Should we rent our property from our buyers?
Simon from Worcester
05 May 2015
Legal questions and answers
We are in the middle of selling and buying property. All was going well and we were due to exchange, but the person at the top of the chain has encountered a problem. Our buyer is quite aggressive and is pressuring us to complete our sale and then rent back off him. This must be a bad idea? We don't want to lose our buyer but we shouldn't be bullied by him. Any advice appreciated.
You must not be bullied by your buyer.
There are a number of points to consider if you are thinking of selling your property and then renting it back from your buyers.
Firstly, your purchase could fall through leaving you without an onward purchase and being potentially homeless should the tenancy you take with your buyer come to an end before you find another property to purchase and complete on in that time.
Secondly, what will the terms of the tenancy with your buyer be?
Thirdly, if you are porting a mortgage do you have to redeem your mortgage on the same day or within a specific time of redeeming?
Ready to get quotes?
Compare conveyancing fees from up to 4 solicitors
We've already helped over 2,139,769 movers
I found it really helpful to have a comparison of the costs and level of service for each firm clearly set out. It made finding a solicitor extremely easy, and I would not have been able to have got such good value for money without it
Bridgend, June 2018