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Tenants buying a house

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  • Tenants buying a house

    I am selling my house & the current tenants desperately want to buy it. There are however, a couple of problems:

    She was made redundant a while ago & he is Self Employed (18 months or so).

    The mortgage would probably cost them HALF of what they pay in rent. they have NEVER missed a single payment in almost 4 years - they have ALWAYS paid bang on time.

    They do have a couple of relatives who may be able to help out, either loan/deposit wise or guarantor wise.

    Any help is much appreciated as I really do need to sell the house ASAP.

  • #2
    Re: Tenants buying a house

    Have they got ability to raise the funds is the only question you need to ask, whether it be cash or mortgage you need to know the score.

    If they are willing to meet your required asking price then there is no reason why you couldn't agree a realistic timescale to give them an opportunity to raise the funds and purchase the property without involving an estate agent. However, be ready to stick to that timescale and if they aren't able to source the funds you need to be prepared to call it off and leave them as tenants or put the property on the market and open the door to other potential purchasers - you need to look after number one first in this game.

    If it is cash then seek assurances from them by asking for "qualification of the offer" i.e. copy of bank statement to show they have the funds available, letter from reputable solicitor is a lesser option.

    If mortgage then ask them to obtain a mortgage offer and make sure you see the actual offer in writing.

    It is an attractive option when you consider the fees saved by cutting out the need for the estate agent but don't be suckered into being a soft touch.

    Good luck.
    George F White
    Chartered Surveyors with offices across Northumberland, County Durham and Yorkshire