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buyer wants to rent before buying?

2

Comments

  • Slinky
    Slinky Posts: 11,670 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Suggest the EA tells her if she really wants the property that much, get a bridging loan whilst she sorts her finances out. Boot on the other foot.
    Make £2026 in 2026
    Prolific £177.46, TCB £10.90, Everup £27.79, Roadkill £1.17
    Total £217.32 10.7%

    Make £2025 in 2025  Total £2241.23/£2025 110.7%
    Prolific £1062.50, Octopoints £6.64, TCB £492.05, Tesco Clubcard challenges £89.90, Misc Sales £321, Airtime £70, Shopmium £53.06, Everup £106.08, Zopa CB £30, Misc survey £10

    Make £2024 in 2024 Total £1410/£2024 70%
    Make £2023 in 2023 Total: £2606.33/£2023 128.8%






  • marksoton
    marksoton Posts: 17,516 Forumite
    Hugh1983 wrote: »
    I nearly asked if I should have expected more from my EA

    If they run a letting side to the business too they're seeing ££££££'s

    Effectively double bubble for them. I wouldn't be happy at all.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Hugh1983 wrote: »
    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.

    It's possible for her to buy an option from you to buy your house from you at a specific price on or before a specific date in the future such as 12 months and if she fails to exercise the option within the time limit specified you keep the money. You can make the price of that option uneconomical for her to pull out. She could pull out if the value of the house falls dramatically or she figures out it isn't actually worth buying even though she'll lose the price she paid for the option. I would make the price of the option at least 10% of the value of the house.

    I wouldn't do it though. It does happen but not very often. It's also known as rent-to-buy among many other names.

    If you are thinking of doing it you do need to speak to an experienced property solicitor....I really don't think a conveyancer would have the knowledge of such a scheme.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • kingstreet
    kingstreet Posts: 39,456 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    As she will occupy under solicitor licence, rather than tenancy, get your solicitor's opinion on this before you respond to the request.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Freecall
    Freecall Posts: 1,337 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    G_M wrote: »
    NO.

    Absolutely not.

    So, what exactly are you saying G_M?

    ;)
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Freecall wrote: »
    So, what exactly are you saying G_M?

    ;)
    Not sure. I had a cake-sugar rush and got confused....
  • DaftyDuck
    DaftyDuck Posts: 4,609 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    G_M wrote: »
    NO.

    Absolutely not.

    ... are you sure on that? ....
  • ScorpiondeRooftrouser
    ScorpiondeRooftrouser Posts: 2,851 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Hugh1983 wrote: »
    I nearly asked if I should have expected more from my EA

    If an Estate Agent suggested this to me my only response would be "I request to be released from the contract we have as I have lost all confidence in you."
  • csgohan4
    csgohan4 Posts: 10,607 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 14 January 2016 at 8:36PM
    xd4qh.jpg
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Old_Git
    Old_Git Posts: 4,751 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    how long are her finances tied up .
    2 ,3 ,6 months .How quickly do you expect to sell
    "Do not regret growing older, it's a privilege denied to many"
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