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Renting between exchange/completion etc
Jaycee1972
Posts: 144 Forumite
Hi this is my first thread so please be nice 
This is our situation. We have planned to sell our house and my mums house and find a property with an annexe which we will buy between us so that mum can live with us in the annexe. We sold our house 18 months ago fortunately to a buy to let buyer and we have been renting it since then!
Last spring, we found our ideal house with an annexe in the area we want. It has been the only house suiting our requirements and within our joint budget which has come on the market in the 2+ years we have been looking. We agreed a private sale with them giving us some time to sell my mums house. We put my mums property on the market immediately but it didn't sell. Eventually, the vendors of the one we want to buy decided to put in on the open market last July but it is still available despite a price reduction. We have made a new offer at the current asking price - less than originally agreed but it is all dependant on the sale of my mums property.
We swopped agents in December and reduced the price. The agents we are with now are also selling the one we want to buy - thought this would be incentive for them to try hard to sell it. They are now putting us under pressure to reduce again - anything will sell if the price is low enough etc etc.
We have looked into bridging finance and interest only mortages but our options are limited and both are too expensive. The property we want is now empty and the agents suggested that we exchange contracts paying our 10% deposit, rent the property in the interim and set the completion date of say December 2008 or before if possible. Bearing in mind we are already renting and there would be advantages such as being able to move mum in slowly rather than doing it all in one day, we thought this would be a good plan. Obviously we would need to be proactive about selling my mums house in the meantime.
Do any of you have any thoughts, advice or experience of this type of thing. The vendor seems acceptable to the idea in principle but wants full market value for the rent to cover his mortgage and may not agree to such a long completion date.
Look forward to hearing your thoughts.
Thanks.
J
This is our situation. We have planned to sell our house and my mums house and find a property with an annexe which we will buy between us so that mum can live with us in the annexe. We sold our house 18 months ago fortunately to a buy to let buyer and we have been renting it since then!
Last spring, we found our ideal house with an annexe in the area we want. It has been the only house suiting our requirements and within our joint budget which has come on the market in the 2+ years we have been looking. We agreed a private sale with them giving us some time to sell my mums house. We put my mums property on the market immediately but it didn't sell. Eventually, the vendors of the one we want to buy decided to put in on the open market last July but it is still available despite a price reduction. We have made a new offer at the current asking price - less than originally agreed but it is all dependant on the sale of my mums property.
We swopped agents in December and reduced the price. The agents we are with now are also selling the one we want to buy - thought this would be incentive for them to try hard to sell it. They are now putting us under pressure to reduce again - anything will sell if the price is low enough etc etc.
We have looked into bridging finance and interest only mortages but our options are limited and both are too expensive. The property we want is now empty and the agents suggested that we exchange contracts paying our 10% deposit, rent the property in the interim and set the completion date of say December 2008 or before if possible. Bearing in mind we are already renting and there would be advantages such as being able to move mum in slowly rather than doing it all in one day, we thought this would be a good plan. Obviously we would need to be proactive about selling my mums house in the meantime.
Do any of you have any thoughts, advice or experience of this type of thing. The vendor seems acceptable to the idea in principle but wants full market value for the rent to cover his mortgage and may not agree to such a long completion date.
Look forward to hearing your thoughts.
Thanks.
J
Jaycee x
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