Should we rent our property from our buyers?
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Simon from Worcester
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05 May 2015
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Legal questions and answers
Question
We are in the middle of selling and buying property. All was going well and we were due to exchange, but the person at the top of the chain has encountered a problem. Our buyer is quite aggressive and is pressuring us to complete our sale and then rent back off him. This must be a bad idea? We don't want to lose our buyer but we shouldn't be bullied by him. Any advice appreciated.
Answer
You must not be bullied by your buyer.
There are a number of points to consider if you are thinking of selling your property and then renting it back from your buyers.
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Firstly, your purchase could fall through leaving you without an onward purchase and being potentially homeless should the tenancy you take with your buyer come to an end before you find another property to purchase and complete on in that time.
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Secondly, what will the terms of the tenancy with your buyer be?
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Thirdly, if you are porting a mortgage do you have to redeem your mortgage on the same day or within a specific time of redeeming?
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