agreeing between each solicitor.

If the seller thinks that you are doing this so that you can pay the deposit, do the work without paying the completion monies, have the work finished and then complete the purchase to immediately put the property on the market, hence saving you a whole load of outstanding money, the seller is likely to not agree to that. The ploy is not at all uncommon.

It is highly likely that the seller's solicitor will advise the seller only to let you do work in accordance with a strict schedule and that would be a defined list of works and would have to be reflected in a more substantial deposit because the seller is also at risk that you gut the property and then simply breach contract.

Can I clarify anything for you?

Jo
Jo C., Barrister
Category: Law
Satisfied Customers: 69992
Experience: Over 5 years in practice
Jo C. and 2 other Law Specialists are ready to help you
Expert:  Jo C. replied 3 years ago.

Thank you for the positive rating and remember that I am always available to help with your questions. For future information, please start your question with ‘FOR JO C’. You can also bookmark my profile http://www.justanswer.co.uk/law/expert-remus2004/

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