We're about to buy this property in Northfields (near Ealing). Our vendors don't want to move out to rented accomodation. They've found a house but it will take them three months to renovate it.
They would like to sell their house to us, then rent it from us for three months while work is going on on the other side.
We will say yes because we're desperate to buy in that area (most of the properties there go above asking price of late. Close to the tube, close to a good primary school - the works. We've already missed out on a lot of properties in Northfields because we refused to go above asking price).
We will have to keep our solicitor in the dark (ie we'll pretend that we're buying a vacant property). We won't get a buy-to-let mortgage because the minimum amount of time to get one is two years.
My questions are:
- are we crazy to do this?
- if not, what should our future tenants pay for rent? full market price for a short stay rent? normal rent? or just enough to cover our mortgage (if our mortgage is lower than rent)?
Note that our vendors suggested that they didn't want to pay full market price for the three months rent (and I thought that was cheeky - they probably think that they can because there are plenty of families out there wanting their house... and they're probably right, sigh).
Thanks for your views!