Selling house to buyers, offered me to rent back

GDB2222

Abrown057 said:

BarelySentientAI said:

Doesn't "sell and rent back" need to be done to an FCA-authorised company, not a private buyer?

It would be completed as 2 separate transactions. I would sell them the house correctly and then only we had completed, we would then both sign the 6 month tenancy agreement. 

What happens if after the sale they decide not to grant your tenancy? Why should they do so at a discounted rate? 

sheramber

They would need to have all the certificates needed to rent outt eh property.

Abrown057

Thank you all. I will certainly check with the solicitors etc that’s there will be no further complications. 

Hoenir

Abrown057 said:

BarelySentientAI said:

Doesn't "sell and rent back" need to be done to an FCA-authorised company, not a private buyer?

It would be completed as 2 separate transactions. I would sell them the house correctly and then only we had completed, we would then both sign the 6 month tenancy agreement. 

What's your buyers proposal? 

user1977

Abrown057 said:

BarelySentientAI said:

Doesn't "sell and rent back" need to be done to an FCA-authorised company, not a private buyer?

It would be completed as 2 separate transactions. I would sell them the house correctly and then only we had completed, we would then both sign the 6 month tenancy agreement. 

That's not going to fool anyone.

Have they run this scheme past their solicitor?

Olinda99

I really can't see the problem with this - I once bought a flat and the occupants moved out on completion day and I had vacant possession.

I had tenants waiting to move in the following day

Green_hopeful

I have not read all the comments but we were going to do this a few years ago. I can’t really see any issues it’s a win win for the buyers because they have a ready made tenant and they can look for a longer term tenant while you are there. There might be questions over the type of tenancy or licence as you might not want six months. You will want them to come and do an inventory and take a deposit etc. 

I have done it the opposite direction where I allowed the buyers to move in between exchange and completion. It was only a few weeks and we created a licence rather than a tenancy. There is a contract rate for doing this so it can’t be that crazy. Much more risky this way round. Fun because we ended up with 24 hours to move a five bedroom house. I could only get a transit van at such short notice. 

user1977

Olinda99 said:

I really can't see the problem with this - I once bought a flat and the occupants moved out on completion day and I had vacant possession.

I had tenants waiting to move in the following day

Yes, but the tenants were (presumably) not the sellers. That's the problem.