Offering to rent whilst sale goes through

mikepoole

We are interested in a property which has been STC since January but the vendor put back on the market to speed up the purchaser. We put in an offer of the asking price which was put to the vendor. They said they would give the purchaser one more week and then go with us

The week came and went and nothing had happened. The vendor said they would give the purchaser one more week. We are proceedable with a mortgage agreed and to get a decision one way or another we made an offer that if they went with us and tyhe sale was not completed by July 17th due to a problem at our end, we would rent the property whilst things progressed (the property is nwo empty and the vendor is obsessed with losing rent whilst his current purchaser drags their heels)

Has anyone ever done this arrangement? Would it work?

They've already come back with a few questions such as "if your buyer is delayed, is that classed as your fault and would you still rent?"

The reason for our offer is to show we are serious about buying it and buying it quickly. If this turns into an exercise of paying solicitors £1000s to define a "what is your fault" list, then we will just move on

Be interested to hear anyone's thoughts on this and if it has been done before/is more common than I think it is

davidmcn

It's mostly a risk for the seller (as they might end up with a tenant who won't leave and won't actually complete the purchase). Can get messy.

molerat

Any sane seller (and their solicitor) would never consider it.

mikepoole

Thanks molerat - is it an acceptable tactic as the purchaser though to show we are serious about a speedy completion?

G_M

It might work. You can but ask. From your point of view the risk is negligible. From the seller's point of view it's mad.

Fingers crossed your seller is mad!

mrginge

I think i must have got the wrong end of the stick here.
Are you saying that the seller is stringing you along as a back up while he waits for his actual buyer to get things sorted?

If so I bet the seller probably can't believe his luck.
I know if i was in his position i'd do everything to keep you dangling while *ahem* seeking clarification on a few finer points of your proposed scheme.

Perhaps if you wish to demonstrate a desire for a speddy completion, you should withdraw your offer unless the seller exchanges with you by a certain date.

AlexMac

Ginge maybe has a point, but
- assuming your sale is bomb-proof, but delayed, and you move in; all the power is in your hands, as if your seller/now landlord boogers about, you exercise your legal right to sit there, ignore any eviction notice and wait til they get a court order and baliff order to force re-possession- pending which the property is virtually unsellable except to you, And unless
- your sale falls through, in which case you simple give whatever notice your temporary tenancy or licence stipulates, and move back home.

Or have I missed something? However, the seller's solicitor might think its so daft that he/she trys to have them sectioned to prevent this lol

TBeckett100

It can be done

We rented a flat we were buying and paid rent equal to the mortgage. It gave us a chance to test out the plumbing and we even got a leak fixed

eddddy

Hi mikepoole

I think I'm reading your question slightly differently. Just to clarify...

You have a property to sell. Do you actually want to move in to the new property on 17th July?

Or do you want to stay where you are, but pay "rent" to the vendor to stop them selling to someone else?

If so, it sounds more like you would be paying for a "lock-out agreement" on a monthly basis - and not "rent".


... so you're question is about what the terms of the lockout agreement should be? Is that right?