Tempory Renting to our Buyers

Hoploz

I'm wondering what the paperwork is that you suddenly find you need to sort out, which will take 6 weeks. Is it something which may or may not turn out well? Is it something to which the answer could stop your buyers buying, or change their minds? Whatever could it be?

PaulC5

Hoploz wrote: »

I'm wondering what the paperwork is that you suddenly find you need to sort out, which will take 6 weeks. Is it something which may or may not turn out well? Is it something to which the answer could stop your buyers buying, or change their minds? Whatever could it be?

In a hope not to open a can of worms, this sudden paperwork you're so interested to know about is an independent valuation to satisfy Housing Options Plus as we bought the house on the Home Buy Direct scheme (Similar to today's Help to Buy) Once the valuation has been received by them, they say the process to obtain the redemption figure can take upto 6 weeks, but not likely to.

Contradicting facts are that they you aren't supposed to let your property out whilst you have the equity loan on the house unless it is exceptional circumstances, but for now we will turn a blind eye _pale_

We wasn't aware we needed to do this (Our mistake) but our solicitor never mentioned it to us but have been chasing Housing Options Plus for the past 4 weeks and neither have Housing Options Plus told us we need to have a valuation done.

To add to the matters when calling round independent surveyors yesterday, not many were interested in just a home valuation, they all want to do the HomeBuy surveys that they can charge more for. The one I did find couldn't get to us until Tuesday next week.

PaulC5

Quizzical_Squirrel wrote: »

If this goes ahead and by some miracle they actually do still want to buy the house (and what's the odds of that, I wonder?), prepare yourself for the possibility of one heck of a gazunder on exchange day because they'll be holding all the cards.
They'll have gone round the house and found every single thing wrong with it or that they simply don't like now they're living with it.

I suppose if they try to gazunder us then we just wave the independent valuation we will of had only weeks earlier in front of them.

I see this very much as we are doing them a favor as if they dont move out of there house soon they will lose the sale and therefore cant buy the house they want (Our house)

G_M

PaulC5 wrote: »

I suppose if they try to gazunder us then we just wave the independent valuation we will of had only weeks earlier in front of them.

I see this very much as we are doing them a favor as if they dont move out of there house soon they will lose the sale and therefore cant buy the house they want (Our house)

What if their sale falls through anyway (for some reason)?

And they just stay?

Or they gazunder - you wave your valuation - they say "so what? We;ll just stay here as tenants till you give in...."

POPPYOSCAR

This is not something I would contemplate doing. I would not be prepared to take the risk.

PaulC5

Tenancy agreement contract is for 3 months, why is everybody suggesting 6 months.

There sale won't fall through as they will exchange contracts this Friday to complete next Friday, they sign our agreement this Friday so that there solicitor is happy they have somewhere to live before selling there house.

We are no way desperate for them. We are chain free after all and moved out already, our new house isn't built until February so we are in no rush.

We are just helping them out because they will lose there buyer if they don't move out soon which will make the chain collapse.

Thanks for the support in what is already a stressful time for anyone, cheers ����

booksurr

PaulC5 wrote: »

Tenancy agreement contract is for 3 months, why is everybody suggesting 6 months.

because the law prevents the LL from issuing a section 21 notice for the first 6 months of any tenancy, irrespective of how long that tenancy is intended to last

without the ability to issue a no fault repossession notice for 6 months, your ability to shift the tenants out by court action before 6 months have elapsed is zero, unless a court awards you a mandatory repossession "ground". Consequently LL issue short tenancies with their eyes open to the compromise they are making