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Buying a house for us, which is rented out for another 6 months. Possible?
Comments
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> Could you afford the extra costs if the tenant stopped paying the rent/refused to leave at the end of the 6 months and you had to go to court to get them out/ trashed the place?
Probably not...
Andre0 -
Hi,
thanks for all the answers.
- No, we don't want to be landlords. We want to live in the property.
- The estate agent told us that the tenancy is only for 6 months. I presumed it is a fixed tencancy contract without option to extend.
This is not the property for you, keep looking.
Maybe 6 months, but they may not leave and have to got to court for eviction which could take another 2 months or more, and costly.
The Estate Agent just wants a sale, they won't care afterwards.0 -
Is there any chance of offering to buy the property now and offering the tenant and compensation fee to not move in but find somewhere else? Otherwise your options are to get a btl mortgage and become landlords for months, probably with a very unhappy tenant who had no idea they'd be kicked out at the first opportunity. This will involve risk and it sounds like you couldn't get a btl mortgage. Or you could offer and wait to buy once the tenant is evicted. However someone else might take on the property as a btl, the price might rise to more than you can afford, or you could have to wait nearly a year if the tenant refuses to leave.Don't listen to me, I'm no expert!0
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Ok, thanks for all your replies. It turned out that the tenant indeed has just a regular rental agreement and is not expecting / prepared to move out in 6 months, and that they intend to sell purely as buy-to-let.
Thus, we don't pursue this property any more.
They could have given all the information beforehand, would have saved us some time...
Andre0 -
I would steer clear, but whatever the intentions of the current owner and tenant, there is no guarantee that the new owner will keep it as a buy to let and no guarantee they will keep the tenants beyond the contarcted period.
I wouldn't buy it or move into it as a tenant!0
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