FabSwingers.com forum: I just bought a house

By (user no longer on site) OP
over a year ago

However their is a problem..

As the seller have their own mortgage advisory business which they operate from home, the seller has asked to stay and sub let for the next 3 months as they are having some difficulty finding a flat while their next house is being finnished.

I would obviously still be the owner but they would be paying me to stay and give me 2k up front.

Thing is I have been back at my parents for the last year and to be honest I was looking forward to moving this month. I don't get on with my parents and that's becoming a problem.

Any thoughts? What would you do. I have already booked 3 weeks off work for the move which I could possibly cancel.

I'm a way it's not my problem and seler has been pushing to get contract's exchanged as soon as possible.

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By *xMFM3sumsxxWoman
over a year ago

SouthWest Lancashire

See if you can cancel the weeks off first?

I'd probably let them lease it to me, but i think 2 grand isn't much rent moneyask for another thousand.

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By (user no longer on site)
over a year ago

I'd let them lease it for 3 months.

is 2k more than what you pay in 3 months mortgage?

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By (user no longer on site) OP
over a year ago

"I'd let them lease it for 3 months.

is 2k more than what you pay in 3 months mortgage? "

Not really. My monthly payment is about 300 quid as I paid 100k deposit and took the smallest mortgage possible to make up the total.

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By (user no longer on site)
over a year ago

"I'd let them lease it for 3 months.

is 2k more than what you pay in 3 months mortgage?

Not really. My monthly payment is about 300 quid as I paid 100k deposit and took the smallest mortgage possible to make up the total. "

So in 3 months you would pay £900 mortgage, they're giving you 2k, thats a free holiday you just bagged yourself if you let them stay

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By (user no longer on site) OP
over a year ago

"I'd let them lease it for 3 months.

is 2k more than what you pay in 3 months mortgage?

Not really. My monthly payment is about 300 quid as I paid 100k deposit and took the smallest mortgage possible to make up the total. "

The money isnt an issue for me. Aside from it be probably illegal to do I was all geared up for moving in over the next couple not weeks.

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By (user no longer on site) OP
over a year ago

"I'd let them lease it for 3 months.

is 2k more than what you pay in 3 months mortgage?

Not really. My monthly payment is about 300 quid as I paid 100k deposit and took the smallest mortgage possible to make up the total.

So in 3 months you would pay £900 mortgage, they're giving you 2k, thats a free holiday you just bagged yourself if you let them stay"

I don't do holidays.

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By (user no longer on site) OP
over a year ago

"I'd let them lease it for 3 months.

is 2k more than what you pay in 3 months mortgage?

Not really. My monthly payment is about 300 quid as I paid 100k deposit and took the smallest mortgage possible to make up the total.

So in 3 months you would pay £900 mortgage, they're giving you 2k, thats a free holiday you just bagged yourself if you let them stay

I don't do holidays."

Well not going away ones anyway.

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By (user no longer on site)
over a year ago

"I'd let them lease it for 3 months.

is 2k more than what you pay in 3 months mortgage?

Not really. My monthly payment is about 300 quid as I paid 100k deposit and took the smallest mortgage possible to make up the total.

So in 3 months you would pay £900 mortgage, they're giving you 2k, thats a free holiday you just bagged yourself if you let them stay

I don't do holidays.

Well not going away ones anyway."

Sorry, I thought they were just leasing a room, not the whole house.

In that case, I'd say no sorry

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By (user no longer on site) OP
over a year ago

"I'd let them lease it for 3 months.

is 2k more than what you pay in 3 months mortgage?

Not really. My monthly payment is about 300 quid as I paid 100k deposit and took the smallest mortgage possible to make up the total.

So in 3 months you would pay £900 mortgage, they're giving you 2k, thats a free holiday you just bagged yourself if you let them stay

I don't do holidays.

Well not going away ones anyway.

Sorry, I thought they were just leasing a room, not the whole house.

In that case, I'd say no sorry"

Yeah the whole house. They run a business from the conservatory.

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By (user no longer on site)
over a year ago

"I'd let them lease it for 3 months.

is 2k more than what you pay in 3 months mortgage?

Not really. My monthly payment is about 300 quid as I paid 100k deposit and took the smallest mortgage possible to make up the total.

So in 3 months you would pay £900 mortgage, they're giving you 2k, thats a free holiday you just bagged yourself if you let them stay

I don't do holidays.

Well not going away ones anyway.

Sorry, I thought they were just leasing a room, not the whole house.

In that case, I'd say no sorry

Yeah the whole house. They run a business from the conservatory."

Nah, I'd let them rent the conservatory for 3 months at 2k, but not the whole house. Especially if they were pushing when the house was going through

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By (user no longer on site)
over a year ago

Unless you've already exchanged contracts I'd go with it, you don't want them pulling the plug on the sale and deciding to stay put instead.

