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Advice on selling a rented house...

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  • 09-07-2013 12:08pm
    #1
    emmetfahy
    Registered Users Posts: 80 ✭✭


    We own a house that we rent out and now want to sell in order to buy a house where we now live. (We moved for work reasons).

    We're with EBS who appear likely to grant us a new mortgage.

    However, we have tenants in our old house. Does anyone know if banks allow payment breaks, interest only payments or some other arrangement, if the tenants (understandably) move out while we await the house sale?

    Thanks for any advice that Boarders could give.
    Tagged:


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    #2
    Santa Claus
    Registered Users Posts: 2,699 ✭✭✭Santa Claus


    You're unlikely to get a payment break at the start of your new mortgage.
    How long do your tenants have to run on their existing lease ? Maybe if you approach them and ask nicely they may agree to break the lease and allow you to sell your house now.


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    #3
    quietsailor
    Registered Users Posts: 1,428 ✭✭✭quietsailor


    is the house in a high rental area? Could you sell the house with sitting tenants - you'd need to re-assure them their deposit would be handed onto the next LL.

    I'v seen commercial property advertised with sitting tenants, I don't know can it be done with residential tenants, you could ask your solicitor


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    #4
    emmetfahy
    Registered Users Posts: 80 ✭✭emmetfahy


    We would only need a payment break, or at a minimum, an interest only payment, on the existing mortgage if tenants moved out before the house was sold and there was a big gap.

    We've been told that we would have to have sold our existing house before a new mortgage would be approved.

    There are three tenants, but they all moved in a seperate times. I would obvioulsy give them as much notice as possible and their deposit. I don't want to inconvenience them more than I have to.


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