PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

A house for sale and for rent?!

Options
Lauren0077
Lauren0077 Posts: 4 Newbie
in House buying, renting & selling
Me and my partner are saving up for a mortgage deposit but have decided to rent for a year or two to save up as much as possible.

We've seen a house on rightmove for rent which we love:j...it says on the page the tenancy is for ' 6 months initially' however it also says 'this house is also for sale and will continue to be throughout tenancy.'

So where does this leave me and my partner if someone buys the house after a month of us being in there? Or what about after the 6 months?!? Will we just have to find a new home??? Any help would be appreciated!

Thanks

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    You'll get a 6 month tenancy. That means you are secure for 6 months. If the property is sold during that time, the buyer will become your new landlord.

    After 6 months, the landlord (whether the original one or a new one) could evict you (they'd have o serve you a S21 Notice 2 months in advance).

    Of course, you might be able to stay longer then 6 months if the property is not sold. Or indeed, if a buyer wants to keep you as a tenant.

    The downside is that your tenancy agreement will almost certainly require you to permit access for viewings, valuations etc as the property will be for sale.
  • ProDave
    ProDave Posts: 3,721 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    edited 19 August 2017 at 12:22PM
    Options
    As someone who sold a rental flat in a slow market (it took 3 years to sell)

    Once you have started a 6 month tenancy that period is secure. Normally after that 6 months it rolls over month to month until terminated with 2 months notice. That is when the landlord can serve notice if there is a buyer.

    I found it very hard to find a tenant to rent it while for sale, we had long void periods.

    Would YOU want to buy THIS property? You say you are wanting to buy somewhere and saving up. If this one suits you, them talk to the landlord and suggest you rent it until you have saved enough deposit and then you will buy it.

    This is exactly where we are with our previous house, now renting it to someone who has declared they intend to buy it in about 2 years. We will re evaluate after 2 years and see how near they are to being able to buy it and won't terminate their tenancy during that period. If after 2 years it seems there is no hope of them buying it then we will put it back on the market.
  • Marvel1
    Marvel1 Posts: 7,172 Forumite
    Name Dropper First Post First Anniversary
    Options
    I think I would keep looking for another rental, no doubt you will have to allow viewings etc.
  • london.cidade
    london.cidade Posts: 142 Forumite
    First Anniversary First Post
    Options
    It also means that regular viewings might take place during your tenancy. Unless if you mention it at your contract
  • FBaby
    FBaby Posts: 18,367 Forumite
    First Anniversary First Post Combo Breaker
    Options
    It also means that regular viewings might take place during your tenancy. Unless if you mention it at your contract
    But that could come at a lower rental price.
  • saajan_12
    saajan_12 Posts: 3,621 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    You are secure for the first 6 months. If it is sold during that time, the new owner would become your LL with no other change to your tenancy contract.

    After 6 months, the LL may evict you (having given 2 months notice and then seeking a possession order from the court). While technically this is a possibility for any 6 month tenancy, it is more likely in this case as the LL wants to sell and may sell to someone wanting to live there. In another property, the LL would typically prefer a long term tenant to minimise voids so if everyoen gets on, there would be no need to evict.

    If you may want to buy this house yourself, it could work out perfectly as you have 1 fewer house move and the dates can be agreed so you have no overlap etc. If not, how long do you expect to take before you are ready to buy (including the few months to find a house, apply for mortgage, searches etc). If much longer than 8 months, then I'd suggest look elsewhere, as if the LL sells to an owner occupier, you'll be evicted at somepoint in the near future after 6 months.. which means 3 house moves (into this property, into another rental and then into thehome you buy) in a relatively short time and could mean a long overlap in rent and mortgage.
  • elverson
    elverson Posts: 808 Forumite
    Options
    However the sellers may not be aware of their obligations as landlords - particularly if they are just "accidental" landlords who are trying to rent it out because it's slow to sell.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards