We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
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.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Renting between exchange and completion
BillG1UK
Posts: 1 Newbie
I've had an offer accepted (subject to contract)to purchase a house. Because of CGtax liability the seller has suggested exchanging in Nov and renting until April09 then paying agreed sum. Seller is genuine and sale will be done thro solicitor. No mortgage needed.
Is this a simple legal contract or are there possible drawbacks?
Thanks in advance (1st post)
Is this a simple legal contract or are there possible drawbacks?
Thanks in advance (1st post)
0
Comments
-
On exchange you become liable for the 10% deposit if you fail to complete. If prices drop more than 10% before April '09 you may well decide its not worth completing. Also, if you live in the place for 6 months and then decide you don't want to live there what happens?
I would say what happens if prices go up, but that is unlikely to happen.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I've had an offer accepted (subject to contract)to purchase a house. Because of CGtax liability the seller has suggested exchanging in Nov and renting until April09 then paying agreed sum. Seller is genuine and sale will be done thro solicitor. No mortgage needed.
Is this a simple legal contract or are there possible drawbacks?
Thanks in advance (1st post)
As an EA I have had cases where it suits both seller and buyer to exchange contracts and complete at a later date. My longest gap was 12 months and unless the solicitors had any unusual form or paperwork it was on a normal contract.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards