Can I rent the house I am buying?

by Readers Question

9:34 AM, 16th May 2016
About 3 years ago

Can I rent the house I am buying?

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Can I rent the house I am buying?

We’ve had a offer excepted on a property and have sold ours. We are purchasing from the next of kin so they are going through probate at the same time as selling the house! moving

We’re 10 weeks in with no end in sight . I’ve found out today that probate hasn’t even started yet and could be a further 12 weeks. We are worried that we will loose our buyer if things take this long and I was wondering as an option if could I rent the house I want to buy while it’s going through probate to allow my purchaser to move in?

Many thanks

Nikki



Comments

Neil Patterson

9:40 AM, 16th May 2016
About 3 years ago

Hi Nikki,

I would check with your lender first that this is not going to cause a problem. Assuming you are applying for a mortgage that is.

If you do need a mortgage and the vendors pull out this can cause you problems reapplying for another mortgage later on as your residential history has been affected and you are seen as less stable by lenders.

My business partner Mike was purchasing from an estate going to probate and they pulled out last minute. Things can get very complicated involving family.

Then if you do rent you are held a bit hostage and they might try to up the price or you get gazumped!

My sensible hat says start looking for another property now.

Sunny K

10:19 AM, 16th May 2016
About 3 years ago

Reply to the comment left by "Neil Patterson" at "16/05/2016 - 09:40":

Totally agree with Neil.
The probate transactions can be quite challenging. We have an offer accepted by the probate seller on a run down property initially. The sellers kept on stalling. In the meantime, house prices went up and they kept on increasing the agreed sale prices. We gave up in the end. The property 6 months later is still on market. The seller had no motivation to complete the sale as the property has no running cost. The sellers will be even less motivated in your case if you are renting. They hold the cards: Stay on the agreed price if house price fall and increase if house prices go up. Of course, you also have the advantage of experiencing life inside the property before buying while selling your property. But this may also complicate things.

Puzzler

9:29 AM, 21st May 2016
About 3 years ago

Either look for another property or sell yours and rent - but another property - while you either wait for this one or find another, then you cannot be held to ransom


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