Hi folks,
Let me start by saying we're going to get actual legal advice, but I just wanted to get some experienced views beforehand to see if we're barking up the wrong tree.
My husband had been declared bankrupt before we met and the first house we bought both the house and the loan went into my name. All good. We're looking at purchacing a second house (to become a PPOR with the first to become an investment and possibly sold at a later date).
We'd like to both be on the loan for this one as the bank won't lend with just my income. The problem is that his 7 years (until his record is cleared, he is no longer bankrupt but the bank won't lend to him until the 7 years is up) is up in October and we've found the house we want now. My father in law is willing to go on the loan but we would really prefer my husband be able to do this instead.
The owner wants to rent from us for at least 6 months (wich would be....October!) which makes me wonder if there might be some wiggle room if my understanding of settlement is right.
Could we exchange contracts with a very long settlement - essentially allowing the current owner to live rent free until my husband is cleared? If for any reason the bank still won't lend to him then, the father in law is still willing to go on the loan (as a back up plan).
What are the risks/problem/issues that I haven't thought of? If myself and my husband sign the contract of sale and it becomes myself and my FIL that end up with the loan will that be a problem? How do we put this to the seller to make it an attractive offer?
I'll keep you updated on what happens (I hate abandoned threads) but any advice/shared experiences would be very much appreciated.
Let me start by saying we're going to get actual legal advice, but I just wanted to get some experienced views beforehand to see if we're barking up the wrong tree.
My husband had been declared bankrupt before we met and the first house we bought both the house and the loan went into my name. All good. We're looking at purchacing a second house (to become a PPOR with the first to become an investment and possibly sold at a later date).
We'd like to both be on the loan for this one as the bank won't lend with just my income. The problem is that his 7 years (until his record is cleared, he is no longer bankrupt but the bank won't lend to him until the 7 years is up) is up in October and we've found the house we want now. My father in law is willing to go on the loan but we would really prefer my husband be able to do this instead.
The owner wants to rent from us for at least 6 months (wich would be....October!) which makes me wonder if there might be some wiggle room if my understanding of settlement is right.
Could we exchange contracts with a very long settlement - essentially allowing the current owner to live rent free until my husband is cleared? If for any reason the bank still won't lend to him then, the father in law is still willing to go on the loan (as a back up plan).
What are the risks/problem/issues that I haven't thought of? If myself and my husband sign the contract of sale and it becomes myself and my FIL that end up with the loan will that be a problem? How do we put this to the seller to make it an attractive offer?
I'll keep you updated on what happens (I hate abandoned threads) but any advice/shared experiences would be very much appreciated.