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rent with a view to purchasing (to avoid bridging loan)
splurgegun
Posts: 33 Forumite
I have a long commute and need to move closer to work. the wife wants us relocated before the new school year in September. but we don't have a buyer 
I've had my eye on a property close to work for a while now. the agent tells me that it is now owned by a builder who has taken it in part exchange
are there any pitfalls (for us or the vendor) if we offered to rent the property with a view to buying it?
We could afford to offer a 1% cash deposit to secure the property. is that likely to be enough?
tia
I've had my eye on a property close to work for a while now. the agent tells me that it is now owned by a builder who has taken it in part exchange
are there any pitfalls (for us or the vendor) if we offered to rent the property with a view to buying it?
We could afford to offer a 1% cash deposit to secure the property. is that likely to be enough?
tia
0
Comments
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If the owner/builder wants to sell, renting is mad.
There is no guarantee you will subsequently buy, and they might be left with a tenant who won't move out, thus stopping them from selling to others.
Unless you actually Exchange Contracts too. But if you can afford to do that, why rent? Why not just buy?
Pitfalls for you? You change your mind for some reason and decide not to buy. But are tied in to a tenancy if/when you find another property.0 -
Well, work on your wife's expectations. A sane seller is unlikely to rent out to a potential buyer as G_M says. And even assuming that they will, they will only give you a 6 month tenancy, so you could be out on your ear. And if you give them a firm contract to buy when yours sells, your mortgage offer might expire by the time you sell. And you might not get another mortgage.splurgegun wrote: »I have a long commute and need to move closer to work. the wife wants us relocated before the new school year in September. but we don't have a buyer
If your place is difficult to sell, it may be an expectation too far to be moved by the start of the next school year.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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