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Buying a home to live in that has a tenant in situ need advice
SneakySpectator
Posts: 247 Forumite
I'm going to view a property this week and the current owners have a tenant in situ, I've been tol that I won't be able to get a mortgage on the home to live in if there is a tenant already living there. So what's the best option for me?
Should I just make my offer to the owner but only actually sign the contract once the property is vacant from any tenants? I absolutely do not want to get a buy to let mortgage and have a tenant to deal with. I just want to buy it and move straight in once everything has gone through.
Should I just make my offer to the owner but only actually sign the contract once the property is vacant from any tenants? I absolutely do not want to get a buy to let mortgage and have a tenant to deal with. I just want to buy it and move straight in once everything has gone through.
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Comments
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Do you know if / when the tenant is moving out? It can’t be sold with full vacant possession with a tenant in situ. So either the tenant is about to move out or it’s being sold as a rental with a tenant in situ. If it is the former I would not make an offer until the tenant is physically out of the property. If it’s the latter that’s not what you want.0
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Some landlords seem oblivious to how long it can take to evict a tenant, so they market the property for sale assuming they'll have moved out by the end of the s21. This is often not the case.
Whilst you could make an offer, I wouldn't be spending any money on conveyancing etc or starting anything until you have seen for yourself the property is vacant.3 -
I would need some proof to show that the tenant is no longer a tenant, and not relying on ' no sign of the Tenant at the property, you would need to see that the Tenant has served or been given a valid notice and accepted it. I do not think utility bills are reliable indicators. If there is a tenant in situ, the new owner will have a job to get them out and need all the correct paper work and resource to see it through etc. I only look at vacant possessions as too many unknowns.0
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You can obtain a mortgage offer with a tenant in situ. The transaction won't complete though until there's vacant possession. As the mortgage lender won't release the funds to the solicitor, who also works for them, not just you.2
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