Vendor finance

[Ahad]

Morning, first post here and would appreciate advice and opinions. 
 

My partner and I were trying to buy a barn to convert earlier in the year, which we got outbid on several months ago. Fast forward to this week and the vendor contacts me as the sale has fallen through. 
 

In the intervening period I have taken some time out from work - so currently unemployed. I have several job offers on the table, but do want some time out before starting a new job. 
 

I earn 3x my partner so need my income for mortgage purposes, which until I take up a new role clearly isn’t going to happen. 
 

The vendor has offered to lend us the purchase price, they want it sold because of impending changes to Capita Gains Tax. 
 

We are meeting them to discuss details but has anyone got prior experience of this? There are clearly many potential pitfalls and I am worried about getting finance to actually do the work. 
 

Thanks

[ToughButterCup]

3 hours ago, Ahad said:

... I am worried about getting finance to actually do the work. 

 

And there's your answer. 

Put that in place and you're off !

[Alan Ambrose]

Vendor finance is quite common in the US, I'm not sure why not here.

 

The risks are mainly on the vendor's side - after all they're giving you a loan. Have you got as far as discussing terms - see if they're reasonable?

 

Potential for a good deal, of course, if they want to sell quickly.

[Ahad]

Not agreed all the details yet but they all seem reasonable so far.

Any ideas whether we’d need to remortgage completely (cost of barn + build) when we are ready to apply for a mortgage on the build costs?