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Temporarily renting a house we are going to buy - possible?

  • 17-04-2019 12:04pm
    #1
    katie275
    Registered Users Posts: 148 ✭✭


    Hi,

    My partner and I have bought a house and are ready to close but there has been a problem with our mortgage protection - the application has been delayed because we had to get private medical reports. I'm hoping this is sorted ASAP

    I am selling my apartment also and the buyer wants to be in next month as his lease is up.

    We didn't anticipate the delay with mortgage protection and thought we would have been in our new house well before then.

    My solicitor is on holidays this week so can't get speaking to him and I'm in a bit of a panic.

    Would 'renting' the property we are buying be a feasible option here, has anyone done it before?


Comments

  • #2
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,523 Mod ✭✭✭✭L1011


    The chances of being allowed rent the property you're buying is close to nil - the risks to the vendor are far too high. Mortgage protection suppliers analysis of medical reports is unlikely to create a significant delay, but you would be best served looking for short term (holiday/tourist style) rentals if it is likely to be a short delay.


  • #3
    Prospector1989
    Registered Users Posts: 212 ✭✭Prospector1989


    My folks did this for 6-8 weeks as there was a delay in the probate of the house they were buying. The house was empty so they just did a deal privately with the seller.


  • #4
    katie275
    Registered Users Posts: 148 ✭✭katie275


    Our sellers rented the property up until September 2018 so I think they would be registered with RTB, the house is vacant, would a short term lease protect the vendors here while giving us peace of mind?


  • #5
    Cuddlesworth
    Registered Users Posts: 13,980 ✭✭✭✭Cuddlesworth


    katie275 wrote: »
    Our sellers rented the property up until September 2018 so I think they would be registered with RTB, the house is vacant, would a short term lease protect the vendors here while giving us peace of mind?

    No, its stupid messy for them.


  • #6
    randomrb
    Registered Users Posts: 351 ✭✭randomrb


    There are such things as caretakers agreements to allow purchasers to move in early however they are only used when the delay is fixed ie as allready stated waiting for probate. It will generally not be given if the matter that is delaying the sale could affect the whole transaction


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  • #7
    shelly24
    Registered Users Posts: 77 ✭✭shelly24


    We tried to do that a few months ago, we sold our house and were buying a vacant house so we tried to rent it and there was no way.
    Years ago there used to be a ‘caretakers agreement’ where you could but it’s too risky for sellers


  • #8
    katie275
    Registered Users Posts: 148 ✭✭katie275


    Prospector1989 wrote: »
    My folks did this for 6-8 weeks as there was a delay in the probate of the house they were buying. The house was empty so they just did a deal privately with the seller.

    Out of interest, did they arrange this via the estate agent/solicitor or did they know the seller?
    Could be worth a shot, we are really under pressure!


  • #9
    randomrb
    Registered Users Posts: 351 ✭✭randomrb


    katie275 wrote: »
    Out of interest, did they arrange this via the estate agent/solicitor or did they know the seller?
    Could be worth a shot, we are really under pressure!

    What exactly is the delay over?


  • #10
    Marcusm
    Registered Users Posts: 10,179 ✭✭✭✭Marcusm


    katie275 wrote: »
    Our sellers rented the property up until September 2018 so I think they would be registered with RTB, the house is vacant, would a short term lease protect the vendors here while giving us peace of mind?

    They would be stupid to do it especially as the hold up is due to an inability on your side to drawn down the finance. If they allowed you to move in and ultimately you could not get the finance and we’re unwilling to move out, they would likely take 18 months or more to have you removed. Very different from a hold up with probate on sellers side where they can get a solicitors undertaking as to the availability of finance. This won’t be available in your case.


  • #11
    katie275
    Registered Users Posts: 148 ✭✭katie275


    randomrb wrote: »
    What exactly is the delay over?

    The mortgage protection people (irish life) want private medical reports from my GP due to a well controlled and non life threatening medical condition. It's very unlikely we would be declined, possibly a higher premium. We should have had this handled well before now but our broker didn't apply for the protection until we had a closing date.

    I'm just in panic mode as today is my GPs last day before she goes off to get married, I contacted this morning and no sign of the report even though irish life said they sent it on monday :(

    Under pressure also because I sold my apartment and the buyer wants to be in next month as his lease is up


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  • #12
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,905 Admin ✭✭✭✭✭Toots


    You may need to look for a short term rental for yourselves, if you want to close on your apartment. A friend of mine had a similar problem with her life insurance, and it took ages to sort. The sale nearly fell through because one life cover company ended up refusing to cover her. Luckily she got cover elsewhere for an increased premium, but it was touch and go for a while.


  • #13
    randomrb
    Registered Users Posts: 351 ✭✭randomrb


    It's very unlikely we would be declined

    You wont be able to get a short term deal, if there is any chance of being declined their solicitor will advise against no matter how unlikely.


  • #14
    pc7
    Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 13,981 Mod ✭✭✭✭pc7


    Could you try airB&B until its sorted or just tell your buyer there is a delay


  • #15
    randomrb
    Registered Users Posts: 351 ✭✭randomrb


    Talk to your solicitor, he may have inserted a clause in the sale that it will only close when you have your new property


  • #16
    katie275
    Registered Users Posts: 148 ✭✭katie275


    I was able to get cover from Laya health immediately online, they have much less stringent requirements for medical history, so relieved!


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