• Buyer Wishes To 'rent' Property Pre-purchase

    By Guest on 02nd Mar 2020

    I have a long term contact that wishes to move in to the property on the rent a room scheme, pay rent and then purchase the property while in situ. They are waiting for their employment probation period to end to secure a mortgage to enable them to buy the property.

    I am seeking legal advice to ensure arrangements are appropriate and if it is possible for someone to live as a lodger or tenant and purchase the property while living in it.

  • 2 Answers

    By NotaryExpress on 03/03/2020

    It's perfectly legal. I bought mine while renting it.

    Make sure you have a proper tenancy agreement in place and consider the risk that the prospective buyer might not be able to obtain a mortgage i.e. they may end up just renting.

    www.notaryexpress.co.uk

  • By Guest on 22/03/2020

    Do you have a mortgage on the property and if so, is it a buy to let mortgage or owner occupier mortgage? If the latter then before letting it out you would need your lender's consent, who may well require you to switch to a buy to let mortgage

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