Can you stay on temporarily in your old home after completion?

Jaycee_Dove

We would be happy to do some kind of contract with our purchaser to cover us. We know each other and they accept that we want to go to the new house as soon as we can.


We would happily wait until all can be completed together in the normal way but it is the dating of our purchaser's mortgage offer that is pushing the deadline. And we want to help him out in some way if it possible as he wants to buy and we want to sell.

Jaycee_Dove

I can see all the pitfalls here. He is buying our house to do up and rent out by the way. So I imagine it is not a residential mortgage. He does not plan to live here. But I gather the mortgage offer requires work to be done on the house (updating etc) in some way. This might be why it disallows immediate rental?

pmlindyloo

G_M wrote: »

1) the buyer's lender will insist on vacant possession. you must move out.

2) the buyer's mortgage will presumably be a residential one, not Buy To Let, so he cannot let it out. You cannot move back in.

3) If you did move back in as tenants, the buyer would become a landlord, with multiple legal responsibilities.

4) if for some reason your own purchase fell through, (or you just changed your mind!), the buyer could not evict you legally for 6 months at least.

For you, this plan has few risks/downsides.

For the buyer, it is madness.

Absolutely agree.

Do the right thing and put your furniture in storage and move out to friends or a B&B.

Jaycee_Dove

pmlindyloo wrote: »

Absolutely agree.

Do the right thing and put your furniture in storage and move out to friends or a B&B.

If you read above you will see why we cannot.


A severely disabled person involved in the move who cannot move in with friends or stay in a B & B due to serious health requirements that need transferring.


If it were as simple as that it would be the first thing we would be doing.

G_M

Jaycee_Dove wrote: »

I can see all the pitfalls here. He is buying our house to do up and rent out by the way. So I imagine it is not a residential mortgage. He does not plan to live here. But I gather the mortgage offer requires work to be done on the house (updating etc) in some way. This might be why it disallows immediate rental?

That does alter things.

* buyer has BTL mortgage
* contract may not specify vacant possession (probobly does but that could be altered)
* buyer may well be getting landlords insurance

* what 'work' is needed on the property? Is it a H&S issue? would the buyer (or you!?) be able to get a Gas safety Certificate (required by law on let properties with gas)?

*your solicitor should do whatever you instruct providing it does not break any laws. Removing 'with vacant possession' from the contract with agreement of both parties is not against any law.
* the estate agent is irrelevant. Ignore them. they are not involved.

pmlindyloo

Jaycee_Dove wrote: »

If you read above you will see why we cannot.


A severely disabled person involved in the move who cannot move in with friends or stay in a B & B due to serious health requirements that need transferring.


If it were as simple as that it would be the first thing we would be doing.

Apologies, I thought you were talking about the house/ people in the property you are trying to buy.

Is there any way your buyers can extend their mortgage offer?

In the end you could take the risk. As already said most of the problems are your buyers' concerns, not yours.

Jaycee_Dove

pmlindyloo wrote: »

Apologies, I thought you were talking about the house/ people in the property you are trying to buy.

Is there any way your buyers can extend their mortgage offer?

In the end you could take the risk. As already said most of the problems are your buyers' concerns, not yours.

It is another option being explored. Thanks for suggesting it.


I guess we will figure out some way that works for all.

Jaycee_Dove

G_M wrote: »

That does alter things.

* buyer has BTL mortgage
* contract may not specify vacant possession (probobly does but that could be altered)
* buyer may well be getting landlords insurance

* what 'work' is needed on the property? Is it a H&S issue? would the buyer (or you!?) be able to get a Gas safety Certificate (required by law on let properties with gas)?

*your solicitor should do whatever you instruct providing it does not break any laws. Removing 'with vacant possession' from the contract with agreement of both parties is not against any law.
* the estate agent is irrelevant. Ignore them. they are not involved.

The work is not health and safety related. We have lived here for years happily. More importantly the disabled resident would not be allowed to live here if there were health and safety issues by the health officials who are a constant presence.


I think it is updating work - new kitchen, bathroom etc.

G_M

Jaycee_Dove wrote: »

The work is not health and safety related. We have lived here for years happily. More importantly the disabled resident would not be allowed to live here if there were health and safety issues by the health officials who are a constant presence.


I think it is updating work - new kitchen, bathroom etc.

Don't understand. Surely the disabled resident is already living there? If the officials allow it now, what are they going to do if the house is sold and the person still lives there....?

What is the link between the 'updating work' and the mortgage? Is a % of the mortgage being witheld till the work is done? If so, then clearly the buyer has already allowed for a period when he will have to part finance the purchase, so how would this plan alter that?

But as said - most of these issues are the buyer's, not yours. You could suggest the scheme - up to the buyer to resolve and decide.

Annisele

I think the buyer is still likely to struggle to let the property to you, even with a BTL mortgage.

The problem with letting to you (rather than to anybody else) is that letting to the previous owner goes into 'sale and rent back' territory - which is very highly regulated. For a month, my own opinion is that the costs involved in doing it properly make it practically impossible - but your solicitor should be able to advise on that.