Rent house to current owner

hema123456789

KatrinaWaves said:

hema123456789 said:

If we state the completion date as on notice or before the mid of March, are they legally bound to move out on that date? Could anything mean that they don’t and they break the chain?

If you exchange with that stipulation, yes, but its not easy and requires legal proceedings if they refuse to move. You can never guarantee it.

If you want to let it out, buy it and then let it out. Do not rent to the old owners for all of the above reasons. If youre not even going to look into the issues described by the people you have asked, then why ask?

Have you looked into your mortgage lenders terms on vacant possession? Spoken to your solicitor? Looked into sale and rent back? Its not as simple as 'oh well we were going to rent it anyway!'

It’s a question as a FTB, no need to be so aggressive! Just explaining that we’re fine to not actually move in and won’t be homeless

KatrinaWaves

hema123456789 said:

KatrinaWaves said:

hema123456789 said:

If we state the completion date as on notice or before the mid of March, are they legally bound to move out on that date? Could anything mean that they don’t and they break the chain?

If you exchange with that stipulation, yes, but its not easy and requires legal proceedings if they refuse to move. You can never guarantee it.

If you want to let it out, buy it and then let it out. Do not rent to the old owners for all of the above reasons. If youre not even going to look into the issues described by the people you have asked, then why ask?

Have you looked into your mortgage lenders terms on vacant possession? Spoken to your solicitor? Looked into sale and rent back? Its not as simple as 'oh well we were going to rent it anyway!'

It’s a question as a FTB, no need to be so aggressive! Just explaining that we’re fine to not actually move in and won’t be homeless

And nowhere did anyone say 'youll be homeless!' as a potential problem...

frogglet

It wouldn't be like you having them as lodgers , it would be like you moving into their home , it would be a very uncomfortable situation. And dont offer to store their stuff in case it gets damaged.

trex227

frogglet said:

It wouldn't be like you having them as lodgers , it would be like you moving into their home , it would be a very uncomfortable situation. And dont offer to store their stuff in case it gets damaged.

I agree. Aside from the legal issues, which in my opinion would make this plan not viable, this set up would be incredibly awkward. As froglett says you’d effectively be moving into their home, although you would own the house. How would you agree on any rules? What if the seller keeps odd hours, likes to walk around in only underpants or have 2 hour showers? There’s so much potential for things to get incredibly uncomfortable. Has the seller actually said they would be willing to do this?

hema123456789

Thanks all. 

Have been very stressed out at this news but taken on the advice, they either commit to a completion date or we walk. Heartbreaking as we’re in love with the house but it is what it is.

AdrianC

If they're buying a new-build, they simply cannot commit to a completion date... The timescale is in the hands of the developers, and when the property will be ready for completion.

They may have said "We'll rent" when your offer was first accepted, but people's plans simply change - they probably hadn't decided to buy that new-build at the time.

Yes, being in a chain with a new-build buyer is a PITA.

hema123456789

Update - they’ve decided to commit to a completion date 2 weeks after the one originally discussed. The issue isn’t with the house not being built but with them porting the mortgage from their current property to the new one. Their bank has quoted 4-6 weeks from Monday so are just working on the safe side.