Can we rent the house we are buying?

gardian8

Hi All

As the title says really. We have had a offer accepted on a house, but it has taken us about 7 weeks since we accepted an offer on our own home. The sale and purchase are not going to be done at the same time. Our buyer is keen to get into our house and we said we could look at renting when they are ready to move in here.

The house we are buying is a stop gap house for us, and is currently rented out (tenant leaving in the next week or so) My girlfriend suggested that we approach the sellers (who are the current landlords) and ask if we can move in early, once our house sells, and pay market rate rent, until the purchase goes through.

Does this sound like a crazy idea? Anyone done similar at all? stupid idea never to be spoken of again?

Appreciate anyone's view of this

Cheers

G_M

You can ask, and if the seller agrees- fine.


But the seller would be mad to agree!

gardian8

I think we will ask once the current tenant moves out - cant hurt to ask I suppose

Green_hopeful

I let my buyers move in early. It was only a few weeks. We had exchanged contracts so they were contractually bound to buy the house.

There is a standard condition on the contract which specifies the rent payable. It is a percentage on the outstanding amount.

There is a risk that you will find something you don’t like about the house and try to pull out.

gardian8

Green_hopeful wrote: »

I let my buyers move in early. It was only a few weeks. We had exchanged contracts so they were contractually bound to buy the house.

There is a standard condition on the contract which specifies the rent payable. It is a percentage on the outstanding amount.

There is a risk that you will find something you don’t like about the house and try to pull out.

I think we would nee 2 months max in the house before it should complete. we will have the funds and everything in place. I do see what you mean though, we could be in a month, discover something we dont like and then pull out of the sale. It's going to be kept by us as a rental once we find the house we want to move in, so I doubt anything will make us want to pull out of the sale.

Comms69

The seller would be mad to agree, especially if you haven't exchanged contracts.


You could just pull out of the purchase and live there, with no impact on you for 12 months

cloo

It could create all kind of legal problems, I'm afraid - probably too big a risk for owners.