Sold property to rent for few years but seen perfect place, how to save it?

jadex91

Hi everyone we have sold our property and are going to rent for a few years. I have seen the perfect place to rent but we are currently paying the mortgage still and if we put a deposit on this flat then we can't afford to pay mortgage and pay rent both together. The stage our flat is at is the contracts have been sent to the buyers solicitor, and they have to come back with any queries they may have, they haven't returned it yet, and we have a surveyor coming on Thursday. Are we allowed to stop paying the mortgage yet or not so we can put a deposit down on this flat? Otherwise it'll go to someone else.

mrginge

Stop paying the mortgage? Is that a joke?

This place you've seen isn't perfect because you cant afford it.
What would you do if your sale fell through?

ognum

Jadex91 wrote: »

Hi everyone we have sold our property and are going to rent for a few years. I have seen the perfect place to rent but we are currently paying the mortgage still and if we put a deposit on this flat then we can't afford to pay mortgage and pay rent both together. The stage our flat is at is the contracts have been sent to the buyers solicitor, and they have to come back with any queries they may have, they haven't returned it yet, and we have a surveyor coming on Thursday. Are we allowed to stop paying the mortgage yet or not so we can put a deposit down on this flat? Otherwise it'll go to someone else.

A couple of years ago I was selling a flat, everything, everything was done and exchange was the next day, guess what, the old biddy buying backed out the day before exchange.

Don't count your chickens, wait until you have Definately sold to part with any money for a flat to rent!

thelem

You need to keep paying the mortgage for as long as you are borrowing the money - i.e. until you have received the money from your buyer.

anselld

One of the drawbacks of renting. You dont control the timing of when you move house, you have to take what is available and affordable on the market at the time you are ready. ( which is after exchange contracts for the reasons others have explained above)

G_M

The only possibiliy is to negotiate with the landlord and hope he will keep it for you.

You could offer a non-returnable deposit: if you sale falls through, you'd lose your buyer AND the deposit on the rental. If the sale goes through, your rental will be waiting.

The problem is timescale - how long will the landlord wait? Bearing in mind he's getting no rent?

If you are a very attractive tenant (I'll leave you to interpret that!) and there is little competition, the LL might wait.

Or if there are renovations he wants to do tothe property anyway, he might wait.

All you can do is ask & hope toreach an agreement

ognum

G_M wrote: »

The only possibiliy is to negotiate with the landlord and hope he will keep it for you.

You could offer a non-returnable deposit: if you sale falls through, you'd lose your buyer AND the deposit on the rental. If the sale goes through, your rental will be waiting.

The problem is timescale - how long will the landlord wait? Bearing in mind he's getting no rent?

If you are a very attractive tenant (I'll leave you to interpret that!) and there is little competition, the LL might wait.

Or if there are renovations he wants to do tothe property anyway, he might wait.

All you can do is ask & hope toreach an agreement

I agree with GM but I think it is less likely now that landlords will keep properties empty due to the new arrangements for council tax and the inability to declare a property empty and therefore zero rated.