Curtley-Óg
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I'm a first time buyer with mortgage approval in principle. I had gone sale agreed on a house last Tue, only to get a call from the vendors EA yesterday Friday to say the vendor was pulling out. My understanding is the couple will put the property back on the market next year but for now want to hold onto it as it is their holiday home (they are UK based, using it again this summer having been unable to use the property for the past 18 months due to covid) and as they were finding the sale stressful. I would like to know if anyone has good experience of buying a house and renting it back for a period. I am considering proposing this should it save the purchase, meeting the needs of the vendor to have access to their holiday home for 6 - 9 months. I am paying rent in a shared apartment currently and should be able to keep my finances ok for this period with a fairly nominal rent on the property from the vendor.
Conscious it is probably best I simply accept the purchase has fallen through, both as this buy/rent back option could be fraught with challenges, and also since even if it allowed the contracts etc to progress, the vendor could once again pull out given their form. At least I have avoided the transaction costs at this point, so I may just count this as a blessing.
Grateful for any experiences so I can make a well informed decision on how to proceed.
Conscious it is probably best I simply accept the purchase has fallen through, both as this buy/rent back option could be fraught with challenges, and also since even if it allowed the contracts etc to progress, the vendor could once again pull out given their form. At least I have avoided the transaction costs at this point, so I may just count this as a blessing.
Grateful for any experiences so I can make a well informed decision on how to proceed.
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