Stay during the time between selling and buying the residential property

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    Stay during the time between selling and buying the residential property

    Hi all,
    This is on behalf of someone else. Please can you give your thoughts on his situation he is in at the moment? It would be a great help to him.

    He has sold his residential property to move to another bigger proptety. Now he has to complete the contract of selling his property in couple of weeks time but buying his new home, the process has not been finalised and would take around another couple of months. He has three (I think) buy to let properties on his name and one is empty where he is doing some refurb at the moment. He is thinking of moving into that buy to let property where he needs to do some work while he is waiting for the completion of the new residential property. We adviced him to ask his buy to let mortgage povider before making any decision as it may complicate things. He can stay with us during that time but I am not sure this would impact on getting his mortage for the new residential property or anyother way (proof of address etc). What are the other implications might arrise if he stay at his buy to let proeprty during this time as he does not have anywhere to stay? I dont have any knowledge regarding this kind of situation so I thought would ask here to get your expert opinion and advice so he can take informed decision. It would really help him out. Thank you all in advance.

    #2
    The situation as detailed by you passes the lenders “ credibility “ threshold and from my experience as both a former lender and now broker would not expect a lender to deny a grant a consent to occupy given the time factor to completing on their new purchase( I would suggest that a copy of the new residential mortgage offer be submitted to support the facts as presented) and of equal importance is that the property is presently vacant and is in the process of being upgraded.

    Pleasedo Let the forum know of the outcome?

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      #3
      Thank you loanarranger for the detailed advice. Will update you with more information when it will be available from him. This would defenitely be helpful to someone else here who may in the similar situation.

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