Tricky situation with a mortgage

SimonC82

Hi guys
This is my first ever post on here... Its a pretty complex situation so i will try and sum it up briefly.

• We are in the process of buying our first flat.
• We were pushing ahead quickly as there were delays with our mortgage approval and the vendor was getting impatient.
• It came to light today from the solicitor that the house was only purchased in Jan 2014 and that Halifax would not lend the money to us until the house had been in possession of the vendor for at least 6 months.
• We were not aware that the house had only recently been purchased and apparently the estate agent was not aware of this and the vendor had not mentioned it because he did no know of this issue.
• Halifax will still allow us to complete but not for another 2 months.
• Vendor is not happy about this (the property is vacant and not making him any money) and is considering renting the property which is not good for us because we want to live there and have a residential mortgage.

The vendor has suggested we could rent the property from him for 2 months and complete once the 6 months deadline has passed.
We would have to sign a 6 month agreement and then given notice to surrender the agreement.
Apparently we would also have to vacate the property as it has to be vacant on the day of completion.

I think this sounds like a technically feasible option but it sounds like we could potentially be at risk. The vendor could change his mind or decide to ask for more money... feels risky for us. We are really keen on this property but i dont want that to blind us into getting into a tricky situation for ourselves.

Has anyone done this before or got any advice on this situation?

I would really appreciate some help!

Thanks
Simon

kingstreet

You might be better off posting this on HBR&S.

Although mortgage-related, the issue is about tenancy, rather than the mortgage aspects of the situation.