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Selling and buying - letting to vendor/purchaser - pitfalls?

(3 Posts)
dsamm Sun 28-Nov-10 23:13:25

What would the dangers be of the following scenarios?
1. Selling our house - letting the purchaser rent it off us between exchange and completion? is there a mechanism to do this? How dodgy could it be? It would be for a short period of time -eg 1 or 2 months.

2. Buying a house - letting it to the current owners following completion for a short and specified period of time eg 2 months.

I can imagine both scenarios having significant risks, but just wondered if someone with a bit of legal nouse could give a quick indication of the issues, as I realise they both might be total non-starters.... or maybe these days things like this are a bit more common?

lalalonglegs Mon 29-Nov-10 09:52:18

It sounds fine in principle but there are significant risks and your solicitor would have to draw up some very, very watertight contracts which, I'm guessing, would cost a lot of money if you were to go ahead. The basic problem is that tenants do acquire certain rights (even allowing someone to store things in your home can give them rights which is why people always ask for vacant possession) - is there any reason why you can't just delay completion until everyone is ready to move on?

moominmarvellous Tue 30-Nov-10 19:30:14

This is something we considered with our recent attempt to buy a house. In our (very strange) circumstances the house we would have been renting and waiting to complete on, is now being reposessed and we'd have been turfed out!

However, we were told that estate agents won't consider orchestrating it as an option as after a certain timeframe, they can be cut out of the loop and you could do a private sale meanig they get no commission.

Don't know how true that is, but it's what we were told, I think , by our mortgage broker.

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