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Buying the property I'm currently renting
MissUngercover
Posts: 10 Forumite
Hi all,
I'm currently getting ready for drafting of a contract with my landlords to buy the property I currently rent. They're quite keen to have the completion done end of April (so as not to be hit with a early repayment penalty) and I'm equally keen to complete quickly to start paying into my own pocket.
We're looking at about 3 months of rent that we're trying to get to agreement over. Exchange of contracts will be end of January which I believe makes me then the legal owner of the property? For example, if the boiler breaks down during that time- who's responsible for it?
And the biggest question: should I pay rent at all during those months? They've already reduced it (from 750 to 350) for the months but I'm just unsure that's the best.
Thanks for any advice!
I'm currently getting ready for drafting of a contract with my landlords to buy the property I currently rent. They're quite keen to have the completion done end of April (so as not to be hit with a early repayment penalty) and I'm equally keen to complete quickly to start paying into my own pocket.
We're looking at about 3 months of rent that we're trying to get to agreement over. Exchange of contracts will be end of January which I believe makes me then the legal owner of the property? For example, if the boiler breaks down during that time- who's responsible for it?
And the biggest question: should I pay rent at all during those months? They've already reduced it (from 750 to 350) for the months but I'm just unsure that's the best.
Thanks for any advice!
0
Comments
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You don't own the property until you complete - but you are committed to purchase when you exchange contracts.
These questions should be addressed to your solicitor.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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