rent

vickeyjane

we want to rent after we sell our house. what we want to know is will the solicitor be able to sought out all financial side to it i.e the deposit , a month,s rent when the house is sold or do we have to find that money before we move so we have got a place to live

Gorgeous_George

You usually need to pay the bond (deposit) on signing the tenancy agreement and a month's rent before you move. Worth discussing with LL/agent under the circumstances.



GG

Nenen

We are in exactly the same position (just accepted an offer on our house and want to rent for a while). Sorry I don't know the answer to your questions (will be watching this thread avidly hoping someone will reply who does know). However, one thing that might help you (if you don't already know) is that we have been advised by estate agents and one or two other people is that we should NOT sign any rental agreement until after contracts have been exchanged. Obviously if house selling goes pear shaped the last thing we want is to be locked into a 6 month rental agreement as well as pay our mortgage!

Another question we have is if anyone has any experience with building societies early redemption? We have a fixed rate deal (still current) and I know usually they make a charge if you stop. However, I was wondering if it would be possible to persuade them to waive that if we want to rent for 6-12 months before buying again and take out our mortgage with them again.

Any other advice for first time renters?
Anyone with any advice would be much appreciated. :beer:

pennylane99

you will have to pay the redemption fee, but if you complete purchase on another property within 6 months...I think thats the max time limit they allow, with a mortgage from the same bank, they usually refund the fee back to you.

You need to check with your mortgage provider

Nenen

vickeyjane wrote:

we want to rent after we sell our house. what we want to know is will the solicitor be able to sought out all financial side to it i.e the deposit , a month,s rent when the house is sold or do we have to find that money before we move so we have got a place to live

As we're in the same boat, do you mind me asking why you've decided to sell up and rent? In our case, the area we're moving into (Cambridge) is much more expensive than our current location and any decent cheap(ish) houses tend to go at lightening speed to first time or cash buyers as sellers can take their pick of the offers. Therefore to stand any chance of getting anything in our price range we need to be 'first time buyers'. The other thing we are really hoping is that the much talked about house price crash might happen just after we sell and put us in an even better position... mind you, knowing our luck (we always seem to buy/sell at the wrong time etc) that's unlikely!

vickeyjane

we hate the area that we live in and all our family are down in kent so we want to get back there ....

silvercar

on mortgage redemptions check with your lender. Often they will charge you the redemption fee and then return that money to you if you complete on a new mortgage within 6 months. Do check as different lenders have different policies.

When we recently bought, our deposit could not be used by the seller as a rental deposit/ bond. They had to find other means of paying their deposit and advance rent. Their solicitor held onto the deposit until completion. They waited until they found a house before they would exchange and they couldn't sign the rental agreement until we had exchanged so it was a bit "chicken & egg" at the time. i think in the end they put a holding deposit on the rental property that would have been lost if we hadn't exchanged.

Nenen

vickeyjane wrote:

we hate the area that we live in and all our family are down in kent so we want to get back there ....

But why don't you want to try and buy a house in kent rather than rent?

BT_man

Nenen wrote:

But why don't you want to try and buy a house in kent rather than rent?

Have you seen the ridiculous house prices in Kent?

chant1l

I'm not a great fan of "house price crash soon " stuff, every year since 1990 the popular press has been harbinging the end of price rises. Very few of them actually predicting the actual crash of 1988 - 1990.

Tassotti

BT_man wrote:

Have you seen the ridiculous house prices in Kent?

Kent is very affordable for London rat-racers