Advice: Aligning settlement of first home with vacating rental

Hey guys,

What would you do, I live in a 6 person sharehouse that is in line to get knocked down and subdivided for townhousing in Newcastle. The agent advised that we have at least 9 months total here as the landlord hasn't submitted his application for subdivision yet. We are 2 months into a 6 month lease.

I'm also pre approved to start looking for my first home but not too keen on jumping into settling straight away as I'll either leave my mates challenged to pay my portion of the rent for the remainder of the lease or I'll be paying it myself at the same time as a mortgage. Might be a struggle for us to secure someone to see out the last of a 6 month lease that has the potential to be knocked down soon.

Ideal situation would be to buy the house, negotiate to settle around the end of the lease so that I can move in straight away and they either roll over a new lease or they evict us. Realistically in the current market I know its better to opt to settle whenever the homeowner wants to increase your chances of securing the house so not sure how feasible that is. I've heard you don't pay your mortgage for the first month after settlement which could make things easier too.

We'll be chatting to the landlord regarding his lease intentions closer to the lease expiry, I'm anticipating that he's going to roll over the lease to us for another 6 months but its hard to say. Any advice or tips much appreciated!

 

Sounds like you could just negotiate with your housemates instead?