Is this a stupid idea?

mels123

We're in the process of selling our house but the sale is taking a bit longer than expected due to problems with the leasehold. We are moving to Canada and have booked our flights and leave in 2 weeks. We are planning to leave the sale in the hands of the solicitors.

There are 3 of us in the chain, our buyer has sold their house to their sister. The sister is eager to move into their property asap, but due to problems with our sale can't move in. If our buyer was ready to exchange with their buyer, could they move out so that their sister can move in and then rent our house until the sale completes? I know it sounds a bit strange, but it would cover our mortgage costs too. The house will sit empty otherwise.

Are there any legal implications with this idea? I haven't suggested this to them yet.

What do others think, is it too risky as I don't know them personally?

lilyann1

I would speak to your solicitor and have some sort of rental agreement drawn up perhaps.
Also things do still happen just before exchange and nothing is guaranteed,so ask your solicitor about this.

silvercar

the danger is if prices fall and they want to reduce their offer before you exchange with them. What happens if they move in and decide they don't like your place and don't want to buy?

It seems a bit risky. If you do decide to risk it make sure they have a full tenancy agreement.

never_enough

A buyer wanted to do this with me, the sale on their flat went through very quickly, I had already completed on my new flat so the one they were buying was empty.
My solicitor whilst saying it was possible advised against it, because of the oportunity for them to move in, not pay any rent & not go ahead with the sale. It would leave me then having to take them to court for possession of the property.
I would definitely not consider it if I were out of the country. Better to lose the money on flights (which is probably a thousand pounds?) rather than much more in legal fees.

mels123

Thanks guys I think we will just leave it empty and leave the keys with my friend aswell, rather than the estate agent.

Just hope it completes now!

never_enough

Hope that the sale goes through ok, but (just in case) bribe the friends you are leaving keys with before you go... You may need them to go in to freshen the place up for new viewings. If it all goes through ok they'll just miss you & remember what a generous friend you were!!
Also be wary about letting the EA know your place is empty, they're not always very discreet. I've been told places are empty/people desperate to sell due to divorce/job move/death etc without really asking anything.
Good luck.