FTB Panic!

Taiko

Hi all,

I had an offer agreed on a property as a FTB, no onward chain. Living with parent for time being, and reason I've brought now rather than build up more then the large deposit I have is that as part of parents divorce they agreed to sell the house and the parent I live with is moving up north. Was originally told they'd complete private sale end of July, which would have given me enough time I'd have hoped (My offer on a flat was accepted Wednesday).

However, parents have now decided they want completion on the 24th June, so two weeks time. They haven't exchanged contracts yet, however it's a private sale and the person wants in here. They have offered to rent the current house back for no more than one month, which should hopefully give me time to complete. I don't want to put too much pressure on my vendor, as they did drop their price and it had only been on the market a short time.

Can anyone see any problems in doing this private agreement to rent back for a month? Ball is basically in my court, because before they exchange contracts I have to sign to say I'll vacate the property on the agreed date.

Taiko

I'll assume that's a no then! Thanks

PasturesNew

It's a big issue. It won't be allowed/recommended by the buyer's solicitor

Rent a holiday home, you should be able to get it half price as it's not peak season.

(I am assuming I've read it right and you are to remain in your parents' sold house, with the new owner as your LL for a month).

flora48

Do you mean to rent your parent's house or the new house, I'm a bit confused

When my house sale was stalling my buyer asked about renting my house before completion but the advice I got from my LA was not to do it, all to do with tenancy agreements and protection for both parties.

Taiko

Pastures got the situation spot on, and it's a case of renting the house my parents are selling.

What you've both mentioned is pretty much exactly what I've been saying to them over the last few days. There's no chance I can complete mine any quicker though, and the whole situation here is unreasonable in my view.

Thanks for the input all

Taiko

Just an update

The buyers of the parents place are the daughter and son in law of our next door neighbours. Currently being bothered with texts, phone calls, and the bloke from next door is currently downstairs chatting to my ma, trying what I can only describe as emotional blackmail.

Said my piece that I'm not moving until I've got agreed completion date on my new place, and can give them that date. Also have my father threatening me with court action. He isn't allowed at the property due to a restraining order I have against him. Bit OTT on the pressure now...

hcb42

if the house you are living in is not yours, this would seem a bit unreasonable to me..

Move out, let your parents move on and complete on the sale, so you dont lose them the buyer, and rent for a month.

Taiko

It's not mine, however, I've learnt that my mother was actually against the 24th, and has not agreed this date with solicitors. She's pretty much been bullied by my father, her ex-husband, and the bloke buying from them. She's not ready to go next week, but emotionally she's pretty shot thanks to the abuse. The buyer seems to be lying a fair bit as well to put added pressure on, as his father-in-law just contradicted a lot of the information he has said to us.

I'm expecting to have the completion date confirmed for the property I'm purchasing for myself shortly, and that's all I'm waiting on before I sign. Just think it's pretty unfair how much they're bullying her into this, and it's something that I didn't realise at the time of my OP.

Bah!

Mallotum_X

Let your parents move on, and find temporary digs for a month.

hcb42

Yep, as soon as you complete they can get some closure.