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I'm new here. Any tips on how to buy a holiday let with existing bookings?I've just come a major cropper on a purchase of a wonderful property but the vendor could not let go of control of existing bookings after purchase and wanted me to provide indemnity to them which I thought totally unworkable from a legal standpoint. I am feeling bruised from the experience and am thinking should look at a specialist service for buying an existing holiday home and see how they do this.
I would also love a 2nd opinion on the contract rider they wanted me to sign as I view it as unworkable legally and this brought the transaction crashing down leaving me out of pocket. Any legal eagles out there?
Am starting to think conveyancing solicitors are flipping incompetent and don't actually advise legally just do what their client instruct no matter how bonkers. Any thoughts on the above welcome!
What was the contract rider? You haven't actually explained what the problem was.
in order to complete the sale of the residential property the owner wants me to sign a rider saying I will honour existing bookings including dates and price which she has agreed with guests under her T&Cs. She will transfer deposit monies taken to me.She wants me to guarantee health and safety of all guests, and she wants me to indemnify her against any damages guest bring against her as a result of not meetings the above points. To me this is not workable 1. in practice 2. in law - it's very messy.I believe the best option to protect all parties is for guests to sign with me under my T&Cs for the same price / dates already agreed. It's a total sticking point and I am in disbelief that her solicitor thinks this is the way to do it. If it was to happen it would be a seperate business agreement. The vendor has reiterated that she is NOT selling a business but a residential home. Have cake & eat it?
I'm assuming she's just protecting herself as once she sells she doesn't want any comebacks as would be disastrous if she'd took the bookings and anything was to go wrong such as you double booked or the holiday let wasn't as high standard as she would have it so she needs protection of this.
An indemnity would be pennies for peace of mind.
If you want the property so badly and your not willing to accept her terms then my only suggestion would be to pay a deposit to the solicitor wait for end of season to buy it and ask her not to take any bookings for next year but to be honest with the guests she's passing over is gonna be bringing you money in from day one.
Hope this helps and I think I would probably be asking the same thing if I was in her shoes
thanks for replying. Yes exchanging then waiting out the summer was an option but she's been so unpredictable I didn't feel happy being tied all through the summer when other properties were coming up.The weird thing was she wanted so much control right down to the letter she drafted to send out on my behalf to guests and stated her T&Cs would remain in force. That would leave me unprotected from guests as I would need them to sign my T&Cs. I don't think an indemnity policy would cover me for that....Anyway I walked away, decision made.
She sounds like a right looney!
Keep an eye on the property and no doubt it will pop up again.
This time without all the attendant issues you have faced so far.