All Topics / Help Needed! / Under License occupation?

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  • Profile photo of MyydralMyydral
    Member
    @myydral
    Join Date: 2003
    Post Count: 259
    September 30, 2004 - 4:31 am

    My girlfriend is wanting to buy a property of her own. She has just found the property she wants, but TIO( under Home North 10/30 loan ) will only lend her the requisite amount when she hs been in her employment for 3 months.

    I suggested that she rent the house from the owners until she can buy it, but the RE agent has stated the owner’s are keen to sell. The RE agent suggested something along the lines of an “Under License Lease” ( or similar, forgot the exact term ). It sounds like a good idea, but what exactly does this entail? ( my girlfriend really, really likes this place ).

    Or if there are any other ideas, don’t be shy.

    Cheers

    “Looking forward to the day when I can tell the boss where to go”

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 30, 2004 - 5:52 am

    I think is it just like renting, but without a lease. It ofen happens when a purchase is involved as long leases want to be avoided. I think possibly, the agent wants her to sign the contract of sale with a long settlement, with her living in the house paying ‘rent’ until the settlement actually happens. If doing this, she should be careful that she can actually obtain the necessary finance.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of MyydralMyydral
    Member
    @myydral
    Join Date: 2003
    Post Count: 259
    September 30, 2004 - 12:53 pm

    Would a lawyer who does conveyancing know more details about this, and could explain it further?

    Will the finance company allow this?

    If no to above, is there someone I could get hold of who could lay out the pros and cons of this?

    Thanks

    “Looking forward to the day when I can tell the boss where to go”

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 1, 2004 - 1:42 am

    Yes your lawyer should know about this and would be the best perosn to talk to.

    The finance company is unlikely to issue a full approval until your gf has been working full time for 3 months tho.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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