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By *ed-monkeyCouple
over a year ago

Hailsham

The problems here are:

1. To protect yourself you'd need an agreement drawn up and recognised legally - cost

2. The mortgage company would have to know as you would have been granted the mortgage based on vacant possession

3. The income would technically have to be taxed

2. And 3. Could be avoided if you keep it between yourselves ... however ... there's nothing you can do to force them out after the 3 months if there are further delays on their house etc. And other than the being the vendors I assume you don't know them from Adam (and Eve) so you have limited legal protection

Personally, I wouldn't entertain the idea as it really isn't worth the hassle

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By (user no longer on site) OP
over a year ago

"Unless you've already exchanged contracts I'd go with it, you don't want them pulling the plug on the sale and deciding to stay put instead."

Solicitor just confirmed contract have been exchanged.

I think I'll tell them no as It's too much of a risk for me and I'm not happy with what they have proposed. I'm surprised they even suggested this.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

Why do people do this kind of thing? Get you to exchange then start asking to change the conditions you've agreed on. If contracts have been exchanged then tell them no, (we would have told them no anyway). You shouldbe agreeing a completion date now. They're mortgage advisors they know how things work and how long it takes to find a flat.

I suspect this has been their plan all along to have a couple of months with so many hundred thousand pounds in the bank to use while paying 2k for three months rent. Say you'll agree for 15k and see how easily they find a flat to rent.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"The problems here are:

1. To protect yourself you'd need an agreement drawn up and recognised legally - cost

2. The mortgage company would have to know as you would have been granted the mortgage based on vacant possession

3. The income would technically have to be taxed

Personally, I wouldn't entertain the idea as it really isn't worth the hassle"

Yep he could end up paying a mortgage on a house he can't live in while they have money in their bank.

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By *est Wales WifeCouple
over a year ago

Near Carmarthen

Why are you seeking advice here and not from your solicitor?

Basically I wouldn't even go there - too many problem should they decide not to leave when they say they will.

They have sold with vacant possession and you should have that and enjoy your own property.

Their issues are their problem.

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By (user no longer on site) OP
over a year ago

"Why are you seeking advice here and not from your solicitor?

Basically I wouldn't even go there - too many problem should they decide not to leave when they say they will.

They have sold with vacant possession and you should have that and enjoy your own property.

Their issues are their problem."

Because if I mentioned it to my solicitor they might go to my bank before I had even decided what I was going to do.

I've decided and I'm not going to let it to them. Aside from the risk to me I want to be moved in.

Completion date is set for 13th July.

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By (user no longer on site)
over a year ago

I am assuming that when exchanging contracts the completion date was agree and signed off by both parties?

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By (user no longer on site) OP
over a year ago

"I am assuming that when exchanging contracts the completion date was agree and signed off by both parties?"

Yes it was agreed last month. It's the date the seller specifically wanted after they couldn't get a completion date of 30th June.

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By (user no longer on site)
over a year ago

Do I sense a scam....

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By *urryfannyfuntimeWoman
over a year ago

East Devon

Firstly this may affect your mortgage offer as both rental tenants and commercial activities do. This arrangement will fall as one or other of those.

Secondly you may have trouble getting them to leave when they say they will. Do you want the potential of an eviction on your hands?

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By (user no longer on site)
over a year ago

Dont do it. They've sold the house to you their onward arrangements are not your concern.

Get your solicitor to tell them to get out!!

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By (user no longer on site) OP
over a year ago

Thanks all for the advice. I actually got much better advice than I thought I would.

I've told the seller I can't take them up on their proposal.

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By *inful xWoman
over a year ago

In a sleepy little village

Personally without something written up I wouldn't do it. Sign the contact and move in as you intended. What happens to them isn't of your concern

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By *ugby 123Couple
Forum Mod
over a year ago

O o O oo

I would be too excited to get that close to moving so I would have to say no thanks

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By *ugby 123Couple
Forum Mod
over a year ago

O o O oo

I see you did...wise move....it all sounds odd to me anyway

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By *innie The MinxWoman
over a year ago

Under the Duvet

Get some legal advice.

At the end of the three months they could refuse to move out, and you'd then have to go through a lengthy costly eviction process.

Did they not mention this prior? All sounds a bit dodgy to me.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"Thanks all for the advice. I actually got much better advice than I thought I would.

I've told the seller I can't take them up on their proposal.

Good idea we would have done the same.

We're currently involved in selling a property and at the point of exchange the buyer suddenly found something they weren't happy with. They depend on people having onward chains etc and a lot to lose, unfortunately for them we didn't

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By *ady LickWoman
over a year ago

Northampton Somewhere

"Thanks all for the advice. I actually got much better advice than I thought I would.

I've told the seller I can't take them up on their proposal.

You've done the right thing. I would of said no. When you buy a house you want it straight away, no complications. I think it's cheeky, I would of told them to find alternative accommodation and maybe threatened to pull out if they refused.

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By *unloversCouple
over a year ago

rotherham

Let us know what happens

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By (user no longer on site)
over a year ago

"Do I sense a scam.... "

I agree, it sounds dodgy as hell!

Glad you decided against it OP. They may have had squatters rights or something crazy like that, and you'd have had to take them to court to get them evicted.

