What does vacant possession mean in Conveyancing?
Posted on 2nd June 2024
In the World of Conveyancing, the term “vacant possession” is used frequently, especially during the process of buying or selling residential property, which the parties live in or intend to live in. Understanding what vacant possession means is crucial for both buyers and sellers, as it directly impacts the completion of a property sale. Our Conveyancing Solicitors in Lytham delve into the concept of vacant possession, its significance in conveyancing, and the implications for the parties involved in the transaction.
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What is vacant possession?
Vacant possession refers to a legal obligation on the seller to ensure that the property is empty of people and personal belongings, and that the buyer has unrestricted access to and use of the property at the time of completion, usually around 1pm to 2pm on the agreed day. It means that the property must be free from any tenants, occupants, or substantial amounts of the seller’s belongings that could prevent the new owner from enjoying the property fully.
Why is vacant possession important?
The promise of vacant possession is a fundamental aspect of property sales, ensuring that the buyer receives the property in a state that allows for immediate occupation or use as intended. This assurance is particularly critical for buyers planning to move into their new home, renovate, or lease the property to tenants without delay. After all, from the point of completion, the property belongs to the buyer, and should be theirs to use without interruption.
What happens if you do not provide vacant possession when selling a property?
Our Conveyancing Solicitors in Lytham explain that failure to provide vacant possession can have significant legal and financial implications for the seller, potentially leading to a breach of contract. In such cases, the buyer may have the right to:
Delay completion until vacant possession is provided.
Seek compensation for losses incurred due to the delay or inability to use the property as intended.
In extreme cases, rescind the contract and recover their deposit along with any associated costs.
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What issues can prevent vacant possession?
Several matters can hinder the provision of vacant possession, including:
Tenants
Existing tenancies or unauthorised occupants must be legally removed before completion, unless the property is sold subject to them. Sellers need to ensure that any lease agreements are concluded, and that the property is physically vacated, if this is what is agreed with the buyer. If the property is sold subject to a tenancy, vacant possession will not be required, and this will be made clear on the contract for sale. Occupants living in the property over 18, who are not legal owners and do not have a valid tenancy agreement, must sign the contract as occupants, confirming they will vacate before the sale completes.
Personal Belongings
The seller must clear the property of their possessions, except for items explicitly included in the sale agreement, usually as stipulated on the Fittings and Contents form, known as the TA10 form. Large, cumbersome items, or significant amounts of debris can be deemed to impede vacant possession, and the buyer could take action to recover the costs of removing this.
Access Issues
The buyer must have unfettered access to the property. Any obstacles or restrictions, such as locked doors for which keys are not provided, can breach the requirement for vacant possession.
How to ensure vacant possession when selling a property
Both buyers and sellers can take steps to ensure the smooth fulfillment of the vacant possession condition:
Clear Agreements
The sale contract should explicitly state the requirement for vacant possession and detail any items that are to be included or excluded from the sale, so the agreement is clear between the parties.
Timely Actions
Sellers should begin the process of clearing the property and resolving any tenancy issues well before the expected completion date, so on the day of completion, these matters do not cause any delays or last-minute issues.
Final Checks
Arranging a final walk through before completion can help both parties identify and address any potential issues related to vacant possession.
Vacant possession is a pivotal concept in conveyancing, safeguarding the buyer’s right to immediately occupy and use the property upon completion. It necessitates careful planning and communication from both sellers and buyers to avoid disputes and ensure a seamless transfer of ownership on the agreed date. By understanding and respecting the importance of vacant possession, parties can contribute to a smoother property transaction process, ultimately benefiting everyone involved. Our Conveyancing Solicitors in Lytham will explain the process and concept of vacant possession to their seller and buyer clients alike, and will take steps to ensure that the solicitors discuss arrangements for this if there are any ambiguities.
If you are selling or buying a property, contact our Conveyancing Solicitors in Lytham for a fixed-fee quote, from the CQS-accredited, experts in Conveyancing transactions. Our team offer fixed fees, which you find here, and will deal with your matter quickly and efficiently, offering a five-star service, and a breadth of knowledge surrounding property law. Read our excellent reviews from existing and returning clients, here, and call us today on 01253 202 452 for a fixed-fee quote.
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Tagged as: Conveyancing, Solicitors in Lytham
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