Refused permission to let while conveyancing

lister101

I have been a landlord in the past.
IN the contract, if the tenant dosent pay, I still get paid. They are paying 6mth up front.
This is a professional person in their 60s, unlikely to trash the place lol.
Do any of you have any constructive suggestions for me to get away from Barclays for at least 6mths ?
Thankyou.

antrobus

lister101 wrote: »

....Do any of you have any constructive suggestions for me to get away from Barclays for at least 6mths ?.....

Contact a mortgage broker.

But you're not going to be able to remortgage for six months. I suspect your only option would be a bridging loan, which is not going to be cheap.

I tend to think that your best option would be to scratch this deal and look for another buyer.

amnblog

Barclays won't allow you to Let.


Therefore you need another Lender to re-mortgage you on a buy to let basis.


We don't know how much you need, anything about the rental, what the property is worth, what it will rent for, or anything about you.


Lets assume all that fits.


You want to clear the mortgage short term when you sell. Therefore you need a product without redemption penalties (not many about in the BTL market).


You might find one, you might even find one without a product fee.


You are still looking at a valuation fee, plus legal costs, and probable broker fees (don't try to sort this on your own).


For what, 6 months rental?

foxy-stoat

I would find another buyer, too many things can go wrong with this.

If it was me though I would take her 6 months rent and draw up a lodgers agreement, let her "lodge" for 6 months and hold keys for the property keeping 1 bedroom for yourself, make it 100% clear that you cannot obtain constent to let so you cannot offer her a valid tenancy agreement. If for any reason she doesnt exchange or complete its a fairly easy process to move a lodger on rather than a tenant, especially one that doesnt hold a valid tencany agreement - it will not be worth your while paying the fees for a BTL for 6 months, you may as well reduce the price and sell it to someone else.

If she does like it tell her to buy it now, give her the number of the closest B&B or hotel!

cahillg81

Your not going to be able to do a BTL remo with a for sale sign up outside the house either. What lender is going to be ok with that?


It sounds like the only option is bridging.


Why not take the property off the market and convert it to a BTL and just rent it out?

lister101

My mortgage adviser found a solution
Godiver Mortgage from Coventry building society.
Interest only, no redemption fee £1000 setup. It will actually save me money
Thanks everyone.

Thrugelmir

lister101 wrote: »

My mortgage adviser found a solution
Godiver Mortgage from Coventry building society.
Interest only, no redemption fee £1000 setup. It will actually save me money
Thanks everyone.

Glad to hear you found a resolution.

upoiupou

lister101 wrote: »

I cannot speak for this person, I thought I might get a few useful suggestions here to solve my immediate problem.

I think your immediate problem is that you have found a "buyer" who wants to rent for six months. The immediate solution is to ask her to get on with buying, or find someone else who will.

As the vendor, are you not even curious as to why she might buy in six months but not now? If she currently lives abroad, my suspicion would be that renting with option to buy gives her a chance to look around at everything else before she commits.

If you want to sell, I think you should be focussing on selling rather than how to get through hoops to accommodate a strange request which throws doubt on what the person is up to and will bring you not a sale but a tenant.

lister101

The manager at the estate agents has changed & the now tenant has been given the hard sell. the sale is nowe progressing ;-)