Browse All Tribes or choose a Tribe below:
By signing up I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Sign Up With Facebook, Twitter, or Google
By signing up, I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Don't have an account? Sign Up
To reset your password just enter the email address you registered with and we'll send you a link to access a new password.
Selling fully tenanted HMO.
Completely new to this so I'd appreciate any good advice.
What must I do to ensure we're no longer liable for anything at all once we've exchanged contracts and new owner/manager takes over?
Are there any circumstances where we may still be liable for something? for example -
Since all existing tenancies are in my name - could something relating to this cause potential future problems?
Or as another example: Some time ago a past tenant with alcohol/emotional issues tried to make a fraudulent claim against us relating to an existing injury which they attempted to pin on disrepair to a property (there was no disrepair) they eventually dropped the claim when we pushed for evidence but it took months and wasted both our time and money. Could something like this potentially happen again if an alleged injury or other type of claim happens after exchange of contracts?
You really need your solicitor to write it into the sales contract that your responsibilities will end on completion of the sale.It's unlikely that anything would arise of the nature you describe and you should have public indemnity insurance anyway, as a matter of course.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
There is nothing you need to do in terms of ending your liability going forward.However, you cannot get rid of your liability for the period you were in control of the property. So there is not a lot you can do about the example you give relating to a former tenant.
Vanessa discusses Public Liability insurance. Your cover may end when you dispose of the property. However, you may be able to purchase specific insurance cover. You should speak to your solicitor in the first instance and then brokers if they can't access any insurance. I am often surprised at the range of different types of insurance that are available in respect of property transactions.
Rural Practice Chartered Surveyor. Experienced in estate management, residential investments, planning and development and rights for utility apparatus. All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.