Renting then buying?

Magda_Darcy

Hello all

We're in the process of arranging to move house in a slightly unusual manner. The house we're hoping to move to is advertised for sale with no chain, and we have verbally agreed with the vendor that we will rent it until we sell our house, and we have agreed a provisional purchase price subject to survey. I just wondered whether anyone has any experience of doing this and whether it worked ok, or what problems were encountered?

Magda

mrginge

Well for starters....

does the vendor have permission to let the property?

alibean121

Is there any particular reason you aren't staying in your own house until you sell it?

HappyMJ

Magda_Darcy wrote: »

Hello all

We're in the process of arranging to move house in a slightly unusual manner. The house we're hoping to move to is advertised for sale with no chain, and we have verbally agreed with the vendor that we will rent it until we sell our house, and we have agreed a provisional purchase price subject to survey. I just wondered whether anyone has any experience of doing this and whether it worked ok, or what problems were encountered?

Magda

You might be a tenant who calls the landlord to get something minor fixed....maybe using the opportunity to insist on getting a new boiler installed. The vendor will probably refuse saying a repair is good enough, pull out of the sale and give you a section 21 notice.

eddddy

I'm guessing this is because your worried that the vendor won't wait until you've found a buyer for your house.

So the risks to you include:

- it takes months (or years!) to sell your house, so you end up paying a huge amount of rent.

- your house doesn't sell for as much as you expect, so you can't afford to buy the house you will be renting.

- your circumstances change, and you are unable to buy the house.

- you start renting the new house, but then the owner decides not to sell it after all (or wants to sell it to somebody else who is offering more)

- the survey / searches / pre-contract enquiries show up problems, and you cannot agree on an adjusted price.


The main risk to the vendor is that you start renting the house, then change your mind about buying it - but refuse to leave.