Long wait until completion advice

poppysarah

Ask them to go into rented.

InkZ

They should go in to rented.

Seanymph

You could always buy it now, exchange and complete - and let them rent it off you for six months. Course that would no doubt give you mortgage headaches, but you'll get the house you want.

poppysarah

Seanymph wrote: »

You could always buy it now, exchange and complete - and let them rent it off you for six months. Course that would no doubt give you mortgage headaches, but you'll get the house you want.

Do mortgage companies allow that?

Seanymph

I don't know - I know that if we rented ours out short-term our residential mortgage would let us, long term we'd need a buy to let.

It may be worth looking at as an option - it's not something I'd do, I was just looking at it another way up.

kingstreet

I would be extremely reluctant to exchange now for a completion in six months time. Anything can happen in that time which could result in your mortgage offer being withdrawn.

There's a massive difference between losing your job when you're living in a house, compared with losing your job between exchange and completion.

If you do decide to do it, you MUST insist on a fixed completion date. The builders will want your vendors to complete on notice but that means they can move completion to suit them. That is not something you should accommodate. Your mortgage offer should last at least six months, but just in case, ensure the completion deadline for the product you choose is later than six months ahead.

As has been mentioned, if you do have a set completion date your vendors will have to move regardless of the state of their newbuild.

James_Patrick

Thanks for the replies, I especially like the idea of renting them the house although I do agree that it could be a headache with the mortgage. I do feel that the price has to reflect the fact that we can't move in and have to pay rent in this time.

As I mentioned earlier we have put an offer in, they haven't got back to us and are still showing people around so it is starting to really annoy me. I feel that it should be quite a simple transaction in that we put an offer in, the vendor gives a response and you hopefully can agree on a fair price but that doesn't seem to be the case. I think they are holding out for a higher offer or the estate agent is trying to start a bidding war which I am definitely not interested in.

Thanks for the reply Kingstreet, I have thought about the pitfalls that could occur within the next 6 months and I think we are Ok in that our jobs are pretty secure but you never know. I will also definitely take your advice about the completion date if we do end up buying it.

Thanks again everyone

James