Our new buyers situation - keeping his own property to rent it out

septemberbaby

Hello All

As i am a nervous wreck at the moment due to our previous buyer pulling out I wanted to get peoples thoughts on this.

- Our new buyer - we have accepted his offer as he can move quickly apparently.

- He has an AIP

- he has decided he will keep his own property in order to buy ours and he will rent his current house out.

- Our worry is will his lender agree to all of this???

- And the rest of the chain is sorted and waiting on us so i wondered is 6 weeks from now realistic to exchange?

Bossypants

There should be no problem as far as the lender is concerned, assuming his numbers stack up. I did it 2.5 years ago, and the buyers of my last house did it in March. It shouldn't make any difference to your timeline.

The only thing which might be problematic is if he's extracting equity from his current house to use as the deposit for yours. If that's the case, he will need to exchange and complete simultaneously. This is what my buyers sprang on us last minute, and it really added to the stress levels, even though I was the only person who had to move (I was buying probate). Ask this question now to avoid surprises.

Comms69

septemberbaby wrote: »

Hello All

As i am a nervous wreck at the moment due to our previous buyer pulling out I wanted to get peoples thoughts on this.

- Our new buyer - we have accepted his offer as he can move quickly apparently.

- He has an AIP

- he has decided he will keep his own property in order to buy ours and he will rent his current house out.

- Our worry is will his lender agree to all of this???

- And the rest of the chain is sorted and waiting on us so i wondered is 6 weeks from now realistic to exchange?

Ultimately this is totally outside of your control. It should be fine, but it's literally nothing you can change.

AndyTails

Comms69 wrote: »

Ultimately this is totally outside of your control. It should be fine, but it's literally nothing you can change.

Nothing you can change... other than deciding that this buyer is too much effort and putting it back on the market in the hopes of finding a simpler buyer who won't cause problems/delays.

septemberbaby

Our estate agent seems to think he is best buyer we could get.

He has enough money in the bank to cover double deposits...

I suppose im just panicked because we have been burnt once and dont want to lose the house we have been waiting for above

Comms69

AndyTails wrote: »

Nothing you can change... other than deciding that this buyer is too much effort and putting it back on the market in the hopes of finding a simpler buyer who won't cause problems/delays.

Well indeed, I got the feeling the OP didn't want to lose the buyer, rather than the opposite. But maybe I'm mistaken.

lookstraightahead

Sounds to me like it's all sorted, anyone can pull out at any time anywhere in the chain. He's no more a risk than anyone else.

septemberbaby

cheers for this

Now it son to trying to get the sale of the searches finalised as we feel this will speed things up

Bossypants

septemberbaby wrote: »

Our estate agent seems to think he is best buyer we could get.

He has enough money in the bank to cover double deposits...

I suppose im just panicked because we have been burnt once and dont want to lose the house we have been waiting for above

I agree with your EA to be honest, or at least, he's likely to be more secure than if he were in a chain of his own. I know it's stressful but your best bet is to keep pressing forward.

septemberbaby

Ya that is it.

I think the main thing for us is to get to exchange as soon as we can and i suppose if everything ticked along nicely now we could do that soon enough really.

pulliptears

We did it last year. We left our old home and rented it to our son and purchased a new house.
DH jokes that we left home rather than the kids....

The downside is stamp duty, but thats your buyers concern not yours.