anyone done this?

pete50_2

Hi everyone
I'm currently going through the process buying a chain free house.I'm going to rent my current property out and i've found a number of decent interested would be tennants.The house i'm buying to live in is from an elderly couple who are going to be moving in with their daughter.So as not to lose out on a quality tennant for mine,i was thinking of asking the elderly couple if i could move in before the sale as gone through,and paying some rent to them.Has anyone any experience of this happening?

_Andy_

Any seller in their right mind would avoid that like the plague.

BitterAndTwisted

Quality tenants aren't hard to find, so there's absolutely no need to rush.

The plan you propose isn't sensible, and the elderly couple would have to be out of their minds to agree to it.

pete50_2

it is in my current area,lol.its taken a bit of a nosedive.I just wondered what the reasons are for it not being sensible?

BitterAndTwisted

The risks to the vendors would be too great. What assurances would they have that once you are in situ you will actually go ahead with the purchase?

Meanwhile your "quality tenants" who you have rushed to secure stop paying the rent and trash the place.

I'm assuming that you're fully conversant with all of the regulations you must adhere to when becoming a landlord.

Your questions suggest otherwise or you wouldn't be asking them

somethingcorporate

Because what guarantees do they have that you will buy it without an exchanged contract? You'd in effect be a squatter that could take them months to get back into their rightful property.

You'd have to be bonkers to suggest it and they'd have to be bonkers to accept it.

Werdnal

The vendors would become your landlords, with all the legal requirements and tax implications of this, and costs of additional insurance, gas safety checks, etc, plus the added risks that you would not be able to complete on the sale and then they would be stuck with you for a minimum of 6 months before they could evict you.

But of course, if you are planning on becoming a landlord, you should already know all about this from the thorough research you have already done ...

What checks have you done on these "quality tenants" to prove they are of the quality you assume? Have you ever heard the adage "Nice car, nice suit, nice chat - no rent"?

pete50_2

BitterAndTwisted wrote: »

The risks to the vendors would be too great. What assurances would they have that once you are in situ you will actually go ahead with the purchase?
All fees have been paid,mortgage has been approved as it was well below my affordablity and i've a good credit history,its just down the last step now with the solictors
Meanwhile your "quality tenants" who you have rushed to secure stop paying the rent and trash the place.
Why would this happen? this could happen regardless of timeframe,it has nothing to do with the housesale.
I'm assuming that you're fully conversant with all of the regulations you must adhere to when becoming a landlord.
of course,i'd lose my profession by cutting corners and ending up in court
Your questions suggest otherwise or you wouldn't be asking them

I find this remark patronising when i was merely asking a question,il be sure to put a list of receipts for gas cert,elec cert,letting agent fee,consent to let fee from NRAM,Landlords insurance,accountants fee and any others before i ask further questions.

ognum

I hope your vendors solicitor will advise them against letting to you. However they may well be naive enough to do this in which case good luck.