Rent house while in process of buying

laddo47

Hello,

We are currently in the process of buying a property (mortgage is confirmed, survey done), however we are very keen to move ASAP as our currently rented property has problem neighbours.

What we'd like to do is offer the seller that we rent the property up until completion date.

Has anybody done this before? How easy is it to do and what's involved?

I've previously rented privately without estate agents involved so assume it is possible?

Thanks to anyone who can help with advice.

elverson

Can't see the seller being keen and their solicitor will probably advise against it. Is the property you're buying already vacant?

ST1991

We did it, neither of us were happy but it had to happen or:
A: we would have to move from one rented flat to another with no doubt a minimum period as someone bought the flat we were renting during our purchase and it was just bad timing. Thus drawing out the process even more.
B: the seller rented it privately previously and once vacant they could not afford no income from it for the months longer it took to complete due to various issues with a right of way that took months to sort out. it was either we move in or they find another tenant (again problems with the minimum term etc)

But it all worked out OK in the end, in our case. The house is now ours and we got to 'try before we buy' lol.

Problems are that you could pull-out and be a horrible tenant and not pay rent/not move out causing massive issues to the seller and end up on one of these slum landlord/nightmare tenant programs.

Or, the seller could draw-out the process as they are getting a steady income whilst you are there - there is no rush to complete, and you could be gazumped which would be even worse if you've already moved in!

saajan_12

You've come this far, I don't know the situation bu tI'd really try to stick it out where you are a little longer.

For vendor:

CON: You can still choose not to exchange (e.g. if one of the searches shows concerns). Then the vendor has a tenant who they cannot evict for 6 months unless you breach the lease.
CON: Time to draft lease, check your credit, ensure this won't affect mortgage offer just delays things further
CON: you may gazunder knowing you have a captive vendor as it will be hard for them to get you out and remarket
CON: vendor may need to change their mortgage to a BTL and learn all LL duties for a short period.

For buyer:

PRO: You get to move out of your current place without an additional move IN THEORY.
CON: You're appear to be more committed as a buyer, vendor could increase price as you're unlikely ot decline since you'd face an extra set of removals costs

laddo47

elverson wrote: »

Can't see the seller being keen and their solicitor will probably advise against it. Is the property you're buying already vacant?

Yes, it's vacant.