buyer wants to rent before buying?

Hugh1983

Our Estate Agent has phoned today to say that a lady on the other side of the country has seen our house online, she wants to buy as a 2nd home but finances are tied up with pension (or something) for the next few months, so would we consider renting it to her for a few months before she is in a position to buy it. If so, she will come and view this weekend.
I am tempted to say yes we would consider so at least she makes the viewing and we can take it from there. It's almost pointless taking it seriously until she views in person. If the deal isn't for us we could always say no.
But my main question is, does this happen very often? It seems a big risk as she could rent it for a month or so and then say no she doesn't want to buy. If this is a common situation is there something we can do to protect ourselevs? We obviously can't get her to sign something which forces her to buy it a few months down the line but maybe an excessive deposit initially which is non refundable if she does not buy it?
Any comments would be very welcome.
Thank you.

Pixie5740

This is an unnecessary risk for you to take. If you let the property to her then you will have all the legal responsibilities of being her landlord. If she moves in and decides not to buy it then you'll be stuck with her for at least 6 months and it could make marketing it to other buyers more difficult.

In your shoes I'd be saying, "Thanks but no thanks. Arrange a viewing once your finances are in order."

marksoton

Not a chance.

She gets her :bdaycake: and gets to eat it either way. You bear all the risk,become a landlord and potentially have an unmarketable property.

And that's before she try's to lower the price because whilst renting she's "noticed " issues with the property.

Sunshine62

Are rental agreements binding. I mean, a 3 or 6 month rental contract ? Would she be credit checked to see if she has done this before, or is a good payer....you could end up with a bad tenant who does not pay and effectively lives in your home for free whilst you arrange an eviction order through the courts and whilst you are paying to live elsewhere or god forbid bought something else.


Sorry can't be more helpful, but just some thoughts of what may happen.


Personally I'd hold out for a proper buyer.

bebewoo

No no no no no.
There are all sorts of tax implications etc as well as all of the stuff the others have listed.
You will have to take out landlords insurance.
You will have to set up contracts.
You will have to be on call for problems she may have.
The sale will be delayed for 6 months or more.
Just no.

G_M

NO.

Absolutely not.

marksoton

As an aside i wouldn't be too happy with the EA either.

They'll know the risk they're exposing you to,and if they don't..Well that's even worse...

Hugh1983

Yea it was a bit of a curve ball, doesn't seem like it's a normal thing to do and sounds like something we don't want to expose ourselves to. Thanks for your quick responses.

agrinnall

Tell her to take a hike and put her on a blacklist of chancers that you'll refuse to sell to.

Hugh1983

I nearly asked if I should have expected more from my EA

HouseBuyer77

Are rental agreements binding. I mean, a 3 or 6 month rental contract ?

I believe you can put any term on them you like, however you are unable to serve an S21 for the first 6 months (this is the notice that once served will allow you to get a tenant evicted via the courts without requiring a reason). So from a LL's point of view any tenancy is a minimum of 6 months.