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By *illy_the_tvTV/TS
over a year ago

hoorn, Netherlands

Even if I allowed them to stay, it would be at a monthly rental price that you would get if you was to rent it out, so say where I live, a 3 bed house would rent for between 1100-1500 per month, so I'd be charging them that.

Unlike all the paranoid people here, I dont sense a scam. I've heard of this happening a few times and even have a friend who rented the house to the original owners for a few months before he moved in so they could sort stuff out. It's not unheard of

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By *ugby 123Couple
Forum Mod
over a year ago

O o O oo

Unlike all the paranoid people here,

I like to call it being careful / cynical...there are a lot of scammers about and people getting scammed for one thing and another

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By (user no longer on site) OP
over a year ago

"Thanks all for the advice. I actually got much better advice than I thought I would.

I've told the seller I can't take them up on their proposal.

Good idea we would have done the same.

Well i found a very nice place last October and I had to pull out of a couple months in. The survey came back with high levels of damp in the downstairs internal partitions.

Previous to my interest to this house there was a purchase offer that fell through. I never knew why though as I couldn't get that information.

Anyway I ended up sending in a damp specialist however I was suspicious as the estate agent arranged it for me and that only cost 35 quid. The survey was about 300 quid so it got me wonder what kind of specialist only charged 35 quid.

Anyway that survey came back as normal and they said it was just condensation.

When I spoke to the original surveyor again they said that was bollocks and it definitely wasn't condensation and explained why and what they found.

Whenever I asked the estate a question in regards to the survey they always said they couldn't possibly comment. But suddenly they were trying to convince me there wasn't a damp issue and it was all fine.

Anyway I pulled out of that house purchase as I couldn't take the risk of further issues that would potentially cost more in years to come.

I always felt that the estate agent was try to hide information from me. As a first time buyer I feel like they see me as an easy target.

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By (user no longer on site) OP
over a year ago

TLTR

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By *iamondCougarWoman
over a year ago

Norfuck! / Lincolnshire

"The problems here are:

1. To protect yourself you'd need an agreement drawn up and recognised legally - cost

2. The mortgage company would have to know as you would have been granted the mortgage based on vacant possession

3. The income would technically have to be taxed

Personally, I wouldn't entertain the idea as it really isn't worth the hassle"

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By (user no longer on site)
over a year ago

"The problems here are:

1. To protect yourself you'd need an agreement drawn up and recognised legally - cost

2. The mortgage company would have to know as you would have been granted the mortgage based on vacant possession

3. The income would technically have to be taxed

Personally, I wouldn't entertain the idea as it really isn't worth the hassle"

This

You don’t want to end up with tenants who won’t leave. They might not even pay the rent and you’ll still be paying the mortgage.

Your buildings insurance may be void too if they don’t know it’s sub let.

Too many possibilities for things to go wrong, so personally I’d tell them no. Now you’ve exchanged, they’ll lose out financially if they pull out of the sale.

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By *ed-monkeyCouple
over a year ago

Hailsham

"Thanks all for the advice. I actually got much better advice than I thought I would.

I've told the seller I can't take them up on their proposal.

Good idea we would have done the same.

Well i found a very nice place last October and I had to pull out of a couple months in. The survey came back with high levels of damp in the downstairs internal partitions.

Previous to my interest to this house there was a purchase offer that fell through. I never knew why though as I couldn't get that information.

Anyway that survey came back as normal and they said it was just condensation.

When I spoke to the original surveyor again they said that was bollocks and it definitely wasn't condensation and explained why and what they found.

Anyway I pulled out of that house purchase as I couldn't take the risk of further issues that would potentially cost more in years to come.

I always felt that the estate agent was try to hide information from me. As a first time buyer I feel like they see me as an easy target."

Estate agents can be right slimeballs (apologies to any legit agents) ... all they are after is the sale and therefore their commission ... never take their word for anything .. independent advice is vital

As is decent legal advice

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"Even if I allowed them to stay, it would be at a monthly rental price that you would get if you was to rent it out, so say where I live, a 3 bed house would rent for between 1100-1500 per month, so I'd be charging them that.

He's being asked to sign a contract to buy a house for many hundreds of thousands with vacant possession but the vendors aren't going to adhere to one of the conditions of the contract. I don't call being suspicious of that paranoid, I call it sensible.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"Thanks all for the advice. I actually got much better advice than I thought I would.

I've told the seller I can't take them up on their proposal.

Good idea we would have done the same.

Well i found a very nice place last October and I had to pull out of a couple months in. The survey came back with high levels of damp in the downstairs internal partitions.

Previous to my interest to this house there was a purchase offer that fell through. I never knew why though as I couldn't get that information.

Anyway that survey came back as normal and they said it was just condensation.

When I spoke to the original surveyor again they said that was bollocks and it definitely wasn't condensation and explained why and what they found.

Anyway I pulled out of that house purchase as I couldn't take the risk of further issues that would potentially cost more in years to come.

I always felt that the estate agent was try to hide information from me. As a first time buyer I feel like they see me as an easy target."

We've had some very positive experiences with estate agents and one or two not so good but in the main they've been OK.

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