Friday, 18 April 2014

What happens if... re: an exchange

Posted in: Need to Know | Ask the Experts

02/03/2012 11:18 am

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Anonymous

Anonymous

03/03/2012 9:15 am

It seems quite straigh forward to me really... In order to 'complete' the mutual exchange BOTH parties have to sign each other's properties over. Otherwise an exchange has not taken place. 

A mutal exchange is just that - two people agreeing to exchange properties. If one person (your relative) signs but the other person fails to sign then what exactly has exchanged hands? Nothing. So the Housing Ass would be well within their rights to stop it proceeding.

On the other hand so long as BOTH parties sign their properties over to each other. And the other person then decides to end their 'new' tenancy that is their legal right to end a contract. That would have no impact on your relative.

But they cannot short circuit the mutual exchange process by allowing one party not to complete their side of the agreement.

See quite simple when you think about it....

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Paul Jones

Paul Jones

Posts: 69

03/03/2012 1:24 pm

I wonder if the HA would just let my mum stay anyway? There is no fraud or anything, just a change of circumstances.

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Anonymous

Anonymous

03/03/2012 2:14 pm

Doubt it, you also run the risk of being served a Ground 17 NOSP if its an assured tenancy.

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Paul Jones

Paul Jones

Posts: 69

03/03/2012 5:35 pm

Thank you. I will tell her they must complete.

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Abimbola  Badejo

Abimbola Badejo

Posts: 120

06/03/2012 8:40 am

I agree with the very helpful response provided above. There must be an exchange so both side must sign. If one party backs out before both have signed that is the end of the purported transaction.

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