Letting agents - chicken/egg situation

NozzaC

I'm selling my house and want to rent. I've been given an exchange date for Monday. Obviously if that happens OK I will need to give a completion date. But I can't come up with date until I know I have a rental property to move into and a date on which I can move.

In the meantime I've found a property to rent which fits the bill. But the letting agent will not enter into any negotiations until I've exchanged and have a completion date. But I can't exchange until I know I have a property to move into.

What I've suggested is that the agent puts our offer to the owner of the letting property to see if he is happy with it along with our predicted date of moving in, takes our deposit and starts to do their credit checks etc. That way, over the next two days they will know they have someone they can let the house to. Then, when both solicitors have the contracts ready to exchange, we can sign up and give the right date to all parties.

But they just keep flatly repeating "no, we won't look at this until you have exchanged and have a completion date".

The property is also being advertised by another letting agent who would be happy to put this to the owner, but the first agent (who showed us around) has said that we cannot go to another agent now they have "introduced us". The 2nd agent says they need to show it around to us.

Any ideas?!?! I'm confused!

Doozergirl

Tell them you've exchanged and you have completion date! They don't check.

You have to bite the bullet at some point - it's really stressful but as long as the landlord is happy for you to move in on a proposed date and your exchange is imminent then you'll be alright. The landlord won't change their mind and you're not committed until you sign the tenancy agreement so your concern is simply getting to exchange of contracts asap. If you don't exchange, it doesn't matter if you haven't signed the tenancy - if exchange is Monday there won't be time for them to complete the checks by then, let alone get you to sign.

Just tell them you moved exchange forward to get the rental house.

obsessed_saver

Who cares? As long as you pay up on your rent, you can rent 10 houses while your house is being sold.

Incisor

NozzaC wrote: »

... The property is also being advertised by another letting agent who would be happy to put this to the owner, but the first agent (who showed us around) has said that we cannot go to another agent now they have "introduced us". The 2nd agent says they need to show it around to us.

Any ideas?!?! I'm confused!

I think I would get some kind of witness to the first agent refusing to put the offer forward and then go to the second agent.

NozzaC

Thanks for the input.

Is it common for a letting agent to charge £320 non-refundable "holding deposit" which does NOT come off the rent etc? It supposedly covers credit check etc. We do credit checks at work. They cost less than a tenner if you want then immediately. £3 if you don't mind waiting.

Nicki_Sue

I would be wary of this agent!
We had to pay £110 non refundable amount to credit check both me and hubby and for having the tenancy agrement done, which is standard here. £300+ is a LOT of money

sooz

NozzaC wrote: »

Thanks for the input.

Is it common for a letting agent to charge £320 non-refundable "holding deposit" which does NOT come off the rent etc? It supposedly covers credit check etc. We do credit checks at work. They cost less than a tenner if you want then immediately. £3 if you don't mind waiting.

The credit check is a bit more than a tenner, as it includes checking you are on electoral roll, checking for to ccjs, checking references. However, most of the cost consists of an admin fee, which is what they pay someone to input your data very very slowly, typing with one finger

NozzaC

One gold finger it would appear!