Buyers moving into house pre sale

[Newusernameaug]

Has anyone done this please and can offer any advice?

I’ve accepted an offer on my house, buyers chain free and want to complete asap - however my 2 yr fixed mortgage deal ends 4th Jan so if I complete before then I have a big penalty.

buyers are currently in rented.

the current proposal is they move into the house and pay 1 months rent whilst we wait until 4th to complete.

Does this sound ok and has anyone else done something like this before?

house is currently rented out so tenants would be out by then and I’m renting elsewhere.

Are you sure your current mortgage company won't allow you to come out early on the condition your next mortgage is with them? That happened to us recently (with Virgin Mortgages), though we were a month out tbh rather than 3 months. Still worth asking though.

I viewed a house where the owners had bought on this basis. They rented for six months before the purchase went through.

Denny53
What contract says they can’t??

Oh my goodness read the thread.

I've read the thread and can't see anything about a contract - I wouldn't agree. Far too risky. They could just decide not to buy yours and not to pay you any rent and not to move out.

They can sofa surf for a couple of weeks if they can't negotiate a 1 month extension to their current rental.

Check with your mortgage provider - we were with NatWest and could move penalty free within 100 days before the end of the agreement, so we were free to move by the September for a December fixed term.

Are you my landlord?????

Just a thought to consider

Are you sure your tenants will be out by then? My contract ends on 26/9 but I've nowhere to go so my landlord will need to get an eviction order before I can get accommodation via council. The house I'm renting has been sold already.

What if they damage something?
Will your mortgage let you rent the house?
Does your insurance cover you?