Renting our home after a sale?

paulr70

Hi All.

We`re in the legal stages of house selling/buying. We sold ours using an online company to a man that is currently renting and we`re in a good relationship with him, often txting or meet to compare progress of our side of the process.
Now the house we`re buying needs work, i mean full redecoration , possible rewire, new kitchen,bathroom,etc. And with two kids we`re sort of dreading where to start.
So have an idea of asking our buyer if we could rent our existing house for a month and have as much done in the new house as possible before we move in fully. Perhaps our buyer has some time to run on his rental contract which would help him and we`d draw up a contract for a short let on ours.

Does this sound feasible before I go asking our purchaser what he thinks to the idea?

Thanks

Pixie5740

Is your buyer a cash buyer? If not and your buyer requires a mortgage then the mortgage lender will insist upon vacant possession upon completion. He can't use a residential mortgage to let the property out even if it's just for a month.

newbie1980

paulr70 wrote: »

Hi All.

We`re in the legal stages of house selling/buying. We sold ours using an online company to a man that is currently renting and we`re in a good relationship with him, often txting or meet to compare progress of our side of the process.
Now the house we`re buying needs work, i mean full redecoration , possible rewire, new kitchen,bathroom,etc. And with two kids we`re sort of dreading where to start.
So have an idea of asking our buyer if we could rent our existing house for a month and have as much done in the new house as possible before we move in fully. Perhaps our buyer has some time to run on his rental contract which would help him and we`d draw up a contract for a short let on ours.

Does this sound feasible before I go asking our purchaser what he thinks to the idea?

Thanks

rather than ask if you can rent as there is hundreds of pitfalls for the buyer and i believe the lender will not allow this

why dont you ask him if he will allow you to buy the house you want and then just complete on your house a month later

sparky130a

newbie1980 wrote: »

why dont you ask him if he will allow you to buy the house you want and then just complete on your house a month later

My guess would be the Op requires the funds from their sale to service their purchase.

paulr70

Thanks for the replies.

The buyer does have a mortgage yes. So that probably ends that idea right there.
Or can you not notify the lender of a a short rental?
Ands we need the monies to purchase or new house.

Cheers

Pixie5740

If the lender suspect that the borrower has taken a residential mortgage with the intention of letting the property out from the get-go then there's a good chance the lender will withdraw the mortgage offer.

AlexMac

Faced with a similar need to bridge a gap of a couple of months, our kids found a "holiday let"; however, that was in an area of good availability, in deepest winter, when demand and rents (inclusive of utilities, Council tax, etc) were lower. Whereas you're now approaching peak vacation time so less likely to get an affordable deal. But worth a look?

Cakeguts

You can't do this. It is too much of a risk to your purchaser even if he didn't need a mortgage. Also sale and lease back type residential schemes are regulated.

elverson

And if your buyer's solicitor is on the ball they will advise him against it for all the reasons above.

xylophone

]Now th

e house we`re buying needs work, i mean full redecoration , possible rewire, new kitchen,bathroom,etc.

Before moving day, arrange for storage for as much as possible of your belongings?

You would have only the absolute essentials in the new house so there would be much less to have to move around while the electrician, plumber, fitter and decorator get on with it.