Property unmortgageable due to regulated tenancy

payless

dasherwo wrote: »

Apologies for my ignorance, can you explain this further, what do you mean by flip it?

whilst rasing finance might be an issue for you, if the price is still v good - you may be able to sell it on ( at same time as your completion) to a cash buyer .. yes singing pig might be a source of thesae buyers

sdooley

If you can find a buyer before you are due to complete you can sub-sell to them and that means you don't have to pay to get the property registered in your name with the Land Registry - it just transfers direct to the buyer. Was going to say you don't have to pay stamp duty either but with the price you paid that's not relevant. Selling the contract on before you complete is normally what people mean by 'flipping' although I've also heard it used for a quick sale after completion too.

Although I don't know how realistic it is to find a buyer - £65,000 isn't necessarily a cheap price as you've found out. Your best bet might be to negotiate compensation with the seller for you pulling out of buying - if you offer them a few thousand for their costs they might tear up the contract. Not the best way to do business but i f their alternative is suing you for the balance...