Too risky?

JuniperJane

We have finally received our mortgage offer and having spent 3 weeks living with my in laws we are desperate to move. All the searches have been done and the only thing revealed is potential chancel liability which now needs to be formally tied up in the contract. The house we are buying is empty and we are in contact with the vendor. Is it too risky/a stupid idea to ask if we can move in now and pay rent until completion?

Thanks

Old_Git

dont do it .What happens if either party back out.

JuniperJane

I can be fairly certain neither party will pull out. My main worry would be if the mortgage company changed their mind. Can this happen?

Old_Git

JuniperJane wrote: »

I can be fairly certain neither party will pull out. My main worry would be if the mortgage company changed their mind. Can this happen?

mortgage company unlikely to pull out at this stage ,assuming the survey is ok .

Annisele

You can ask.

The downsides to that plan are all for the vendor, not you - so the vendor would be an idiot to agree.

If *you* decide to pull out, then the vendor has got somebody living in his house on (presumably) an assured shorthold tenancy. So long as you pay the rent and don't try and knock the house down, it'd be almost impossible for him to get you out for at least six months - during which time he can't sell the house to anybody else.

If the *vendor* decides to pull out, all you've really lost is your rent - and you'd have to have been paying to live somewhere anyway.

Kynthia

Old_Git wrote: »

mortgage company unlikely to pull out at this stage ,assuming the survey is ok .

I know many cases where this has happened unfortunately.

Riggster

If their solicitor is half decent, they will be advised not to let you rent prior to completion. Although almost certainly nothing will go wrong, there is a small chance they could be stuck with you as a tenant, which would make it difficult for them to sell if things did go wrong.

outdoorcjc

Why not just push push push and push a bit more to get exchanged and completed quickly, then rather than paying them rent, you'd be paying off the mortgage. If you are that close and there is no chain should be feasible to get it completed in short time

G_M

* seller will need to change their insurance to landlords.
* seller will need Consent To Let from their mortgage lender
* sell will need to pay tax
* seller will need to arrange LL's gas safety certificate
* seller will need to comply with 87 other rules, laws
* if sale falls through, seller is stuck with a tenant for 6 months before being able to start eviction process
* seller will be unable to sell to anyone else easily till tenant leaves

For you, it's perfect. For the seller, it's mad!

Dan-Dan

Patience is a virtue!!