mortgage running out...tick tock..

agentdalecooper_2

We have a buyer for our house,we were going to buy a house.
But,it fell through due to a homebuyers survey flagging up some problems,at which point the deal stalled and we eventually had to pull out as we couldn't get a valuation ( thanks a lot, ****ells )
So,we had to go to our 2nd choice house,which is still very nice,but had no garage.
All this has taken so long that our buyer now has until the end of the month before his mortgage offer runs out.
The option on the table is: We pay their rent for march,and he starts his mortgage payments. I'm not happy,but if it gets the deal done,then I'll play along.
I'm confused about what happens to my mortgage though,my old one on this house. Surely both of us can't be paying for the same house ? Seems illegal ?
Thoughts please.
Thanks.

Foxy-Stoat_3

The other option would be for your buyer to get his mortgage offer extended. This probably isn't the first time a lender will have to of done this.

agentdalecooper_2

I think its already been extended. We initially were due to move out Nov/ Dec. But that fell through.

Waldorf_Statler

your buyer cannot commence mortgage payments on a property they do not own. their lender will not release the mortgage funds. the mortgage funds will only be released upon completion of contracts, at which point your buyer will start making mortgage payments.

so until your purchase and sale complete contracts, you would pay your buyer's rent and they would pay... nothing.

so basically the deal is: you pay their rent in order to keep them as an interested buyer. if you extended that offer to other prospective buyers you would have quite a few people interested in buying your house.

Foxy-Stoat_3

Waldorf_Statler wrote: »

so basically the deal is: you pay their rent in order to keep them as an interested buyer.

And you will have to find a house to rent while the buyer's complete.....who is going to pay your rent, the vendor of the house they are selling?