Husband wants us to stay with his difficult mother for a few months while we wait for new property to be ready

[seoladair]

Due to a tricky lease extension, it's going to be a while before we can move into our new property, (or even exchange contracts). My husband wants us to live for a few months with his mother, but for various reasons, I really don't want to do that.

He has agreed to pay the vendor a big contribution towards her lease extension costs, which means that there is no money left to rent a place in the interim. I feel I am being bounced into staying with his mother.
In this situation, is the bank likely to enlarge our mortgage by a few thousand to allow us to rent for a few months?

This is one of those situations where, unless you have a better solution, you're going to have to go with the one on the table and make the most of it.

You would need to have your mortgage offer amended, so that you use deposit money towards rent and increase the loan to value . If the ltv goes over the maximum for the deal you have arranged , it would need to be renegotiated.

He's paying the vendor to extend her lease when you haven't even exchanged contracts yet? How does that work? Is this a new thing?

And have you explained gently that you won't be moving into the nice new house at all if you've been banged up for murdering his mother?

I'd be looking for another property tbh.

So theoretically it would be possible - it would just mean increased mortgage payments?

The vendor has been tricky so we have finally got to point where we can see the end of the road. we will be increasing our offer to cover her extra lease payments. I was away for a few days, and when I got back my husband had agreed to things with the estate agent which has left us without enough money to rent.

It might mean you have higher interest rate or it might mean you pay more because the loan is higher, depends on the mortgage package. If you have to rearrange then the fees etc may need repaying.

and is the lease already too short for the lender to loan on ie. extension is a precondition. Really I'd find another property as it could drag on and you still get nothing in the end.

Lease is about 57 years and it's a fantastic property.

Vendor should have been advised to sort it out before putting it on the market. Did the price reflect the limited lease. tbh most lenders require 70+ years before they will confirm an offer.

The vendor should have done all sorts of things - she's been hard work. However, even including the contribution we will make to her lease extension, it is still a great price and we won't get anything comparable.
The bank agreed in principle, so i'm thinking that if they are happy, there shouldn't be an issue about taking out some money for rent.

but you won't get it in advance so will you use your savings or income in the interim. To the lender it is irrelevant that you need to rent, they are only interested in their investment for the purchase . If you have sold a property or given up a tenancy can you not use that money to rent short term as you won't be paying the mortgage until completion. If this means you won't have as much money saved for the deposit you originally thought then you need to ask the lender to reevaluate the deal and repayments.

We will complete on our own property sale next week so yes, we would use income from the sale to pay for the rent, then we would have a cash deposit of £310k minus rentals costs, and a mortgage of about £100k.

so you need to work out what you might need to cover you in the interim , deduct that from your deposit and ask the lender to make up the difference. Given the low ltv I wouldn't have thought that would be an issue tbh. So why is your dh set on moving in with his mum ?

That's given me hope. I will try to ring the mortgage lender again - the recorded message says they are "exceptionally busy"
I think my husband just hates the idea of paying rent, but I feel that my strong and clearly stated desire not to spend months living with her is being ignored.