Rent back to seller.

daviduk1976

Hello!


I am in the process of moving from London back home to Manchester. I have put in an offer for a house (30k) over the asking price and was accepted. (I hate final asking offers!) I have also sold my London home an will be renting until Feb 2016 due to work. My sellers in Manchester and I have met on 3 occasions (diff people with me to view @ diff times) and they have expressed a wish to rent the property while they do up a wreck to move into. Am I asking for trouble on this one?
My buyers wish to complete in 6 weeks. I am willing to offer rental for 6 months max, I understand that being a Landlord opens up to massive pitfalls...safety, rent deposit security, certificates etc.
Can anyone shed light on this, and if I should do it...or not. And can I do it as a 'mate' and not as a landlord?




FYI. I will be a cash buyer as I know that If I needed a mortgage on the property the lender would need to know.

ivavoucher

I have heard mention that they may have additional rights, such as 5 year entitlement to remain in the property. This is one of the reasons lenders will not lend in such cases.

franklee

Is there any way to rent back to the vendor these days?
http://www.propertytribes.com/there-any-way-rent-back-vendor-these-days-t-8278.html

Suggest you need to check if you would fall under the sale and rent back rules or not.

jacko74

Personally I'm amazed that you've offered £30k over asking price for a property in Manchester... are you sure you've done your homework on the state of the market and actual selling prices up north? It isn't like crazy London you know.

PaulCooper

I made this arrangement when we purchased a flat, the seller stayed for around 4 months.
Your solicitor will advise you, it's not renting as such, it's some sort of license, I'd never heard of it, but it was obviously something the solicitor knew all about. It was extremely easy, they stayed, paid me money, until they were ready to leave (found somewhere else)
Hope that helps
Paul

daviduk1976

Thanks for you replies!
The reason we went over the asking price was because we loved the house. We have been watching the market for over a year and nothing came up that we liked. The property had over 10 offers, I personally thought it was under valued anyway. Thanks @ Paul too....I'll do some more digging about!