AIr BNB a property you're buying

[matildamiracle]

Just this really, has anyone done it?

Its been suggested by agent we're buying from, as a solution as we need to break the chain to complete on our sale. Our buyer couldn't extend their mortgage when it expired by more than a couple of weeks (my estate agent says, which sounds a bit like bullshit) , and our purchase is behind progress wise, we'll have to Air BNB for 2 weeks in all likelyhood. Subtracting mortgage costs to Air BNB costs, we'll lose out around 600 quid I guess for 2 weeks.

A solution being offered is we Air BNB the property until we exchange and complete.

Has anyone done this?

For context, the place we are buying is vacant, newly converted by a boutique developer, its the last unit so developer, I guess, is not keen in losing us and having to start over with a new buyer.

Do you mean that the agent has suggested you move into the property that you want to buy but that you do so on an 'air b&b' basis?

Your post is quite confusing OP, not really sure what you are asking.

You mean you move into your onward purchase on a short term let basis? Why does it need to be Airbnb? You could do this but it's risky for the sellers in case the sale falls through and you refuse to leave and they have to evict you. I don't see risks for you, as you'd be there in the event that the sale fell through and would have time to find somewhere else to live.

It is unlikely to be BS that your buyers can’t get their mortgage offer extended. First Direct said they would only extend for two weeks tops and we were buying hugely under our means.

It is currently normal to get no extension to just a week or two.

Yes, as it looks like theres at least a week or two between completing on our sale and exchanging and completing on our purchase.

We've told the agent we'll have to Air BNB anyway, and they suggested it.

My question was how could this work with furniture.

Air B and B now need fire doors fitted I believe (well, my mate who does it had them.fitted to meet new guidelines last year).

Forget the furniture for a minute - which is definitely also an issue -.but will you be able to meet the regulations to even do it?

Will you be able to exchange before you AirBnB

I think that's probably the only circumstance I'd consider this (but would also want legal advice), if I was a seller. What if you damage something or flood the house and then pull out of the purchase?

Years ago we paid the seller "rent" and moved in early - it worked really well. Signed a shorttenancy type document and it was all great. (It was before Airbnb existed).

The seller can just call the police and kick me out if I overstay a normal Air BNB arrangement, (theres no 'eviction' I have no rights at all).

That's not my concern, I was wondering how the Air BNB could work with all my belongings. Air BNB aren't usually let unfurnised are they.

For context, there is little chance of the sale falling through, 90% of the development has sold and no issues from talking to other buyers in the development.

Well once you've paid rent for a sole occupancy property you can argue you have a de facto tenancy agreement, Airbnb or no, but as you say that's not your concern.

What does it matter whether Airbnb's usually come furnished? Surely you're only using Airbnb as a platform to enable a short term rent until you complete? If you want to move your belongings in with the agreement of the seller/current owner that's between you both

I’ve heard of moving into a property before actually purchasing — we offered it when my mother died midway through the purchase of her house. But I’d want the whole thing properly drawn up as a short hold tenancy. I wouldn’t risk AirBnB.

Bearing in mind it sounds like your seller is a big concern, their lawyers may well not be open to such unusual (even if practical) practices. They will be used to people wanting different dates all.the time - that's typical with big construction sites - so I doubt they'll be interested in a whole lot of paperwork which will cost more than the rent for one buyer with a two week problem.

This could be quite a good option, I know some people who have rented the house (although it's usually the sellers renting off the new buyers to give them more time to move)

Not risky for the sellers. As an Airbnb tenant they would just call the police to remove you like a hotel would.

All houses that have kept up to date with building regs need fire doors fitted
If you have any work done that needs building regs then any doors or rooms involved will need fire doors. Just put 2 in a property recently that I did

So it's possible their conversion has this particular regulation anyway.

Airbnb is a red herring unless it’s already listed on Airbnb? Surely it’s a short term rental? Admined privately?

Airbnb doesn't supersede property law. Depending on how long they stay, if it exceeds the maximum time period for a holiday let then it becomes a de facto AST and the tenant has rights. It's not like a hotel.

You would need to put all your belongings in storage which would obviously increase the cost if this proposed arrangement. I can guarantee the solicitor of your seller will advise against you moving in before exchange - there is a danger for them that something will happen and you will be termed a tenant a require formal eviction. And no the police will not get involved in those circumstances

We rented our current house for a couple of months because our mortgage took ages to come through, (for a ridiculous reason to do with a dropped curb) we just agreed a long exchange. In your situation it might be trickier - what if your buyers change their minds.

Oh reread - they'd rent off you and you find somewhere else to rent ? What about completeing and having your cash getting interest to help with costs?

You haven’t paid rent for a tenancy you have paid for a certain amount of time. A bit like staying in a hotel Or hiring a car . Once the time is up you have to give the property/room/car back. If you don’t leave the police can be called to remove you

Only after that certain amount of time. We are talking about 2 weeks

As others have said you can put belongings into storage, the removal people can usually arrange it.

It just requires a discussion with them regarding belongings. Otherwise sounds fine to me.