Can I give vendor free rent after purchase?

mikeymo007

I'm trying to buy a property but the vendor is currently unwilling to sell as they can't afford to pay off debts and buy a new place.

I want to buy now but don't intend to move in for a year.

So, my idea is to purchase the property but allow the vendor to stay for a year. This should allow them to pay off debts and consolidate. I'd be happy to let them stay for a nominal fee (or even rent-free) if it meant securing the deal.

Does anybody know if there are any legal implications to this?

ie: Would it be straightforward to evict the 'tennant' after a year if they refused to leave? Are there any legal issuses which would either provide obstacles or incur significant costs? I suppose that a contract ensuring maintenance of the property would be required.

Mallotum_X

Personally I think its a bonkers idea. Find somewhere else in a years time. Or buy this place in a years time.

You would be stuck with all the landlord regs etc, HMRC would probably take the view that you should pay tax on the nominal rent you would have received.

They might trash the place or refuse to leave.

Your mortgage co would most likely not be keen and would insist on a more expensive buy to let mortgage.

poppysarah

Wait til it's repo'd and then buy it for less?

mikeymo007

I know it sounds a bit odd, but as usual, there's method in the madness.

I'm looking to start a home-based business in a year's time and need to know where it'll be or I can't get the ball rolling. This particular property ticks all the boxes (and its cheap!)

Regarding a mortgage, its not an issue as it would be a cash deal.

jjlandlord

Becoming a landlord should not be decided on a whim.

How much debts have they got?
To me you have 3 options:
1. make a more attractive offer.
2. move on.
3. wait if you think that the property might get repossessed.